Michael Daly, CEO of gambling affiliate giant Catena Media, has resigned and handed over his duties to interim CEO Pierre Cadena, formerly the company’s vice president of corporate strategy, but will support the company as it seeks a permanent CEO.
Daly joined Catena Media in 2018 to run the company’s North American operations, and in March 2021, assumed the CEO role. During his tenure, Daly was executed a strategy focused on Catena’s operations in America and other emerging markets, driving the sale of the company’s United Kingdom and Australian marketing assets.
“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 organization,” said Göran Blomberg, Catena chairman.
The change comes two weeks after Catena Media announced dim fourth-quarter results. During an earnings call, the company reported a 43 percent drop in revenue and a 66 percent decrease in adjusted EBITDA. Daly said the results came from U.S. operators cutting back their marketing budgets and pressuring affiliates to accept lower cost per acquisition rates.
Despite what Daly described as a “negative impact on the business,” he still seemed forward-looking, saying to the press last week that “regulatory changes and the increased demand for personalized content will continue to shape the affiliate landscape, creating higher barriers to entry and a greater focus on delivering value to both operators and consumers.”
In the statement about Daly’s resignation, Blomberg added, “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.”
Catena Media has drafted updated financial forecasts and targets for 2024 through 2026. The company set itself targets of double-digit organic growth in revenue and EBITDA.
