Catena Media has launched the promotion of Michael Gerrow to the characteristic of community chief financial officer in the latest boardroom substitute on the affiliate community.
Gerrow will succeed meantime incumbent Erik Edeen when he assumes the characteristic on 15 April 2024. His appointment comes good over a month after the departure of Catena chief govt Michael Daly and the recent proposal of Erick Flinck as recent chairman.
Gerrow joined Catena’s Malta-based utterly operations in 2020, and in his recent characteristic as vice-president finance, depends in Miami. On assuming his recent characteristic, he will seemingly be portion of the community’s govt administration personnel.
Gerrow’s appointment comes after a disastrous 2023 in which the community noticed revenue decline and its fragment set decimated. Daly resigned rapidly after the community’s 2023 financial outcomes were printed in February.
Gerrow provides ‘strategic continuity’
Catena meantime chief govt Pierre Cadena said: “We’re blissful to see Michael step into the characteristic of community CFO. His wide skills and deep notion of our financial operations gain him exceptionally well-good to handbook our financial operations going ahead.
“Michael’s transition to this characteristic will provide strategic continuity in our govt administration personnel, supporting Catena Media as we proceed on the next portion of our stagger.”
Edeen used to be named meantime CFO in Might possibly possibly 2023 following the departure of Peter Messner. At some stage in his tenure, Edeen has centered on bettering Catena’s working mannequin and financial pickle. Catena said he will proceed to reinforce the business in a strategic advisory characteristic.
In his recent characteristic, Gerrow leads the community’s financial planning and analysis characteristic. Gerrow holds a bachelor’s stage in commerce from Dalhousie University in Halifax, Canada, and skilled accounting abilities from CPA Canada and ACCA UK.
Catena’s challenges following 2023 travails
The community registered a 41% decrease in revenue in its beefy-yr 2023 outcomes.
On the opposite hand, possibly of most mission is a topple in US revenue, which declined 21% to €67.1m (£57.4m/$72.8m). On condition that 80% of all revenue at Catena now comes from the US, with the community active in 27 North The US jurisdictions, this could possibly even set problematic transferring ahead.
There used to be extra sinful information for Catena by manner of as much as the moment depositing customers from persevering with operations. This amounted to 184,257, down 19%, even supposing moderately cushioned by now not-as-sinful figures in Q1 and Q2.
By manner of its EBITDA, this additionally made for tricky reading. Adjusted EBITDA from persevering with operations fell by 47% to €25.4m, the same to an adjusted EBITDA margin of 33.0%.
What’s extra, rapidly after the outcomes were released on 13 February, Catena’s fragment set plummeted. On the day, the value fell 10%, but by manner of yr-on-yr comparability, its fragment set used to be down 75% on the time.
