The board of directors at Catena Media has officially announced the appointment of Sean Hurley as a Non-Executive Director. Hurley steps in to fill the vacancy left by Per Widerström, who has resigned to lead operations at 888. The appointment is pending completion of all necessary filings with the Malta Business Registry following Widerström’s departure.
Sean Hurley’s Appointment:
Sean Hurley has been appointed as a Non-Executive Director at Catena Media, filling the void left by the departure of Per Widerström.
Per Widerström’s resignation, as he takes on a leadership role at 888, prompted the need for a replacement, and Hurley’s appointment is set to be effective after completing required filings with the Malta Business Registry.
Extended Term in Accordance with Regulations:
As per Malta company law and Catena Media’s corporate regulations, Sean Hurley’s term will extend until the subsequent annual shareholders’ meeting.
This extension ensures continuity and stability in governance, aligning with regulatory standards and corporate governance practices.
Strategic Shift and Internal Changes:
Sean Hurley’s appointment comes at a strategic juncture for Catena Media, following recent internal shifts and the company’s divestment of €19.8 million (approximately $21.6 million) worth of assets in Italy.
The company has undergone a comprehensive strategic review, emphasizing a pivot towards regulated markets in the Americas, with an estimated €76 million in revenue expected from the divestment.
North American Focus and Asset Divestment:
Catena Media’s strategic review, initiated in May 2022, underscores a strategic focus on regulated markets in the Americas.
The divestment includes the sale of online sports betting and casino assets in Italy, generating approximately €7.8 million in revenue over the past year.
CEO Michael Daly’s Perspective:
CEO Michael Daly, commenting on the divestment, highlighted Catena Media’s transformation into a streamlined and robust organization with a strong net cash position.
The company is committed to investing in future technologies to drive expansion in its core markets in North America.
Sean Hurley’s appointment as a Non-Executive Director at Catena Media aligns with the company’s ongoing strategic transformation and focus on regulated markets, particularly in the Americas. As Catena Media continues to adapt to evolving market dynamics, the strategic realignment and board appointments position the company for sustained growth and success in the dynamic iGaming industry.