David Swanson to Become CEO of R.H. Donnelley; Frank Noonan to Turn Over CEO Responsibilities At 2002 Annual Meeting; Will Remain Board Chairman Through 2002.

Business Editors

PURCHASE, N.Y.--(BUSINESS WIRE)--Jan. 7, 2002

R.H. Donnelley Corporation (NYSE: RHD), a leading marketer of yellow pages advertising, today announced that its Board of Directors has implemented its succession plan, naming David C. Swanson Chief Executive Officer, effective at the company's annual meeting in May 2002.

Swanson, 47, a 16-year Donnelley veteran, is currently President and Chief Operating Officer. Swanson will succeed Frank R. Noonan, 59, who will continue to serve as Chairman of the Board through 2002. Swanson joins the Board immediately.

Commenting on the succession, Robert Kamerschen, a member of R.H. Donnelley's Board of Directors, said, "We are taking the next step in the company's leadership transition plan. Dave Swanson has demonstrated his leadership abilities and we look forward to working with him for many years to come. During his tenure of more than 10 years, Frank Noonan has done an outstanding job in leading R.H. Donnelley through a number of strategic initiatives and, in particular, the company's successful first phase as an independent public company over the past three and a half years. We thank Frank for his many important contributions to the company's success and are pleased that he will continue to serve as Chairman."

Noonan stated, "I am extremely pleased to be turning over the reins as CEO to someone as qualified and talented as Dave Swanson. Having spent more than 20 years in the yellow pages business, he has a wealth of industry experience as well as in-depth knowledge of every facet of our business. I am confident that through Dave's leadership and vision, R.H. Donnelley will continue to deliver high levels of shareholder value."

Swanson said, "I'm delighted to have the opportunity to lead this fine organization. We've taken a number of steps over the last few years to create a financially strong, well positioned company. As we move into 2002, we will continue to focus on maximizing the performance of our core business and delivering enhanced value to our shareholders."

Separately, R.H. Donnelley announced that Philip C. Danford, 57, will step down as Senior Vice President and Chief Financial Officer in the first quarter of 2002. The company is conducting an external search for a Chief Financial Officer, which it expects to complete shortly. Danford, who has been R.H. Donnelley's Chief Financial Officer since its spin-off from Dun & Bradstreet in 1998, will remain with the company to work on special projects.

Noonan added, "Over the past three and a half years, Phil has played an integral role in reshaping the company, developing and implementing financial strategies and contributing to the creation of shareholder value. We thank him for his valuable contributions, and we are extremely pleased that he will remain with the company and assist in the transition to the new Chief Financial Officer."

The Company also announced that Diane Baker has resigned as a member of the Board of Directors to relocate overseas with her family. "We thank Diane for her advice and counsel and wish her well," said Noonan. With Swanson's appointment to the Board, the size of the Board will remain at 8 members.

David Swanson has extensive experience in all aspects of the directory advertising and local business marketing industry. Prior to his appointment as President and Chief Operating Officer in January 2001, Swanson served as President of Donnelley Directory Services since 1999. In that role, he was responsible for all operating unit functions, including sales for its telco and independent operations, marketing, information technology and publishing services activities. Swanson joined R.H. Donnelley in 1985 as an account executive and held increasingly senior management positions over the next 15 years. In 1995, he became Executive Vice President of Sales and in 1997 was named Executive Vice President and General Manager of Proprietary Operations. In 1998, he was named Executive Vice President of Corporate Strategy in conjunction with R.H. Donnelley's spin-off as an independent public company from Dun & Bradstreet. In that capacity, he was responsible for strategic planning, including initiating and executing plans for the company's growth and examining acquisition and divestiture opportunities. Swanson received his B.S. degree from St. Cloud University and attended Northwestern University's Kellogg Graduate School Advanced Executive Program.

Frank Noonan has served as Chief Executive Officer since 1998 when R.H. Donnelley Corporation became an independent public company. From 1991 to 1998, he served as President and Chief Operating Officer of R.H. Donnelley, which was a subsidiary of Dun & Bradstreet. Previously, Noonan served as Senior Vice President-Finance of Dun & Bradstreet Information Services, a position he held from 1989 to 1991. Prior to joining Dun & Bradstreet, Noonan held senior positions in other leading companies, including UNUM Corporation, where he served as Senior Vice President and Chief Financial Officer, and General Electric Company, where he held various financial positions.

Company Description

R.H. Donnelley is a leading marketer of yellow pages advertising. The company's businesses include relationships with SBC and Sprint, as well as its pre-press publishing facility in Raleigh, N.C. For more information, please visit Donnelley at www.rhd.com.

Safe Harbor Provision

Certain statements contained in this press release regarding R.H. Donnelley's future operating results or performance or business plans or prospects and any other statements not constituting historical fact are "forward-looking statements" subject to the safe harbor created by the Private Securities Litigation Reform Act of 1995. Where possible, the words "believe," "expect," "anticipate," "should," "planned," "estimated," "potential," "goal," "outlook," and similar expressions, as they relate to R.H. Donnelley or its management, have been used to identify such forward-looking statements. Regardless of any identifying phrases, these statements and all other forward-looking statements reflect only R.H. Donnelley's current beliefs and assumptions with respect to future business plans, prospects, decisions and results, and are based on information currently available to R.H. Donnelley. Accordingly, the statements are subject to significant risks, uncertainties and contingencies which could cause R.H. Donnelley's actual operating results, performance or business plans or prospects to differ from those expressed in, or implied by, these statements. Such risks, uncertainties and contingencies include the following: (1) loss of market share through competition; (2) uncertainties caused by the consolidation of the telecommunications industry; (3) introduction of competing products or technologies by other companies; (4) complexity and uncertainty regarding the development and/or deployment of new high technology products, and uncertainty regarding the acceptance rate of such products; (5) pricing pressures from competitors and/or customers; (6) changes in the yellow pages industries and markets; (7) continuation of the economic slowdown presently being experienced in the United States, especially with respect to the markets in which we operate; (8) residual economic effects of, and uncertainties regarding (i) the terrorist attacks that occurred on September 11, 2001, (ii) the general possibility or express threat of similar terrorist or other related disruptive events, and (iii) future occurrence of similar terrorist or other related disruptive events, especially with respect to the major markets in which we operate that depend so heavily upon travel and tourism; and (9) share repurchases will be subject to market conditions and compliance with legal restrictions and the company's debt covenants.