CEO UPDATEhttps://www.theglobeandmail.com/report-on-business/yellow-media-chair-temporarily-steps-into-ceo-role-as-tellier-exits/article13780496/
Yellow Media Ltd. says the chairman of its board of directors will take on the CEO’s role temporarily as continues to search for a permanent replacement for Marc Tellier, who vacates the position today.
The directory publisher and online publisher, best known for producing the Yellow Pages in Canada, announced in March that Tellier, who held the post since 2001, would leave by mid-August.
Yellow Media’s chairman, Robert MacLellan, says he will be CEO while the company continues to evaluate candidates for a permanent replacement.
“The Board’s search committee is pleased with the progress to date,” MacLellan said in a statement.
“A number of good candidates have come forward and we are committed to a thorough selection process which remains ongoing.”
The company disclosed in April that Tellier would get $4.3-million in separation pay when he left.
In May, it announced a $53.5-million profit for the first quarter, which contrasted with a year-earlier loss when Yellow Media recognized a $2.9-billion impairment of goodwill, a type of intangible asset linked to the value of acquisitions.
A week ago, Yellow announced it had $50.3-million of net income in the second quarter ended June 30, down from $65.7-million a year earlier. Revenue was $243.2-million, down from $286.5-million.