New appointment announced: Erik Flinck takes on the role of chairman at Catena Media
In the world of digital media, changes are afoot at Catena Media. The Swedish-based company, known for its online gambling services, has seen a series of developments in recent times.
Erik Flinck, a seasoned management consultant with almost two decades of experience, has been re-elected as the chairman of Catena Media's board. Flinck, who previously held the position of managing partner at Boston Consulting Group Sweden, is now responsible for overseeing the company's governance and strategic decisions.
However, the road to the current state of affairs was not without its challenges. The Catena Media Q4 2023 financial report showed a 41% decrease in revenue to €14.5m, and an 88% drop in adjusted EBITDA. Michael Daly, the previous CEO of Catena Media, resigned, and Manuel Stan, a former Kindred Group executive, was appointed as the new CEO earlier this month.
The financial decline, according to the company, can be attributed to market challenges such as intense competition and reduced operator acquisition costs. Göran Blomberg, Esther Teixeira-Boucher, and Austin Malcomb have also declined re-election from the Catena board, while Dan Castillo, a long-standing investor in Catena Media since 2015, has chosen to step down.
The Catena nomination committee has recommended the re-election of Øystein Engebretsen, Theodore Bergquist, Adam Krejcik, and Sean Hurley to the board. The committee also proposes reducing the board size to six members from the current seven.
Dan Castillo, with over two decades of expertise across start-ups, growth companies, and turnarounds, has brought valuable insight to Catena Media. His investment in the company has undoubtedly provided a unique perspective, which he will continue to offer in his current roles as a board member of fintech company Quartr.com and movie production company Hope Studios.
The nomination committee has also recommended the re-election of Erik Flinck, citing his expertise in corporate management, growth strategies, and turnarounds. With Flinck's leadership and Stan's strategic vision, Catena Media is poised to navigate the challenging market conditions and chart a course towards growth.
As of the latest trading, Catena Media plc (CTM.ST) is currently trading at SEK9.33 (9.71%). The company's future remains uncertain, but with a new CEO and a reshuffled board, there is a glimmer of hope for a turnaround.
Sources:
- Catena Media's Annual General Meeting
- Erik Flinck's LinkedIn Profile
In the realm of Catena Media's restructuring, the financial sector plays a significant role, with the company's Q4 2023 financial report indicating a decrease in revenue and adjusted EBITDA. Amidst these challenges, industry veteran Erik Flinck, with his background in corporate management and growth strategies, continues his leadership as the chair of Catena's board, working alongside new CEO Manuel Stan to foster growth for the company.
