The release further goes on to say:
The Board of Directors has appointed a search committee of the Board, chaired by the Chairman of the Board, Mr. Robert MacLellan, to undertake the search for a new Chief Executive Officer. Mr. Tellier and Yellow Media Limited have agreed that Mr. Tellier will remain with Yellow Pages Group until the new CEO is appointed, but no later than August 15, 2013, to assist in transition arrangements.
Mr. MacLellan said, “We thank Marc for his leadership and many years of devoted service to Yellow Pages Group and his agreement to remain in order to assist in effecting a smooth transition. We intend to look to Marc for his input and guidance during the upcoming transitional process. We look forward to appointing a new Chief Executive Officer who can continue the ongoing transformation of YPG into a leading digital advertising and marketing solutions company.”
Mr. Tellier said that, “It has been a great honour to have led YPG since 2001. I have had the privilege of working with a team of executives and employees who are second to none and who embody the culture of excellence and commitment which we have fostered over the years. As a result of the recapitalization which was implemented in December 2012, I believe Yellow Pages Group is now well-positioned to successfully continue its digital transformation.”
In December 2012, the company issues a press release stating a “massive re-org as the embrace digital,” but perhaps it was too little, too late as the company never really got out of its current financial slump. Reading the statements made by the Board of Directors, it does sound like Marc was pushed out.