Catena Media Announces CEO Michael Daly's Immediate Resignation

Catena Media, the prominent affiliate company, disclosed the abrupt departure of CEO Michael Daly, effective immediately.

Pierre Cadena, the current VP of Corporate Strategy, will serve as interim CEO during the transition period.

The exit follows disappointing 2023 financial results, showcasing a significant revenue decline and a 21% drop in US revenue.

Göran Blomberg, Catena Chairman, praised Daly's leadership, emphasizing the company's reduction in debt and organizational streamlining, saying: "Under Michael Daly's leadership, Catena has become an active player in North America."

However, with lower growth and the need for new leadership to navigate growth initiatives, Catena is set to commence a CEO recruitment process.

Daly, who joined in 2018, served as General Manager for the US and later as CEO since March 2021.

His departure comes amidst calls for management resignations and suggestions of asset sell-off by STS founder Mateusz Juroszek, who said: "What a story in how to destroy a business."

Despite Daly's initial commitment to strategic investments and a cost reduction program, the board's patience seems to have waned, triggering Daly's resignation.

The company faces challenges with a 47% drop in adjusted EBITDA and a 10% share price decline on the day of the results release.

Catena's focus on restructuring and patience-testing initiatives may continue under new leadership.