UPDATE 1-Yellow Media says CEO to step down
March 21 (Reuters) - Canadian telephone directory publisher Yellow Media Ltd's CEO of about 12 years, Marc Tellier, is stepping down as the debt-laden company struggles to shift its business online.
Directory publishers such as Yellow Media and UK-based Hibu Plc have been hit as users switch to online search engines such as Google Inc to find local listings.
Yellow Media, which is the official directory publisher for Bell Canada and Telus Corp, has failed to replace its fast-dwindling print revenue with online sales.
Tellier will remain with the Yellow Pages Group until a new CEO is found, but no later than Aug. 15, the company said.
The company approved a recapitalization plan in December that would reduce it debt by about C$1.5 billion. It had long-term debt of C$1.78 billion as of Sept. 30.
Shares of Montreal-based Yellow Media, which has a market value of C$293 million, were little changed at C$10.49 in light early trading on the Toronto Stock Exchange on Thursday.