• Home
  • News
  • People
  • Catena Media CEO Michael Daly resigns amid performance struggles
igamingnext photo
Catena Media CEO Michael Daly has stepped down from his position with immediate effect. 

Daly’s departure comes amid a period of organisational realignment within the company.

VP of corporate strategy Pierre Cadena will assume the role of interim CEO. 

Daly will remain available to Catena Media during a transition period, although the affiliate intends to start the recruitment process for a new CEO immediately.

Board chairman Göran Blomberg commented: “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,” Blomberg added. 

Daly’s executive journey

Daly assumed the CEO role in March 2021. 

He initially joined the affiliate business in 2018 as general manager US and was later promoted to vice president North America in 2020. 

Prior to Catena Media, Daly held several executive positions in the gaming and technology sectors, including EVP North America at GAN, CEO at Automated Cash Systems, and VP of online gaming at SHFL Entertainment. 

He previously spent more than six years with Bally Technologies in various roles.

Financial performance

Daly’s departure follows a period of investor scrutiny for Catena Media, particularly in light of disappointing Q4 2023 results, where the firm reported a 41% revenue decrease to €14.5m.

Adjusted EBITDA from continuing operations decreased by 88% to €1.5m over the same period.

The company’s strategic review in 2023 led to the divestment of several key assets, including the €45m sale of its flagship brand AskGamblers to affiliate rival GiG, and a focus on the North American market.  

However, despite these strategic moves, Catena Media has struggled to establish a significant presence in the US market. 

Revenue in North America declined by 43% to €12.3m in Q4 2023.

Although Daly remained hopeful during the company’s February earnings call, hinting at a potential turnaround for Catena Media, investor discontent continued to grow.

Investor reaction

Over the past year, Catena Media’s share price has plummeted by almost 75%. 

During Daly’s tenure as CEO, the stock has shed 80.5% of its value, dropping from SEK 42.10 on 1 March 2021, to SEK 8.23 on 26 February 2024.

Earlier this month, STS founder and GiG shareholder Mateusz Juroszek publicly called for Catena Media’s management team to step down. 

He stated on LinkedIn: “I think Catena Media management should resign today and assets should be sold on the market. What a story in how to destroy the business.”

Similar posts