Catena Media continues to ring in the changes as it announced this week that Edward Midolo has been promoted to Chief Technology Officer.
This latest reshuffle follows the promotion of Michael Gerrow to Chief Financial Officer after previously leading the company’s financial planning and analysis arm.
In a post announcing the promotion, Catena said that Midolo had “driven innovation within the company and industry” as well as “provided stellar leadership” in his previous roles within the organization.
He joined the company six years ago as Head of Technical Operations before being promoted to Head of Central Technology and, most recently, he has served as Vice President of Systems Technology.
Prior to working at Catena, Midolo held roles at CCBill and Gamesys Network.
Catena to focus on AI
Midolo will be charged with leading the company’s tech initiatives in 2024, which includes an increased focus on AI.
In February, Catena told investors that after a poor showing in 2023 its investment into technological and AI initiatives can help to boost its fortunes going forward. It revealed that it expects to launch a new technical platform to launch in Q1 2024 alongside a new joint venture for AI-driven content production.
Poor performance leads to corporate shake-up
Following its poor performance in Q4 2023, Catena Media announced it was moving on from its CEO Michael Daly and shortly after hired Manuel Stan to take over the role, starting July 1. In the meantime, Pierre Cadena has been serving as interim CEO.
The company reported revenue of $15.5 million for Q4, a 41% drop compared to the $26.2 million reported in 2022 and an adjusted EBITDA of $1.6 million, down 88% to 2022 comparatives of $12.6 million.
Last month Catena also 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.
