Michael Gerrow is set to take over as Catena’s Chief Financial Officer (CFO) from interim CFO Erik Edeen on April 15, 2024.
This significant change in leadership follows closely on the heels of Michael Daly stepping down as Catena’s CEO and Erick Flinck being nominated as the new chairman.
Gerrow, who originally joined the Malta-based team of Catena in 2020, is currently serving as the vice-president of finance from Miami.
With his upcoming role, Gerrow will become a key figure within the group’s executive management team.
His promotion occurs amid a challenging backdrop for Catena, characterized by a significant revenue drop and a drastic decrease in share price throughout 2023.
Daly’s departure came shortly after these disappointing financial outcomes were disclosed in February 2023.
Pierre Cadena, the interim CEO of Catena, expressed enthusiasm about Gerrow’s new position, stating, “We are delighted to see Michael step into the role of group CFO.
“His extensive experience and deep understanding of our financial operations make him exceptionally well-suited to lead our financial operations going forward.”
Gerrow’s expertise and leadership are anticipated to bring strategic continuity and support to Catena Media during a crucial phase of its development.
This transition marks an end to Edeen’s interim tenure, who had been appointed in May 2023 after Peter Messner left the organization.
Despite the transition, Edeen will remain involved with Catena in a strategic advisory capacity.
Having led Catena’s financial planning and analysis since joining, Gerrow brings a wealth of knowledge to his new role.
He holds a bachelor’s degree in commerce from Dalhousie University and professional accounting qualifications from CPA Canada and ACCA UK.
Catena faced a challenging 2023, with a 41% decline in annual revenue and a 21% decrease in US revenue, a critical market that represents 80% of the group’s total revenue.
The company also saw a 19% reduction in new depositing customers and a 47% drop in adjusted EBITDA from continuing operations.
This financial turmoil culminated in a significant decline in Catena’s share price, which plummeted by 10% on the day the financial results were released and 75% year-over-year.