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Daly Resigns from Catena Media

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Catena Media, a giant in the affiliate industry, has announced Michael Daly’s resignation as CEO.

Daly’s resignation takes effect immediately. Pierre Cadena will take on the interim role as CEO. Cadena is Catena’s vice president of corporate strategy.

Daly, as per the agreement of exit, will be available to Catena for a period of transition. Catena plans to immediately launch a search for a new chief executive officer.

Catena Chairman Goran Blomberg stated that “under Michael Daly’s leadership, Catena is now a major player in North America. We have also significantly reduced our financial debt through the Strategic Review and simplified the organization.”

We have implemented a variety of growth initiatives to help the company grow. We are looking for new leadership as we enter this critical stage. This will help us to move Catena forward into the next chapter.

Daly was appointed general manager of the US in April 2018. Daly served as president of North America and general manager for Americas before becoming CEO March 2021.

Daly was an industry consultant before joining Catena. He also served as the executive vice president for North America of GAN.

He was vice president of SHFL Entertainment’s online gaming division at the beginning of his career. He has also held several high-ranking positions with Bally Technologies, and worked for Shuffle Master.

Catena’s 2023 is disappointing

Daly quits just two weeks following Catena’s disappointing results published for 2023. Revenues for the group dropped sharply.

The drop in US revenues, down 21%, to EUR67.1m ($72.8m) (PS57.4m/EUR 67.1m), 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 an increase 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 compared to the previous year.

Daly leaves after resignation calls

Daly didn’t mention a departure, but there was some rumor about it.

STS’s founder Mateusz Juroszek demanded that the Catena Management resign the same day. He even suggested that its assets be put on the market.

In a LinkedIn posting, Juroszek said: “This is a great example of how you can destroy a company.”

Daly was initially firm in his stance, and highlighted Catena’s most recent series of investment plans, which were planned following the strategic review that began in 2022. Daly said that these investments would redefine the core technology focus of the group.

In addition, he drew the attention of his audience to a cost-cutting programme worth around EUR4m that aims to “optimise operations within the group” in light of recent divestments. Moneta Communications was tasked with the sale of UK and Australian sports online brands in August 2023.

Daly, the former CEO, said that this level of restructuring takes some time before it has an effect.

He said that a strategic reboot of the magnitude we’ve undertaken could take time, and would test both the employees and the shareholders.

It appears that his patience or the Catena Board’s has now run out.

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