Yellow Pages Limited Announces Departure of CEO and Appointment of Interim CEO
Montreal, Québec, July 26, 2017 – Yellow Pages Limited (TSX: Y) ("Yellow Pages" or the "Corporation"), announced today the departure of Mr. Julien Billot, President and Chief Executive Officer of the Corporation. The Yellow Pages Board of Directors has named Ken Taylor, the Corporation’s current Chief Financial Officer, interim President and CEO and commenced the process of identifying a permanent successor.
Robert MacLellan, Chairman of the Board of Directors of Yellow Pages, commented, “Yellow Pages is a profitable business that delivers innovative digital products to small and medium-sized enterprises across Canada, with strong cash generation and a leading market position. We believe that Yellow Pages can do more to deliver on its potential by placing greater emphasis on operational performance, execution and shareholder returns.”
Mr. MacLellan continued, "Since 2014, under Julien’s leadership, Yellow Pages successfully transitioned to a business that now generates approximately 70% of its revenue from digital, an important achievement. We thank him for his efforts and wish him success in his future endeavors".
Ken Taylor, the interim President and CEO, joined Yellow Pages in March 2017. He has over 25 years of executive leadership, banking, financial and operational experience with multiple technology companies. He has served as a director of Sandvine Corporation, CFO at BTI Systems and March Networks Corporation, Vice President, Finance at Newbridge Networks Corporation and Vice President, Strategic Initiatives at Alcatel. Mr. Taylor is a seasoned executive with capital markets experience who has regularly led the development of corporate growth strategies and provided the financial and operational leadership necessary for subsequent execution.
“Yellow Pages will continue to focus on initiatives that drive profitability and free cash flow growth as we make improvements to our go-to-market strategy, as discussed in May,” said Mr. Taylor. “We expect to achieve the 2017 guidance targets we communicated on May 10th for total revenue, adjusted EBITDA and free cash flow. While we continue to believe that digital revenue will increase this year, first-half results trailed our expectations and we no longer expect to reach our previously stated target of approximately 4% growth. We expect our 2017 customer count to be approximately 230,000. We will provide a complete picture of our second quarter and first half 2017 financial and operating results on August 10, 2017.”
About Yellow Pages Limited
Yellow Pages Limited (TSX: Y) is a Canadian digital media and marketing company that creates local opportunities for buyers and sellers to interact and transact in the local economy. Yellow Pages holds some of Canada’s leading local online properties including YP.ca™, RedFlagDeals.com™, Canada411.ca, 411.ca, Bookenda.com,DuProprio.com, ComFree.com and YP NextHome. The Company also holds the YP, YP Shopwise, YP Dine, RedFlagDeals, Canada411, 411, Bookenda, DuProprio, ComFree and YP NextHome mobile applications and Yellow Pages™ print directories. In addition, Yellow Pages is a leader in national advertising through its divisions devoted to servicing the marketing needs of large North American brands, including Mediative and JUICE. For more information visit www.corporate.yp.ca.
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