Shares in Eniro, the Nordic region’s biggest publisher of yellow pages, rallied Monday after the nomination committee proposes legendary Swedish businessman Lars-Johan Jarnheimer for new chairman.

The Stockholm-based firm has transformed from a cash cow to a problem child as the search industry has been hit by deep-seated structural changes. Last year CEO Jesper Kärrbrink was sacked and the firm said it would review its financial targets. There have been ongoing rumors about takeover bids as pressure from creditors increase.

Undeniable, Jarnheimer is seen by the market as a deus ex machina. Eniro shares were up as mush as 8 percent Monday, making Swedish business media call it the “the Jarnheimer effect”.

Lars-Johan Jarnheimer has been CEO of mobile phone operator Tele2, Marketing Director at car maker Saab Automobile and CEO of phone operator Comviq. Today he’s member of a number of boards, such as Ikea’s parent company INGKA, former drug monopolist Apoteket and baby gear firm BabyBjörn.

"Lars-Johan Jarnheimer has extensive experience from companies within industries such as Telecom, Media and Internet, who are characterized by rapid change and a continuous development of products and services. The nomination committee is of the opinion that this will benefit the future development of Eniro," the committee said in a statement.