Press release from Marketwire
Yellow Media Announces Appointment of Don Morrison to Board of Directors, Releases Proxy Circular
Thursday, April 04, 2013
Yellow Media Announces Appointment of Don Morrison to Board of Directors, Releases Proxy Circular08:00 EDT Thursday, April 04, 2013
MONTREAL, QUEBEC--(Marketwired - April 4, 2013) - Don Morrison, former Chief Operating Officer of Research in Motion (now BlackBerry) has been appointed to the Board of Directors of Yellow Media Limited (TSX:Y), as disclosed in the company's proxy circular released today in connection with its annual meeting of shareholders to be held on May 7, 2013.
Under his tenure, RIM expanded to more than 175 countries around the world and fiscal year revenues grew from approximately $200 million to nearly $20 billion. Mr. Morrison retired from RIM in 2011.
"Don's disciplined approach to operational excellence and the tradition of success he built over his career make him a strong addition to the Board of Directors of Yellow Media as we work with the management team to deliver the company's digital transformation," said Robert MacLellan, Chairman of the Board.
In the circular, Yellow Media also stated that Marc P. Tellier, who will be stepping down as President and Chief Executive Officer as announced by the company last week, will not stand for re-election to the company's Board of Directors. Yellow Media also disclosed details of his separation agreement.
- $4.3 million in separation pay based on Mr. Tellier's employment agreement stipulating entitlement to 300% of the sum of both base salary ($825,000) and annual bonus for the preceding year ($606,000).
- Annual pension of $455,086 beginning in 2033 when Mr. Tellier reaches 65 years of age.
"We applied the bonus commitments and employment terms of Mr. Tellier's employment agreement which was struck in 2002," stated Mr. MacLellan. "Our focus is now on continuing to move this company forward by executing the established strategy and prioritizing the naming of a new Chief Executive Officer to spearhead the transformation."
A search committee of the Yellow Media Board of Directors was established to undertake the search for a new Chief Executive Officer. Mr. Tellier shall remain with Yellow Pages Group to assist with the transition process until his successor is named but will step down no later than August 15, 2013.
About Yellow Media Limited
Yellow Media Limited (TSX:Y) is a leading media and marketing solutions company in Canada. The Company owns and operates some of Canada's leading properties and publications including Yellow Pages™ print directories, YellowPages.ca™, Canada411.ca and RedFlagDeals.com™. Its online destinations reach 9 million unique visitors monthly and its mobile applications for finding local businesses and deals have been downloaded over 5 million times. Yellow Media Limited is also a leader in national digital advertising through Mediative, a digital advertising and marketing solutions provider to national agencies and advertisers.
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