Longtime Kindred Group personnel Manuel Stan named as CEO of Catena Media
In the ever-evolving landscape of the online gaming sector, Catena Media plc (CTM.ST) has appointed a new CEO to guide the company through strategic changes and position it for success. Manuel Stan, a seasoned industry veteran with extensive experience in customer marketing, business development, financial planning, and corporate governance, will take the reins on July 1, 2024.
Stan's appointment comes amidst a period of significant transformation for Catena Media, as the company seeks to optimize its business and diversify beyond traditional SEO. His close knowledge of the North American market and experience on both the operator and affiliate sides of the business are expected to be invaluable assets for Catena Media's North America-focused organization.
Before his tenure at Catena Media, Stan held the position of SVP & General Manager North America at Kindred Group. During his time there, he played a significant role in shaping the operator's affiliate marketing program. Notably, the entire North American business was sold to French lottery giant FDJ as part of a broader strategic review by Kindred Group.
Under Stan's leadership, Catena Media has embarked on a series of strategic changes aimed at enhancing efficiency, diversifying revenue streams, and adapting to emerging trends. These efforts include business optimization measures expected to yield annual savings of EUR 5.3-5.8 million, a shift towards paid media, subaffiliation, and Customer Relationship Management (CRM), and the development of CRM and loyalty capabilities to strengthen customer engagement and the core brand portfolio.
Stan's appointment follows the resignation of previous CEO Daly, who stepped down due to a period of financial downturn. During his tenure, Catena's share price experienced a substantial decline of over 80%, and the company reported a 41% decline in revenue to €14.5 million in Q4 2023, 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.
Despite these challenges, Stan remains optimistic about Catena Media's future. He expressed enthusiasm about driving the company forward and working with the teams to capitalize on opportunities. Stan is confident that the company will continue to experience earnings momentum into the second half of 2025, supported by the football season and ongoing optimization efforts. The company is positioning itself for long-term growth and risk reduction in its business model within the US online gaming market.
Göran Blomberg, Catena Media's chair, expressed confidence in Stan's appointment, stating that he was the outstanding candidate for the position. Blomberg expressed optimism about Stan's ability to lead the company towards growth and success in the competitive online gaming sector.
As Stan prepares to take the helm, Catena Media's shareholders will be watching closely to see how these strategic changes unfold. The effectiveness of Stan's appointment in steering the business towards growth remains uncertain amidst the evolving landscape of US online gaming. However, with Stan's extensive leadership skills and industry experience, there is hope for a brighter future for Catena Media.
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