Dex One, the Cary yellow pages publisher that continues to shake up its operations to offset slower sales, today named a new chief financial officer.

Gregory Freiberg, 44, joins the company on Sept. 12. He replaces Steven Blondy, who stepped down as CFO in July. Blondy had been CFO of the company previously known as R.H. Donnelley since March 2002.

Freiberg will report to Alfred Mockett, who took over as CEO nearly a year ago. Since then, Dex One has been remaking itself into a digital business, as customers shift away from traditional print yellow pages. The economic slowdown has also hurt advertising sales, and Dex One is still losing money.

Dex One, the yellow pages publisher that's remaking itself into a digital advertising business, reported another drop in quarterly revenue this morning.

The Cary-based company has seen advertising sales slump as the economic slowdown erodes demand from small businesses.

For the current quarter, the company expects ad sales to drop as much as 15 percent.

But Dex One raised its estimate for 2011 cash flow, a measure of profit for companies with lots of debt, to $375 million to $400 million.

The company's stock, down 89 percent in the past year, fell 24 cents to close at $2.09 today.

Steven M. Blondy, the finance chief of Dex One, plans to resign from the Cary yellow pages publisher.

Blondy, 51, will step down by July 31, and the company has started a search for  a new chief financial officer, Dex One announced this morning.

He will receive a lump-sum separation fee of $2.6 million, plus other benefit payments, Dex One reported in an filing with the Securities and Exchange Commission.

Blondy has been CFO of the company previously known as R.H. Donnelley since March 2002.

Dex One's top executive, hired last year to revive the struggling yellow pages publisher, is trying to boost its stock price by buying more shares.

CEO Alfred Mockett purchased 200,000 shares at an average price of $4.10 each, the Cary company disclosed after the close of regular stock-market trading today. That's an investment of about $820,000.

So-called insider purchases can signal to other investors that top management believes that the stock is undervalued. The company is eager to reverse the stock's sharp slide.