Catena Media has announced that Michael Daly has stepped down from his position as CEO with immediate effect.
The company noted that Daly’s decision to resign follows careful consideration and consultation with the board.
Daly has held the position of CEO since March 2021, having joined Catena back in 2018.
“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,” noted Göran Blomberg, Chair of the Board of Directors.
“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.”
Pierre Cadena, VP of Corporate Strategy, will be stepping in as interim CEO until a new CEO has been appointed, a recruitment process which Catena intends to begin immediately. Daly will also remain available to the company during the transition period.
Upon reflection of Catena’s fourth quarter and full year 2023 results earlier this month, Daly stated that he expects the developments in technology and the emergence of artificial intelligence to be influential in the progression of its casino and online sports betting verticals following a challenging financial period.
The company also updated its 2024 financial targets as it transitions into a more sustainable revenue model following its strategic review in November.
While Catena has accepted that this transition will cause short-term hindrances, it is confident that core regulated markets will “thrive” and growth will return in the second half of the year.
