Yell Declines After Saying Chief Executive Officer, Finance Chief to Leave
Yell Group Plc, the publisher of the U.K.’s yellow pages directories, dropped the most in two years in London trading after saying that Chief Executive Officer John Condron and Chief Financial Officer John Davis are leaving.
Yell retreated 22 percent, the most since May 2008. Condron is to retire by May 2011, while Davis will leave once a successor has been found, the Reading, England-based company said in a Regulatory News Service statement today.
“The Board and I will naturally be very sorry to see both Johns depart but we fully understand their reasons, and the timing and process of their departures ensure we can run a thorough and orderly succession process,” Chairman Bob Wigley said in the statement.
The publisher has seen sales decline as advertisers cut spending on print listings. Revenue in the year ended March 31 fell 11 percent to 2.12 billion pounds ($3.1 billion), the company said in a separate statement today.
Full-year net income was 46.8 million pounds, compared with a loss of 1.14 billion pounds a year earlier, when Yell wrote down the value of its Spanish unit by 1.27 billion pounds.
Yell shares fell 10.35 pence to close at 36.76 pence. The stock has dropped 6.5 percent this year, giving the company a market value of 867.8 million pounds.