Yellow Media says its chief executive officer, Marc Tellier, will get $4.3 million in separation pay when he leaves the post in the coming months.
The amount is based on a 2002 employment agreement with the Montreal-based publishing company, which has been facing major challenges in the digital era.
Tellier’s separation pay, sometimes called a “golden handshake,” is contained in a circular prepared for Yellow Media’s annual meeting on May 7.
Tellier won’t stand for re-election as a director and will leave by mid-August, although he’ll stay while the company searches for a replacement.
Yellow Media also announced that it has appointed Don Morrison, former chief operating officer of Research In Motion to its board of directors.
Morrison left RIM, since renamed BlackBerry, in 2011.
