Catena Media has announced the resignation of CEO Michael Daly, effective immediately, following careful consideration and consultation with the board.
Pierre Cadena, the VP of Corporate Strategy, will serve as interim CEO during the transition period, with Daly remaining available to support the company.
Göran Blomberg, Chairman of the Board of Directors, said: “Under Michael Daly's leadership, Catena Media has become an active player in North America and with the actions taken during the strategic review, we have significantly reduced our debt and streamlined the organisation.
"With the company facing lower growth, we have started to implement a number of growth initiatives. As we embark on this crucial stage, we are seeking new leadership to drive these initiatives and move Catena Media into its next chapter.”
Daly, who assumed the CEO role in March 2021, has been with Catena Media since 2018. His departure coincides with the company's efforts to improve its market position and address operational challenges.
The announcement follows developments in Catena Media's business operations, including its expansion into Vermont's online sports betting market.
However, Catena Media reported a 41% decrease in revenue for Q4 2023 compared to the previous year, attributed to extensive investments aimed at securing future organic growth.
Despite challenges in the North American market, Daly said: We are currently implementing a wide-ranging internal investment programme – including large investments in both tech and AI – to fast-track our ambition to be the data- and technology-driven leader of online affiliate marketing in the sports betting and casino gaming space.”
Looking ahead, Catena Media has outlined updated financial targets for 2024-2026, aiming for double-digit organic growth in revenue and adjusted EBITDA.
Late last year, Daly spoke to us for Gaming America's CEO Special.
