Catena Media has announced the resignation of CEO, Michael Daly, effective immediately. The decision, made after careful consideration and consultation with the board, marks a significant change in the company’s leadership. In light of Daly’s departure, Pierre Cadena, the VP of Corporate Strategy, will step in as interim CEO during the transition period. Daly has expressed his commitment to assisting the company during this phase of change.
Göran Blomberg, Chairman of the Board of Directors, acknowledged Michael Daly’s leadership contributions, particularly in expanding Catena Media’s presence in North America and executing strategic initiatives that reduced debt and streamlined operations. Despite these achievements, with the company facing challenges and seeking to implement growth initiatives, the board has decided to seek new leadership to propel Catena Media into its next phase of development.
Michael Daly has been associated with Catena Media since 2018 and assumed the CEO role in March 2021. His departure coincides with the company’s ongoing efforts to enhance its market position and address operational hurdles. Despite challenges, Daly expressed confidence in the company’s future, highlighting ongoing internal investment programs focused on technology and AI to solidify Catena Media’s position as a leader in online affiliate marketing for sports betting and casino gaming.
The announcement follows Catena Media’s Q4 2023 financial report, which revealed a 41% decrease in revenue compared to the previous year. This decline was attributed to substantial investments aimed at securing future organic growth, particularly in the North American market. Despite the setback, Catena Media remains optimistic about its future prospects and has outlined updated financial targets for 2024–2026, aiming for double-digit organic growth in revenue and adjusted EBITDA.
Catena Media’s focus on growth initiatives underscores its commitment to remaining at the forefront of the online affiliate marketing landscape. The company’s expansion into Vermont’s online sports betting market reflects its proactive approach to exploring new opportunities and diversifying its revenue streams. By investing in technology and AI, Catena Media aims to capitalize on emerging trends in the sports betting and casino gaming spaces, positioning itself as a data-driven leader in the industry.
The resignation of CEO Michael Daly marks a significant moment in Catena Media’s journey, signaling a transition period as the company prepares for its next chapter. With interim leadership in place and a renewed focus on growth initiatives, Catena Media is poised to navigate challenges and capitalize on opportunities in the dynamic landscape of online affiliate marketing.
