Bruce Cotterill quits Yellow

Yellow managing director and CEO Bruce Cotterill has resigned.

Yellow director Scott Pomeroy will fill in in the interim as CEO, while the company is conducting a global search for a permanent replacement.

Mr Cotterill intends to take some time off, but told NBR he is open to offers for another CEO role or a directorship.

Mr Cotterill joined Yellow in January 2009 after being on the board for two years. He is chairman of Noel Leeming Group and a former managing director of ACP Media and CEO of Colliers Jardine.

Sources say legal action from NZ Post is a factor in his resignation, an allegation Mr Cotterill denied.

Others say it is a genuine resignation and not a case of being pushed.

“For a variety of reasons, the last two years have been challenging,” Cotterill said in a statement the company sent out after NBR broke the news this morning.

“But with the restructure completed and both new owners and a new board of directors in place, the time is right for me to move on. I feel like my job is done,” he said.

“The major focus during the last 12 months has been to get the debt load reduced, whilst at the same time growing our business, our people and our client relationships and ensuring we met our profit expectations during a tough time for the economy."

According to Celebrity Speakers, Mr Cotterill's favourite quotes are: "Unless your organisation is changing by at least 20% per year, you are losing your position in the marketplace" and "Our people are more capable than we think. Break down the walls! We must allow everyone to become a hero."

One well-placed insider welcomed the change, telling NBR, "They need a turnaround person. Not a blind cost cutter, but someone with vision that can free up bureaucracy."

Yellow board member Brent Impey declined to comment and referred NBR to chairman Andrew Day, who could not be reached for comment.

Hazel Phillips
Wed, 23 Feb 2011

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