Michael Daly has stepped down as Catena Media CEO, effective immediately.
The affiliate confirmed that the decision was taken “following careful consideration and consultation with the board”.
Pierre Cadena, VP of corporate strategy at Catena, will assume the role of interim CEO. Daly will however remain available during a transition period and the company intends to start the recruitment process for a new CEO immediately.
Chairman of the board of directors at Catena, Göran Blomberg, said that under Daly’s leadership the company “became an active player in North America”. He also highlighted that the actions taken by the strategic review have “significantly reduced” the company’s debt and streamlined the organisation.
“With the company facing lower growth, we have started to implement a number of growth initiatives,” said Blomberg. “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 joined Catena in 2018 and became CEO in March 2021. Recent divestments, in line with the strategic review to focus on North America, resulted in its Italian assets being sold for €19.8m.