Catena Media CEO resigns with immediate effect
Michael Daly steps down from affiliate after discussions with the board and disappointing Q4 performance
Catena CEO Michael Daly has resigned from the affiliate with immediate effect following “careful consideration and consultation with the board”.
Daly will be replaced by the company’s VP of corporate strategy Pierre Cadena as interim CEO.
The Stockholm-listed firm confirmed Daly would remain available to the business during an unspecified transition period.
The recruitment process for Daly’s successor is also due to begin immediately.
Daly was named CEO in March 2021 and oversaw the affiliate’s strategic review which saw the group trim its Europe-facing exposure in an effort to push ahead in North America.
This included the sales of AskGamblers to Gamming Innovation Group and SuperScommesse to FairPlay Sports Media.
He originally joined the firm as US general manager in April 2018 before being named GM for the Americas in November 2019.
Daly was then appointed VP of North America in April 2020.
Daly’s resignation comes after a disappointing Q4 for the affiliate as EBITDA slumped 88% while revenue declined 41%.
Additionally, new depositing customers dropped 44% during the reporting period.
Daly had moved to appease investors after claiming the group’s AI was streets ahead of competitors.
The group also detailed expectations of double-digit organic growth for revenue and EBITDA for 2025 and 2026 as part of the Q4 result filing.
Göran Blomberg, Catena Media chair, said: “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.
“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,” he added.