Manuel Stan, a Kindred Group veteran, has been chosen by Catena Media‘s board of administrators to go the corporate’s North American and world operations.
Stan will assume the function from Pierre Cadena, the VP of company technique who took over on an interim foundation after Daly’s departure, and can be working from Las Vegas beginning July 1, 2024.
Throughout his 16-year tenure at Kindred Group, Stan held numerous advertising roles, in the end reaching the place of SVP & Common Supervisor North America in Could 2018. Notably, he performed a vital function in shaping the operator’s internet affiliate marketing program.
Stan’s in depth expertise spans buyer advertising, enterprise improvement, monetary planning and evaluation, in addition to company governance.
In November 2023, Kindred Group introduced the closure of its North American operations as a part of a broader strategic overview, culminating within the sale of the whole enterprise to French lottery big FDJ.
Manuel Stan, the brand new CEO of Catena Media, stated:
I’m delighted to have this chance to drive Catena Media ahead on the subsequent stage of its journey because the group takes on new challenges whereas additional advancing its presence in North America. This can be a robust enterprise with gifted staff and I stay up for working with the groups to capitalise totally on the alternatives that lie forward.
Catena Media chair Göran Blomberg, added:
Manuel was the excellent candidate for this place among the many names thought of and we’re extraordinarily happy that he’s becoming a member of us. He’s a frontrunner with confirmed management abilities and wide-ranging expertise inside our business. His shut information of the North American market and of each the operator and affiliate sides of the enterprise can be a major asset for Catena Media and our North America-focused organisation as we start this new chapter for the group.
Stan assumes the function of CEO within the aftermath of Daly’s exit, who resigned final month amid a interval of monetary downturn.
Catena confronted a major setback, reporting a 41% decline in income to €14.5 million in its This autumn 2023 monetary report, accompanied by an 88% drop in adjusted EBITDA.
Daly attributed the decline to “market headwinds,” citing intense competitors and lowered cost-per-acquisition charges paid by operators.
In a bid to revitalize income, the previous CEO highlighted the corporate’s new investments in AI as a pivotal driver for future development. All through Daly’s tenure, Catena’s share worth skilled a considerable decline of over 80%.
Daly spearheaded a strategic overview course of, ensuing within the sale of the corporate’s flagship AskGamblers model to competitor GiG for €45 million.
The effectiveness of Stan’s appointment in steering the enterprise towards development stays unsure amidst the evolving panorama of US on-line gaming.
Catena Media plc (CTM.ST) is at the moment buying and selling at SEK9.21 (-3.61%).
