Yell has a new chairman and it is someone who knows all about debt – a very senior ex-investment banker.
From the Yell statement:
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.
Here what Wigley had to say of his appointment.
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.”
When Wigley says he has “followed Yell since before its flotation” he is being very modest. He helped IPO the company in July 2003 at a price of 285p a share, and Merrill Lynch remains one of the company’s brokers. The Yell share price, is of course, much lower now than in 2003 and it has dramatically underperformed the FTSE All Share index since its IPO.
And we can’t help wondering if Wigley’s mention of a “next phase of development” at Yell might not involve a large rights issue and debt restructuring, as was recently suggested by, err, Merrill Lynch.
As for “successfully building and monetising a rapidly growing online business” we must have missed that.
Related links:
YELLow Directors – FT Alphaville