Gerrow succeeds interim incumbent Erik Edeen on April 15, 2024. The announcement of Gerrow’s appointment came just a little over a week after Michael Daly, Catena CEO left the company and Erick Flinck was proposed as the new Chairman.
Gerrow, who is currently based in Miami, joined Catena in Malta in 2020. He was previously vice president of finance at Catena. He will join the executive management of Catena when he assumes his new position.
Gerrow was appointed after the disastrous year of 2023, in which revenue fell and share prices plummeted. Daly quit shortly after 2023’s financial results for the group were released in February.
Gerrow offers “strategic continuities”
Catena’s interim chief executive Pierre Cadena stated: “We welcome Michael to the position of CFO for our group. He is a highly qualified candidate to take on the role of CFO, given his extensive knowledge and understanding of financial operations.
Michael’s move to the role of executive director will ensure continuity for Catena Media in its next phase.
Edeen became interim CFO after Peter Messner’s departure in May 2023. Edeen focused his efforts on Catena’s financial and operating models during his tenure. Catena announced that Edeen will remain in the role of strategic advisor to Catena.
Gerrow is currently the head of financial planning and analyses for the group. Gerrow has a Bachelor of Commerce from Dalhousie University, Halifax in Canada. He also holds professional accounting certifications from CPA Canada in addition to ACCA UK.
Catena challenges after 2023
In its 2023 full-year results, the group recorded a revenue decrease of 41%.
The drop in US revenues, down 21%, to EUR67.1m ($72.8m/PS57.4m) is perhaps the most concerning. Catena’s revenue is now 80% US-based, and the company operates in 27 North American jurisdictions. This could be problematic going forward.
Catena received more bad news in the form of a decline in new customers who deposited money from their continuing operations. The total was 184 257. This is a 19% drop, but this has been slightly offset by the not as bad figures from Q1 and Q2.
This was also a tough read in terms of EBITDA. The adjusted EBITDA of continuing operations dropped by 47%, to EUR25.4m. This corresponds to a margin for EBITDA that is 33.0%.
Catena shares plummeted shortly after results were announced on the 13th of February. The price dropped 10% on the day but was 75% lower when compared to the previous year.
