Day to Give Up CEO Post, Assume Truvo Chair
Truvo announced today that CEO Andrew Day will step down June 1 and assume the role of chairman, allowing current Truvo Belgium Managing Director Donat Retif to take over as CEO. Retif has been with Truvo since 2005. He previously served as vice president of sales for Idearc, working in both the United States and Canada. Before that, he worked briefly in the VNU Promedia operation, which later became Truvo Belgium.
Day has brought a strong focus on developing online revenues to Truvo, and has often said directory companies need to generate about 30 percent of revenues from online sources to have sustainable business. Day also oversaw the rebranding of the company from World Directories to Truvo.
Today, Truvo also announced its 2007 financial results. Overall the company (excluding the Netherlands operation, which is being sold to European Directories) grew revenues 3.4 percent to 388.3 million euros, driven by online revenue growth of 27.4 percent. Print revenues (again, excluding Netherlands) declined 1.7 percent. Online accounted for about 22 percent of 2007 revenues, getting closer to Day’s 30 percent objective.