March 21 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.