In morning trade the Catapult Group International Ltd (ASX: CAT) share price has climbed 5.5% to $2.11 after the global sports technology company announced the appointment of a new Chief Executive Officer.
Current CEO Shaun Holthouse will step down from the role at the end of the month in order to focus on creating a formal strategic function within the company through the newly created Global Head of Strategy role.
Replacing Mr Holthouse will be the experienced Joe Powell from SEEK Limited (ASX: SEK). Most recently Mr Powell has been managing director of SEEK Education. He has also served Catapult in an advisory capacity since September 2016 and is a director of Richmond Football Club.
According to the release Mr Powell sees "strong parallels between the global growth opportunity ahead of Catapult now and the platform in place at SEEK more than 10 years ago."
Should you invest?
I continue to believe that despite its relatively expensive share price Catapult will prove to be a great long-term buy and hold investment for patient investors.
After all, despite the fact that the company continues to announce an endless number of new deals with sports teams and professional leagues, management estimates that 80% of its addressable market is unpenetrated globally.
I think this provides the company with a significant runway for growth for both its wearables and the monetisation of the valuable data the devices provide.
With a new and experienced CEO at the helm from next month, I think now could be a great time to start an investment.
