Catena Media, an iGaming affiliate company, has announced the resignation of its CEO, Michael Daly. The decision comes as the company faced disappointing fourth-quarter financial results and a period of organizational realignment. Daly’s departure is effective immediately, and Pierre Cadena, the vice president of corporate strategy, will take on the role of interim CEO.
Daly will remain available to Catena Media during the transition period, and the company has already begun the recruitment process for a new CEO. The board chairman, Göran Blomberg, acknowledged Daly’s contributions to the company.
“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,” Blomberg said.
However, with the company facing lower growth, Catena Media sought new leadership.
Daly assumed the role of CEO in March 2021, after initially joining the company in 2018 as the general manager for the U.S. market. He was later promoted to vice president of North America in 2020. Prior to his tenure at Catena Media, Daly held executive positions in the gaming and technology sectors, including roles at GAN, Automated Cash Systems, SHFL Entertainment, and Bally Technologies.
Daly’s departure comes on the heels of disappointing financial results for Catena Media in the fourth quarter of 2023. The company reported a 41 percent decrease in revenue to €14.5 million, while adjusted EBITDA from continuing operations decreased by 88 percent to €1.5 million during the same period.
In response to these challenges, Catena Media initiated a strategic review in 2023, which led to the divestment of several key assets and a focus on the North American market. However, despite these efforts, the company has struggled to establish a significant presence in the US market, with revenue in North America declining by 43 percent to €12.3 million in the fourth quarter of 2023.
Investors have expressed discontent with Catena Media’s performance, leading to a significant decline in the company’s share price. Over the past year, the stock has plummeted by nearly 75 percent, and during Daly’s tenure as CEO, it has shed 80.5 percent of its value. These factors have contributed to growing investor scrutiny and calls for a change in the management team. Mateusz Juroszek, the founder of STS and a shareholder of GiG, publicly called for Catena Media’s management team to resign.
