Catena Media CEO Steps Down; Interim CEO Appointed

Casino affiliate Catena Media announced that it will be parting ways with its chief executive officer, Michael Daly. According to the company, Daly’s decision followed extensive consideration and consultations with the board.

Catena added that the resignation takes immediate effect. As Daly departs, the position will be temporarily filled by Pierre Cadena, the company’s vice president of corporate strategy. Catena elaborated that Daly will remain around to ensure a smooth transition of responsibilities.

In the meantime, Catena Media plans to immediately begin the search for a permanent successor.

Göran Blomberg, chairman of Catena Media’s board of directors, released a statement on the matter. He praised Daly for his contributions, saying that it was his leadership that enabled the company to become an active player in North America. In addition to expanding its geographical influence, the Malta-headquartered company managed to significantly reduce its debt and streamline its organization.

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.

Göran Blomberg, chairman, Catena Media

Catena Media Wants to Bolster Its Sustainability

For reference, Daly joined Catena Media in 2018 and was named as CEO in March 2021. His departure follows the publication of the affiliate’s “disappointing” Q4 results, which spelled financial struggles for the company.

While Catena Media remains optimistic about the future and is looking forward to making further investments in artificial intelligence. In an earlier statement, Daly addressed that the company seeks to remain ahead of the curve when it comes to AI solutions. He also expressed doubts that Catena’s competitors would be able to easily catch up to the affiliate’s AI and search engine optimization.

Daly also said that what Catena Media is doing is truly different. He believes that other companies would have a hard time replicating what his team is doing.  

The remaining challenge is to move towards a more sustainable revenue model and capitalize on this AI supremacy.

The company recently updated its long-term financial targets for 2024-2026. As the company seeks to bolster its profitability, it said that it expects to resume its organic growth in the second half of 2024. Catena Media also expects full-year adjusted EBITDA in the range of EUR 20-30 million. The company’s targets also include double-digit organic growth and adjusted EBITDA for 2025 and 2026.