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Catena wants Erik Flinck to be its new Chairman

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The affiliate group Catena Media announced the nomination of Erick Flindck as their new chairman.

Flinck is currently chairman of the Swedish start-up digital health company drHUD. If the Catena AGM approves the position, he will take on the same role.

Flinck worked for Boston Consulting Group twice in the early years of his career.

Flinck served in several executive roles at BCG between January 2015 and Oct 2023, including as managing director and partner. From March 2005 to November 2012, Flinck was the principal of BCG.

He also spent two years in the role of head group strategy for Sandvik, an engineering company.

Other board changes being considered

Catena announced a second proposed appointment to the board in Dan Castillo. Castillo, who has been an investor with the group since 2015 and worked on Kotipizza’s listed board before, is a former shareholder.

Castillo is also a member of the boards of five different companies in diverse sectors. Quartr.com, a fintech company in the market for movie production and Hope Studios, a film-production studio.

The Catena Nomination Committee has also proposed plans for the reappointment of four current Catena board members. Oystein Engebretsen is one of them, as are Theodore Bergquist Adam Krejcik, and Sean Hurley.

Goran Blomberg has declined to be reelected as a board member. If the AGM in May approves the nomination, then the Catena Board will shrink to just six members.

A new era for Catena?

Following the announcement that Michael Daly, the CEO of the company has left his position last month, the proposed changes to the board are now being considered.

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

Daly left Catena shortly after the company published disappointing results for its 2023 fiscal year. Revenues for the group dropped sharply.

The US revenue fell by 21%, to EUR67.1m ($72.7m/PS57.5m). Catena’s revenue is 80% derived from North America, where the company operates in 27 jurisdictions.

The adjusted EBITDA of the group from ongoing operations has fallen by 47%, to EUR25.4m. This corresponds to a margin adjusted EBITDA of 33.0%.

Manuel Stan was appointed as Catena’s CEO on March 5, 2024. Stan, a 20-year veteran in the industry who spent 16 of those years as SVP North America at Kindred Group where he was responsible for marketing and led teams, is a true professional.

Stan, who will take up his new position in 2024 on the 1st of July, will be leading Catena Media’s North American market and global operations out of Las Vegas.

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