Hibu's woes get worse as it fires 'buyout plot' US chiefs
Tuesday 12 March 2013
The woes of the debt-laden Yellow Pages directories publisher Hibu took an unexpected turn as its chief executive, Mike Pocock, fired two senior United States-based executives amid speculation they were plotting a buyout.
Mr Pocock told staff that Jim McCusker, US president, and Mark Cairns, chief publishing officer, had been "dismissed" after "a thorough investigation into conduct by them that the company considered to be disloyal and against the interests of its employees and other stakeholders".
Hibu declined to comment on suggestions that Mr McCusker and Mr Cairns were trying to buy out the US business. But one observer expressed surprise that the pair should be dismissed as both were long-standing employees.
Mr Pocock joined in 2011 in a bid to turn around the company, which has seen revenues plunge because of the internet. Hibu is set to miss payments on some of its £2bn of loans and a debt-for-equity swap with its banks looks all but certain.
The beleaguered company may fear that a management buyout would cut its value even more.
Geoffrey Macnab reviews American Hustle, also starring Christian Bale and Bradley Cooper
Dennis Rodman will coach the North Korea basketball team
Jennifer Lawrence: 'It should be illegal to call someone fat on TV'
Iain Duncan Smith leaves Commons food banks debate early
Paul Walker death caused by speed alone
DNA from a 50,000 year old toe shows Neanderthals were highly inbred
Devyani Khobragade: India-US row escalates over arrest of diplomat in New York
- 1 America's 'virgin births'? One in 200 mothers 'became pregnant without having sex'
- 2 Sun will 'flip upside down' within weeks, says Nasa
- 3 Christmas comes early: Justin Bieber is 'retiring from music'
- 4 Iain Duncan Smith leaves Commons food banks debate early
- 5 Children evacuated from swimming pool after prosthetic leg mistaken for paedophile
- < Previous
- Next >
iJobs Money & Business
£55000 per annum: Harrington Starr: Technical Operations Analyst (UNIX, Linux,...
£45000 - £55000 per annum + BONUS + BENEFITS: Harrington Starr: A leading prov...
£27000 per annum + Bonus and Benefits: Harrington Starr: One of the world's le...
£500 - £550 per day: Cornwallis Elt : Business Analyst Target Operating Mod...