Michael Daly Steps Down From His Role As CEO of Catena Media

Michael Daly Steps Down From His Role As CEO of Catena Media

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Michael Daly Steps Down From His Role As CEO of Catena Media

Catena Media undergoes leadership change as Michael Daly resigns as CEO. Pierre Cadena appointed interim CEO. The company faces challenges in the US market.

Daly’s Resignation and Cadena’s Interim Role

Daly’s sudden resignation from Catena brought a significant shift within the company. Pierre Cadena, currently serving as the vice president of corporate strategy at Catena, will step in as the interim CEO. Daly will assist during the transition period as part of the exit agreement while Catena prepares to recruit a new CEO.

Blomberg’s Acknowledgement and Growth Strategies

Göran Blomberg, Catena’s chairman, commended Daly for establishing Catena as a significant player in North America. Blomberg also acknowledged Daly’s efforts in reducing debt and improving organizational efficiency. Despite Daly’s accomplishments, Catena is now facing a slower growth period and implementing various growth strategies, which has led to the search for new leadership to guide Catena into its next phase.

Daly’s Journey and Background

Daly’s journey at Catena began in 2018, starting as the general manager for the US and eventually becoming CEO in 2021. Before Catena, Daly held roles as an industry consultant and executive positions at GAN, SHFL Entertainment, Bally Technologies, and Shuffle Master.

Financial Performance and Market Reactions

Regarding financial performance, Catena experienced a significant decline in revenue in 2023, particularly in the US market, where revenue dropped by 21 percent. This is concerning as 80 percent of Catena’s income comes from the US. Additionally, new depositing customers decreased by 19 percent, although this decline was partially offset by better performance in Q1 and Q2. The adjusted earnings before interest, taxes, depreciation, and amortization from continuing operations also fell by 47 percent to €25.4m, with an adjusted earnings before interest, taxes, depreciation, and amortization margin of 33.0 percent. Following the release of these results on February 13, Catena’s share price plummeted by 10 percent on the day and was down 75 percent year-on-year. 

Rumors and Management’s Response

While Daly had not previously indicated a possible departure, there were still some rumors circulating. STS founder Mateusz Juroszek even called for Catena’s management to resign and proposed selling its assets. Daly defended Catena, mentioning recent investments and a cost reduction program. He highlighted a strategic review initiated in 2022 and recent divestments, including the sale of UK and Australian online sports brands. Although Daly asked for patience, his resignation means that either he or the board no longer had patience and decided to part ways. 

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