Nordic yellow-pages publisher reviews financial targets.

• Eniro: Interim report January - June 2010

Eniro, the leading Nordic yellow-pages publisher, said Monday it will appoint a new chief executive officer and review its financial targets as the search industry has been hit by deep-seated structural changes.

During the last two year, with Jesper Kärrbrink as CEO, the company’s share price has tumbled some 80 percent as its outlook has been slashed repeatedly.

“During the past two years the conditions for the search directory industry, including Eniro, have changed substantially. The general recession has resulted in a quicker than expected structural decline in demand for printed products, and the financial crisis has impacted on the general funding environment”, Eniro said in a statement.

The board of directors has appointed Johan Lindgren, former CEO of telecom company Tele2 Sverige, to run the show. In connection with the appointment, Eniro will conduct a review of the financial targets. An updated outlook statement for next year will be presented with the Q3 report, the company said.

“Our strategy remains unchanged, we are determined to continue developing our opportunities, with particular emphasis on online", Eniro’s Chairman Lars Berg said. "However, in light of these new financial challenges, the Board of Directors believe it is necessary to appoint a new CEO with relevant experience to implement the strategy. We are confident that Johan Lindgren possesses the skills and experience to lead Eniro through the next step in the transformation".