Catena Media begins search for new CEO to replace Michael Daly

Stockholm-listed online gaming affiliate Catena Media has confirmed the departure of CEO Michael Daly with immediate effect.

Daly has agreed to step down as CEO following careful consideration and consultation with the company’s Board, with vice president of corporate strategy Pierre Cadena assuming the role of interim CEO.

Daly will remain available to Catena Media during a transition period, as the company begins a search for a new permanent replacement.

“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,” said Catena Media chairman Göran Blomberg.

“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.

Daly has been with Catena Media since April 2018 and took over as CEO in March 2021.

Shares in Catena Media plc (STO:CTM) were trading 1.15 per cent higher at SEK8.33 per share in Stockholm Tuesday morning.