New Chief Executive for Yellow

Media Release
19 December 2008

New Chief Executive for Yellow

Bruce Cotterill has been appointed the new chief executive of Yellow.

Mr Cotterill, who is currently a non-executive director, takes over from Dudley Enoka who oversaw the company through its sale by Telecom and establishment as a stand-alone diversified media company. Mr Enoka will remain as a non-executive director.

At the request of the Board, Mr Enoka extended his CEO contract for an additional two years in 2007, having originally been contracted for two years to prepare the business for sale and to oversee the sale process. He has commuted between his home in Wellington and Auckland for the past four years.

Chairman Jim Smith said Mr Enoka had provided outstanding leadership, particularly in decoupling Yellow from Telecom, driving growth in an increasingly competitive environment and creating a powerful employment brand.

"We're delighted that Dudley will continue to be involved in the further development of Yellow as a director."

Mr Smith said highlights of Mr Enoka's stewardship included:

* Building a first rate executive team
* Achieving world-leading growth levels in print directories
* Developing an online business that is growing at twice the rate of the overall online advertising market
* Expanding into new media, including mobile, and innovating in the search, find, compare, book and buy categories

Mr Smith said Yellow was fortunate to have someone of Bruce Cotterill's quality to maintain the momentum.

"Bruce has an outstanding track record as a CEO and director, has considerable media expertise through his involvement with ACP Media and has strong insights into Yellow as an existing non-executive director. He will be an admirable replacement."

Mr Cotterill was previously CEO of Colliers Jardine, ACP Media and Gullivers Travel Group, respectively. He is also current chairman of the Noel Leeming Group.

Mr Smith said careful succession planning was important at any time, but particularly so in the current economic environment.

"The degree of certainty and steadiness with Yellow is particularly pleasing given the uncertain economic climate."

Mr Cotterill begins in the role in February.

ENDS

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