Catalina Emerges from Bankruptcy
Catalina recently announced that it successfully completed its financial restructuring and emerged from Chapter 11 bankruptcy.
Since Catalina first announced the restructuring in December, it has reduced its debt by 85 percent, from $1.9 billion to $276 million. The company moves forward under new ownership comprised of its existing lenders.
"This is an exciting day for Catalina as we just became a stronger and very competitive company with solid cash flow, low debt, a healthy balance sheet and a robust digital product pipeline," said Jerry Sokol, Catalina president and chief executive officer.
Catalina also announced that Michael Bailey will serve as chief technology officer and report to Sokol. Bailey’s primary focus is on enhancing and scaling the company's computing power and data security, and optimizing performance of all Catalina's data and analytics solutions, from personalization and consumer choice modeling, to revenue management and multi-touch attribution.
Bailey is an experienced business operator and Six Sigma Black Belt who has served as:
- CTO for Diversified Foodservice Supply
- Chief Information Officer for Sygen International and PeoplePC
- VP Technology for Staples
Bailey's appointment reflects the evolution of Catalina's leadership picks to transform the business. He joins Chief Product Officer Kevin Hunter and Wes Chaar, the company's chief data and analytics officer. Together the executives harness machine learning and artificial intelligence, and create new algorithms to bring new solutions to market.
"I am excited to extend our technology capabilities in short order to unlock new personalization capabilities, ” Bailey said in a media release.
"Above all, our successful emergence from Chapter 11 is a testament to our talented employees who continue to deliver exceptional service and value to our customers,” Sokol said in the release. “I am honored to lead this fantastic team as we focus on solving customers’ challenges."
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