Catena Media announces reorganization of board ahead of its AGM

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Catena Media has announced its nominations for its board of directors as well as confirmed its number of directors will be reduced to six.

The company’s nomination committee has proposed the re-election of Øystein Engebretsen, Theodore Berquist, Adam Krejcik and Sean Hurley while it proposes that Erick Flinck and Dan Castillo be elected as new members of the board.

EFlinck has also been put forward to be elected as Chairman of the Board of Directors.

He has previously served as the head of BCG Sweden as well as serving as head of Group Strategy and M&A at Sandvik AB. He currently works as a high end business consultant and also serves as Chairman for the digital health start-up, dr HUD.

Castillio, the other new nominee, sits on the boards of five companies in different sectors. This includes in Fintech and Hope Studios in movie production. Per the press release from Catena, he has invested in the company since 2015 and watched the progress of the company closely, especially after its IPO in 2016.

Göran Blomberg, Esther Teixeira-Boucher and Austin Malcomb are the current board members who declined re-election.

The news has been released ahead of Catena Media’s Annual General Meeting on May 15, where the Nomination Committee’s other proposals will be presented.

Wholesale changes at Catena 

Michael Daly was replaced as Catena’s CEO by Manuel Stan following a disappointing end to 2023. The company reported a 43% decline in revenues and a 66% decrease in adjusted EBITDA in Q4 of last year.  

In an earnings call at the time Daly cited U.S. operators pulling back on marketing spend and demanding lower CPA agreements as reasons for the operators poor performance.

Stan will begin his role on July 1 which means that Pierre Cadena will continue as interim CEO until then. Cadena has experience in the affiliate space, spending time on the board of Raketech, and has also worked with media companies like TMZ and Crunchyroll as well as gaming companies like Caesars.