Catena Media has announced that Michael Daly will step down as CEO following careful consideration and consultation with the board.
Daly's resignation takes immediate effect and Pierre Cadena, VP corporate strategy, will assume the role of interim CEO.
Daly will remain available to Catena Media during a transition period. Catena Media intends to start the recruitment process for a new CEO immediately.
Göran Blomberg, chairman of the board of directors, said: "Under Michael Daly's leadership, Catena Media has become an active player in North America and with the actions taken during the strategic review, we have significantly reduced our debt and streamlined the organisation.
"With the company facing lower growth, we have started to implement a number of growth initiatives. As we embark on this crucial stage, we are seeking new leadership to drive these initiatives and move Catena Media into its next chapter."
Daly has been with the company since 2018 and assumed the role of CEO in March 2021.
