8 Jun 2009 07:00
8 June, 2009
Yell Group plc
Appointment of Chairman
The Board of Yell today announces that Bob Wigley is to become Chairman of the Group on Friday 24 July 2009 following the Group's Annual General Meeting which is being held on that day. This follows the decision, announced on 20 May 2009, that Bob Scott, current Chairman of Yell, will step down from the Board at that time.
Bob Wigley (aged 48) was, until 30 January 2009, Chairman, EMEA, Merrill Lynch International, having previously held a number of senior corporate and investment banking positions with Merrill Lynch and, before that, with Morgan Grenfell. He is Chairman of the Global Advisory Board of Oxford University's Centre for Corporate Reputation, Co-Chairman of the National Education Employer Partnership Taskforce and Deputy Chairman of Business in the Community. He is a Fellow of the Institute of Chartered Accountants.
Richard Hooper, Senior Independent Director, said: "We're delighted to welcome Bob as our future Chairman. His record speaks for itself and his blend of knowledge and experience, coupled with his familiarity with our business, makes him the ideal person to lead our Board and help guide Yell through the challenges and opportunities that lie ahead."
Bob Wigley said: "I have followed Yell since before its flotation and have a very high regard for the Group and its management. Its customer delivery and operational performance despite the economic climate are impressive, and I know of few companies which are so successfully building and monetising a rapidly growing online business to complement its highly cost-effective print operations. I look forward to joining as Chairman and to helping support the Group through its next phase of development."
Ends
Enquiries:
Yell - Investors Yell - Media
Rob Hall Jon Salmon
Tel +44 (0)118 950 6838 Tel +44 (0)118 950 6656
Mobile +44 (0)7793 957848 Mobile +44 (0)7801 977340
Citigate Dewe Rogerson
Anthony Carlisle
Tel +44 (0)20 7638 9571
Mobile +44 (0)7973 611888
Notes to Editors
Remuneration
Bob Wigley will receive a fee of £250,000 per annum as non-executive director and Chairman. A priority for the year ahead will be to continue actively reviewing with its advisers the Group's funding options and assessing the most appropriate steps to take towards refinancing the Group. It is anticipated that the time commitment of the Chairman will be greater in the period leading up to resolving the future capital structure of the Group than in the period thereafter. The Board will therefore review the actual time commitment and performance of the Chairman during this initial period and, if appropriate, may adjust the fee level in respect of this period. It is intended that any additional payments would be made in Yell shares.