Michael Gerrow is poised to take over as the new Group CFO of Catena on April 15, 2024, stepping in for the interim CFO, Erik Edeen.
This significant change in leadership occurs shortly after the departure of Catena’s CEO, Michael Daly, and the nomination of Erick Flinck for the chairman position.
Gerrow’s rise to CFO marks a strategic move for Catena, aiming to steer the company towards recovery after a challenging 2023.
Joining Catena’s Malta operations in 2020 and currently serving as the Vice-President of Finance from Miami, Gerrow brings extensive financial expertise and a deep understanding of the company’s operations to his new role within the executive management team.
The year 2023 was particularly tough for Catena, witnessing a significant revenue downturn and a stark decline in its share price, triggered by disappointing financial results published in February.
Daly’s resignation followed these developments, underscoring the company’s need for strategic realignment.
In response, Catena’s interim chief executive, Pierre Cadena, expressed confidence in Gerrow’s capabilities, highlighting his appointment as a critical step in ensuring strategic continuity and supporting the company’s future trajectory.
Erik Edeen, who assumed the role of interim CFO in May 2023, focused on enhancing Catena’s operational model and financial stance.
Acknowledging Edeen’s contributions, Catena announced he would continue offering strategic advisory services.
Gerrow, armed with a Bachelor’s degree in Commerce and professional accounting credentials, leads the financial planning and analysis functions, indicating his readiness to address Catena’s fiscal challenges.
Catena’s 2023 financial performance reflected a 41% drop in revenue, with a significant 21% fall in US revenue to €67.1m, a concerning trend given the US’s contribution of 80% to Catena’s total revenue.
The decline in new depositing customers and a 47% decrease in adjusted EBITDA from continuing operations to €25.4m further accentuated the company’s predicaments.
The financial announcements in February led to a 10% fall in Catena’s share price on the day, culminating in a year-on-year decrease of 75%, presenting Gerrow with a formidable task as he prepares to navigate Catena through these turbulent times.