Yellow Media says the chairman of its board of directors will take on the CEO’s role temporarily as the publishing company continues to search for a permanent replacement for Marc Tellier, who vacates the position today.
The Montreal-based publisher of paper directories and online content announced in March that Tellier, who held the post since 2001, would leave by mid-August – providing a four-month transition period.
Yellow Media’s chairman, Robert MacLellan, announced Thursday that he will be interim CEO while the board evaluates 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.”
MacLellan, also chairman of an independent fund manager called Northleaf Capital Partners, was chief investment officer for TD Bank Financial Group from 2003 until November 2009, when he went to Northleaf.
Yellow Media has been trying to chart a course in an Internet-based marketplace where search engines have eaten into the need for paper directories, which had been a highly profitable, advertiser-driven business for decades.
In May, Yellow Media 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, an 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.
Yellow Media disclosed in April that Tellier would get $4.3 million in separation pay when he left.
