Catena Media announces strategic board changes and welcomes new leadership

Lea Hogg 4 weeks ago
Catena Media announces strategic board changes and welcomes new leadership

Catena Media’s nomination committee has recommended Erik Flinck as the new chairman of the board of directors, with Dan Castillo poised to join as a fresh board member. This proposal comes as part of a broader board revamp aimed at steering the company towards future growth and stability.

Erik Flinck, the proposed chairman, is no stranger to leadership roles. Currently at the helm of digital health start-up Dr Hud, Flinck’s career is marked by a successful tenure as managing partner at Boston Consulting Group Sweden. His nearly two decades of management consulting experience, coupled with his strategic role in corporate management and M&A at Sandvik AB, make him a valuable asset to Catena Media’s board.

Dan Castillo, set to be elected as a new board member, has been a long-time investor in Catena Media since 2015. His extensive 20-year background spans various start-ups, growth companies, and turnarounds. Castillo’s previous board experience includes his time with Kotipizza, a pizza restaurant chain that Orkla acquired in 2018. Presently, he serves on the boards of five diverse companies, including in fintech and Hope Studios in movie production.

The nomination committee has also put forth the re-election of Øystein Engebretsen, Theodore Bergquist, Adam Krejcik, and Sean Hurley. However, Göran Blomberg, Catena’s chairman since May 2020, along with board members Esther Teixeira-Boucher and Austin Malcomb, have declined re-election. In line with these changes, the committee suggests downsizing the board from seven to six members.

Financial performance and executive movements

Earlier in the month, Catena Media appointed Manuel Stan, a Kindred Group veteran, as its new CEO following Michael Daly’s resignation. The company’s financial report for Q4 2023 revealed a 41 percent revenue decline to €14.5 million and an 88 percent decrease in adjusted EBITDA. These results were attributed to “market headwinds,” such as intense competition and reduced cost-per-acquisition rates from operators.

As Catena Media navigates through these challenging times, the proposed board restructuring and leadership appointments signal a renewed focus on overcoming market challenges and driving the company towards a prosperous future.

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