(Reuters) – Lender-owned Hibu Plc said its chief executive, chairman and non-executive directors would step down after the publisher of Yellow Pages completes its financial restructuring in early 2014.
Hibu said Chairman Bob Wigley would be replaced by Alfred Mockett, but a new chief executive had not yet been appointed to take the reins from Mike Pocock. Tony Bates is set to continue as chief financial officer in the newly restructured group.
Lenders took control of the company in a debt-for-equity deal in July, ending Hibu’s two-year struggle with a debt pile of 2.3 billion pounds ($3.66 billion).
Thomson Reuters LPC reported in June that Hibu’s senior steering committee of lenders included Soros Fund Management, Blackstone’s credit fund GSO and Deutsche Bank .
Directory publishers like Hibu and Canada-based Yellow Media have grappled with a relentless fall in sales since the arrival of online search engines such as Google Inc to find local listings.