The Montreal-based publisher of paper directories and online content announced in March that Tellier, who held the post since 2001, would leave by mid-August — providing a four-month transition period.
Yellow Media's chairman, Robert MacLellan, announced Thursday that he will be interim CEO while the board evaluates candidates for a permanent replacement.
"The Board's search committee is pleased with the progress to date," MacLellan said in a statement.
"A number of good candidates have come forward and we are committed to a thorough selection process which remains ongoing."
MacLellan, also chairman of an independent fund manager called Northleaf Capital Partners, was chief investment officer for TD Bank Financial Group (TSX:TD) from 2003 until November 2009, when he went to Northleaf.
Yellow Media has been trying to chart a course in an Internet-based marketplace where search engines have eaten into the need for paper directories, which had been a highly profitable, advertiser-driven business for decades.
In May, Yellow Media announced a $53.5 million profit for the first quarter, which contrasted with a year-earlier loss when Yellow Media recognized a $2.9-billion impairment of goodwill, an intangible asset linked to the value of acquisitions.
A week ago, Yellow announced it had $50.3 million of net income in the second quarter ended June 30, down from $65.7 million a year earlier. Revenue was $243.2 million, down from $286.5 million.
Yellow Media disclosed in April that Tellier would get $4.3 million in separation pay when he left.