It’s a daunting task for any business to make major changes to their company, whether it’s a leadership change or rebranding. But what about when its business model is all about maintaining industry connections?
When Michael Daly announced his departure from Catena Media earlier this year, he had been with the company since 2018, but prior to Catena, he’d served in Daly Gaming, GAN and Bally Technologies. It’s no secret that when you work in marketing affiliation, you need to have good relationships with the companies you work with, or the entire relationship unravels. So what happens when a new CEO takes over and a new captain steers the ship?
When Daly’s successor was announced as Manuel Stan, one of the first things that Göran Blomberg, then Catena Media Chairman of the Board of Directors, mentioned was Stan’s “close knowledge of the North American market and of both the operator and affiliate sides of the business,” which is emphasised by his almost two-decade run at Kindred. Yet, if it was just experience in the industry that was necessary for a successful appointment, surely everyone would be a potential candidate. So it begs the question – what components are needed for an effective C-suite reshuffle?
Naturally, it is not just Catena Media that is in the middle of major changes either. On the operator side, Crown Resorts just made several appointments and changes to its C-suite and leadership team as part of a business transformation; while SJM Holdings confirmed a full board reshuffle, following a 77.3% rise in revenue this Q1 when compared to last year’s results. This can always be seen as a risky move to make, as removing individuals will always mean certain knowledge leaves with them. But this feels riskier when you’re dealing with affiliate companies. It’s always been said that business is more about who you know rather than what you know, but when it comes to affiliate companies this is even more relevant.
So, keeping with the ABC’s theme, let’s say there are three key aspects in making a successful C-suite reshuffle in affiliate marketing: Attitude, the Board and Campaigns. Let’s explore each of these in depth.
Attitude seems like an obvious point at first, but it goes a little deeper in the case of affiliate marketing. If you’re going to introduce somebody new to the Board, they need to be able to integrate themselves quickly – not only around the other people in the company, but also to find a space for themselves around the pre-existing relationships already established within the business. If the new addition is too hands-on or intrusive, they run the risk of fumbling the dynamics; but if they’re too avoidant, they might never learn about them either. Alongside decision-making, one of the best things a CEO can do is learn how to support every other member of the company.
The role of the board cannot be overstated, either. If the company is going to make key appointments at the C-suite level, one of the best ways to keep the momentum of the business going is by having the rest of the Board steer the ship while the new hire is getting settled. This is often taken for granted, though, or at least expected from the other members of the Board, even if there are multiple appointments or moves made at once. The need to have multiple people with valuable interpersonal skills during a full reshuffle should not be overlooked.
Finally, the first campaign that’s launched after a major appointment, reshuffle or rebranding will be used as a measure of success against the changes. If it’s a flop, then the fingers will naturally point back to the new CEO or board members, even if they weren’t involved or if it was in the later stages of development before they even joined. While some aspects of a successful business redirection can be managed, such as picking the right person, there are a lot of unpredictable factors that are more up to fate than we might like.
