Catena Media has appointed experienced Stockholm-based executive Martin Zetterlund as a non-executive director of the board.
Zetterlund is a cybersecurity and managed security expert. He co-founded Sentor Managed Security Services in 1998 and served in various leadership roles, including head of managed security services, until the company’s acquisition by Accenture in 2021.
“I am looking forward to joining Catena Media’s board and am eager to contribute to the growth of the business by applying my experience in technology and strategic business development,” said Zetterlund in a statement. Catena Chairman of the Board Erik Flinck noted that he brings valuable expertise in cybersecurity and technology, “areas that are becoming increasingly critical for Catena Media’s operations.”
Zetterlund will fill the seat on the Catena board that was vacated by Øystein Engebretsen, who left last month after six years. At the same time as that announcement, Catena noted it had appointed Stephen Taylor-Matthews as a non-executive director, but the company noted this week that Zetterlund is the direct replacement for Engebretsen’s spot on the board.
Engebretsen left amid scrutiny over his connection to an AI company, Öresund, that Swedish reports suggested could represent a conflict of interest for the organization. Engebretsen works as an investment manager for the tech company, whose investments include the AI firm Turbotic which formed a strategic partnership with Catena in order to develop an AI content project, Mezmer.
Catena hopes Zetterlund can aid ‘turnaround’
Franck added that he and the company, “look forward to the insights [Zetterlund] will bring as we focus on the turnaround.”
The company has reshuffled significantly in recent months, following up a round of layoffs across North America and Europe in early 2024 with a 10% workforce cut in October. That has come amid a very difficult year for Catena and troubles for the several gambling affiliate companies in the U.S. market in 2024. in gene
CEO Manuel Stan remains committed to the benefits AI can offer the organization and reassured stakeholders that no further layoffs would occur following the company’s extensive restructuring efforts. “We are confident now that we have the right structure in place,” Stan said earlier this fall.
Stan noted on a Q2 earnings call in August that Catena will move forward with a new “product-focused operating model,” replacing the old geographical, hyper-local structure. The chief executive also noted that the company will pursue further growth in the sweepstakes vertical, as well as in the Hispanic market.
He added on the Q3 earnings call, after a 33% drop in revenue, that the company was too reliant on new state launches and will focus on its most popular brands moving forward.
