Daly’s resignation is effective immediately. Pierre Cadena, currently vice-president of corporate strategy at Catena, will assume the role of interim CEO. Daly will remain available during a transition period as per the exit agreement.
Catena has announced plans to recruit a new CEO to drive growth initiatives and move the company forward. Under Michael Daly’s leadership, Catena has made significant strides in North America, reducing debt and streamlining the organization.
Daly joined Catena in 2018 and has held various roles within the company before being appointed CEO in 2021. However, his departure comes on the heels of disappointing financial results for 2023, with a sharp decline in revenue and new depositing customers.
Despite Daly’s efforts to implement a strategic review and cost reduction program, Catena’s share price plummeted following the release of the results, leading to calls for management resignation. Daly initially defended the company’s actions but ultimately decided to resign.
