Affiliate publisher Catena Media has continued its executive reshuffle by promoting VP of Finance Michael Gerrow to the company’s new Group Chief Financial Officer.
Gerrow will officially begin his new role on April 15 and will be part of Catena’s executive management team after previously leading the company’s financial planning and analysis arm.
Gerrow, who first joined Catena in 2020, will succeed interim Erik Edeen in the CFO role. Edeen had been installed as interim CFO in May 2023 following the departure of Peter Messner and had focused on improving Catena’s operating model and financial position and will continue in a strategic advisory role.
“We are delighted to see Michael step into the role of Group CFO,” said Catena Media Interim CEO Pierre Cadena. “His extensive experience and deep understanding of our financial operations make him exceptionally well-suited to lead our financial operations going forward.
“Michael’s transition to this role will provide strategic continuity in our executive management team, supporting Catena Media as we continue on the next phase of our journey.”
Catena continues to ring the changes
Gerrow’s promotion comes just over a month after Catena CEO Michael Daly left the company following 2023 full-year results that showed a 41% fall in revenue and share price. Daly resigned shortly after those results were published in February.
The company’s U.S. revenue, which makes up around 80% of its total revenue, dropped 21% to $72.8 million in 2023. Overall adjusted EBITDA from continuing operations fell by 47%.
A little over a week after the announcement Daly would be stepping down, Catena named former Kindred SVP Manuel Stan as the new CEO of the affiliate group starting July 1. Cadena will serve in the interim role until that date.
Then, just last week, Catena announced its nominations for its board of directors, which will be reduced to six. The company’s nomination committee proposed that Øystein Engebretsen, Theodore Berquist, Adam Krejcik and Sean Hurley be re-elected and that Erick Flinck and Dan Castillo be elected as new members of the board. Flink has also been put forward to be elected as Chairman of the Board of Directors.
