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8-K - FORM 8-K - DEX ONE Corp | g23551e8vk.htm |
EX-10.1 - EX-10.1 - DEX ONE Corp | g23551exv10w1.htm |
News Release
FOR IMMEDIATE RELEASE
Dex One Contacts:
Media:
Tyler Gronbach
919.297.1541
tyler.gronbach@dexone.com
Tyler Gronbach
919.297.1541
tyler.gronbach@dexone.com
Investors:
Jamie Andelman
919.297.1539
jamie.andelman@dexone.com
Jamie Andelman
919.297.1539
jamie.andelman@dexone.com
Dex One Corporation Chairman & CEO Announces Retirement; Board
To Initiate Executive Search
To Initiate Executive Search
Swanson Retires Following Successful Completion of Companys Restructuring
Board Establishes Executive Oversight Committee to Lead Company on Interim Basis
CARY, N.C., May 21, 2010 Dex One Corporation (NYSE: DEXO), a leading provider of marketing
solutions for local businesses, today announced that David C. Swanson, the companys chairman and
CEO, will retire effective May 28, 2010. The companys Board of Directors will be initiating a
search for a new chief executive officer to succeed Swanson.
Having successfully guided the firm through our financial restructuring, the board of directors
and I concluded the timing was right to transition leadership to a new executive who will guide Dex
One through the next stage in its transformation, Swanson said. Over the last eight years we
have taken the company from a small sales agent for telephone company yellow pages with just $75
million in annual revenue, to a multi-billion dollar market leader in print, online and mobile
business search and marketing services. It has been my great privilege to serve with such a
talented and committed group of people over the years, and I leave confident the company is well
positioned to thrive as it enters this new chapter in its long and storied history.
The Board has established an Executive Oversight Committee comprised of three of the Boards
current directors, Jonathan B. Bulkeley, W. Kirk Liddell and Mark A. McEachen, to lead the company
on an interim basis. The Executive Oversight Committee will work closely with the management team
to ensure an orderly transition until a permanent successor is appointed. Liddell will serve as
the companys interim principal executive officer. Current Board member Alan F. Schultz will
become non-executive chairman of the Board of Directors.
We are grateful to Dave for the many contributions he has made to transform Dex One into a leading
marketing solutions company, said Schultz. We are excited to work closely with the senior
management team to execute on the strategic plan as we search for Daves successor.
Swanson joined Dex One in 1985 as an account executive and held increasingly senior management
positions during his tenure. He was named executive vice president of sales in 1995, executive
vice president and general manager of proprietary operations in 1997 and vice president of
corporate strategy in 1998 in conjunction with the companys spin-off from Dun & Bradstreet as an
independent public company. He became president of Donnelley Directory Services in 1999, and
served as president and chief operating officer of the company from December 2000 to May 2002. He
served as CEO of the company since May 2002 and chairman of the companys Board of Directors since
December 2002.
The companys Board of Directors will be forming a search committee to consider both internal and
external candidates for the CEO position.
Bulkeley has been a board member of Dex One since January 2010. Currently chief executive officer
of Scanbuy, Inc., a global leader in visual navigation for the wireless industry, Bulkeley also
owns and operates the hedge fund the Blue Square Small Cap Value Fund. A graduate of Yale
University, he has extensive experience, having served as chief executive officer of
barnesandnoble.com, and chairman and chief executive officer of Lifeminders. He currently serves
as Director for Spark Networks, Bank of Americas Excelsior Buyout Fund of Funds, Excelsior Lasalle
Real Estate Fund and UST Global Private Markets Fund, LLC.
Liddell has been a board member of Dex One since January 2010. Liddell has served as president,
chief executive officer and director of Irex Corporation since 1984. Prior to this, he practiced
corporate law at Covington & Burling in Washington, D.C. He currently serves as a Director for
High Industries, Inc. Liddell graduated Magna Cum Laude from Princeton University with an A.B. in
Economics and received J.D. and M.B.A. degrees from the University of Chicago Law School and
Graduate School of Business.
McEachen has been a board member of Dex One since January 2010. McEachen is chief operating
officer of Freedom Communications, Inc., a media company with broadcast television and print
publishing business segments. Previously, he served as chief financial officer of Fabrik, Inc., a
designer, manufacturer and marketer of online services solutions, as well as interim chief
executive officer and chief operating and financial officer of BridgeCo Inc., a digital
entertainment networking company. McEachen received a B.A. in Economics from the University of
Western Ontario, and an M.B.A. from the University of Windsor, in Ontario, Canada.
About Dex One Corporation
Dex One Corporation (NYSE: DEXO) is a leading marketing services company that helps local
businesses reach, win and keep ready-to-buy customers. The companys highly-skilled, locally based
marketing consultants offer a wide range of marketing products and services that help
businesses get found more than 1.5 billion times each year by actively shopping consumers. Dex One
offers local businesses personalized marketing consulting services and exposure across a broad
network of local marketing products including its official print, online and mobile yellow
pages and search solutions (http://www.dexknows.com and http://www.business.com), as well as major
search engines. For more information visit www.DexOne.com.
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