Manuel Stan, a Kindred Group veteran, has been chosen by Catena Media‘s board of directors to head the company’s North American and global operations.
Stan will assume the role from Pierre Cadena, the VP of corporate strategy who took over on an interim basis after Daly’s departure, and will be operating from Las Vegas starting July 1, 2024.
During his 16-year tenure at Kindred Group, Stan held various marketing roles, ultimately reaching the position of SVP & General Manager North America in May 2018. Notably, he played a crucial role in shaping the operator’s affiliate marketing program.
Stan’s extensive experience spans customer marketing, business development, financial planning and analysis, as well as corporate governance.
In November 2023, Kindred Group announced the closure of its North American operations as part of a broader strategic review, culminating in the sale of the entire business to French lottery giant FDJ.
Manuel Stan, the new CEO of Catena Media, said:
I am delighted to have this opportunity to drive Catena Media forward on the next stage of its journey as the group takes on new challenges while further advancing its presence in North America. This is a strong business with talented employees and I look forward to working with the teams to capitalise fully on the opportunities that lie ahead.
Catena Media chair Göran Blomberg, added:
Manuel was the outstanding candidate for this position among the names considered and we are extremely pleased that he is joining us. He is a leader with proven leadership skills and wide-ranging experience within our industry. His close knowledge of the North American market and of both the operator and affiliate sides of the business will be a significant asset for Catena Media and our North America-focused organisation as we begin this new chapter for the group.
Stan assumes the role of CEO in the aftermath of Daly’s exit, who resigned last month amid a period of financial downturn.
Catena faced a significant setback, reporting a 41% decline in revenue to €14.5 million in its Q4 2023 financial report, accompanied by an 88% drop in adjusted EBITDA.
Daly attributed the decline to “market headwinds,” citing intense competition and reduced cost-per-acquisition rates paid by operators.
In a bid to revitalize revenue, the former CEO highlighted the company’s new investments in AI as a pivotal driver for future growth. Throughout Daly’s tenure, Catena’s share price experienced a substantial decline of over 80%.
Daly spearheaded a strategic review process, resulting in the sale of the company’s flagship AskGamblers brand to competitor GiG for €45 million.
The effectiveness of Stan’s appointment in steering the business toward growth remains uncertain amidst the evolving landscape of US online gaming.
Catena Media plc (CTM.ST) is currently trading at SEK9.21 (-3.61%).
