MONTREAL, QUEBEC--(Marketwired - Oct. 8, 2015) - Yellow Pages Limited (TSX:Y), a leading digital media and marketing solutions company, announced today a corporate realignment to support its ongoing digital transformation and growth into Canada's leading digital company.
This realignment follows the progress Yellow Pages (the "Company") has made in the execution of its Return to Growth Plan. Since the Plan's inception in May 2014, the Company has grown adoption of its digital solutions and media properties, profitably increased digital revenues to exceed 57% of consolidated revenues, and strengthened its positioning within the local digital advertising market.
Consequently, material interdependencies between Yellow Pages' information technology (IT), strategy and marketing functions have been created, while legacy systems, platforms and processes no longer aligned with the Company's digital operations continue to be decommissioned.
In light of these dynamics, Yellow Pages has undertaken a comprehensive organizational review to increase agility and efficiencies across the organization and functions related to the integration of past acquisitions and new technologies. The Company will shed approximately 300 positions across Canada. The realignment will principally affect management positions that have been integrated within other functions or that are no longer aligned with the Company's digital operations.
Following a deeper evaluation of its resource needs, the Company will continue to hire within its digital channels to best support its ongoing digital transformation. Over the last two years, Yellow Pages has created close to 400 positions in digital media and IT in conjunction with its digital expansion.
"We are an increasingly data-driven company focused on innovation and agility," said Julien Billot, President and Chief Executive Officer of Yellow Pages. "As we invest to improve our digital media and marketing solutions offerings to Canadian businesses and consumers, the redeployment of resources is a top priority. Today's announcement further structures Yellow Pages as a digital organization, better capable of addressing the evolving needs of our customers and users and returning our company to growth and profitability."
Daily operations including sales and customer account services will not be affected during the realignment, which will be completed in November.
About Yellow Pages Limited
Yellow Pages Limited (TSX:Y) is a Canadian digital media and marketing solutions company that supports local economies by helping neighbourhood businesses reach new customers and foster stronger relationships with existing clients through its various media and products. Yellow Pages holds some of Canada's leading local online properties including YP.ca™, RedFlagDeals.com™, Canada411.ca, Bookenda.com, dine.TO, DuProprio.com, ComFree.com and YP NextHome. The Company also holds the YP, YP Shopwise, YP Dine, RedFlagDeals, Canada411, Bookenda, DuProprio, ComFree and YP NextHome mobile applications and Yellow Pages™ print directories. In addition, Yellow Pages is a leader in national digital advertising through Mediative, a division of Yellow Pages devoted to digital marketing and performance media services for national-scale agencies and customers. More at www.corporate.yp.ca.
Caution Concerning Forward-Looking Statements
This press release contains forward-looking statements about the objectives, strategies and businesses of the Company. These statements are forward-looking as they are based on our current expectations, as at October 8, 2015, about our business and the markets we operate in, and on various estimates and assumptions. Our actual results could materially differ from our expectations if known or unknown risks affect our business, or if our estimates or assumptions turn out to be inaccurate. As a result, there is no assurance that any forward-looking statements will materialize. Risks that could cause our results to differ materially from our current expectations are discussed in section 6 of our August 12, 2015 Management's Discussion and Analysis. We disclaim any intention or obligation to update any forward-looking statements, except as required by law, even if new information becomes available, as a result of future events or for any other reason.