Vicente Di Loreto, CEO of Codere Group since January 2018, has decided to gradually withdraw from his executive functions as CEO although will remain committed to the Group as Board member and senior advisor to the management team. This personal decision follows an intensive career spanning 35 year, most in an executive capacity, and will permit him to devote more time to his family and personal projects, while continuing to contribute his knowledge and experience to the Group in this new role.
In an orderly transition that, subject to shareholder approval, will be completed on June 30, Di Loreto will transfer his executive duties to Alberto González del Solar and Alejandro Rodino, both of whom will start to hold office as Co-CEOs on July 1, 2022.
“It has been an honour these last four years to be CEO of Codere Group. Alejandro, Alberto and I have been working together for many years and I am convinced that this new arrangement captures what is best for the Company. On completion of the restructuring, I have made a lifestyle decision and decided to pass on the baton of executive responsibility. This will allow me to have more time and flexibility, but my commitment to the project, the new board and the management team will remain intact in my new role as Director and senior advisor to the management”, declared Di Loreto.
Alejandro Rodino currently holds the position of Chief Strategy and Corporate Areas Officer. Previously he held the position of Retail COO for Spain and has been a key member of the executive team, with increasing responsibility for business operations and strategy. He has wide experience in the gaming industry and has been involved with Codere since 2003, either as a consultant or as an employee in various positions. He previously worked in investment banking, in several international assignments related to mergers and acquisitions, fund raising and strategic consultancy.
Alberto González del Solar has held the position of Retail COO since 2019. Before his current role he has been a key member of the executive team, assisting the previous Retail COO in Latin America, provisionally holding the position of IT and Platform Director and was part of the leading team implementing the Transformation Plan of the group. Previously, Mr. González del Solar managed the Argentinean business for several years, at a time when this business unit became the main EBITDA and cash contributor of the Group. Before joining Codere in 2005, he held management positions in several companies in Argentina.
Rodino and Gonzalez de Solar have worked closely together at Codere for over 15 years and have deep operational and strategic experience, both of the Group and the markets in which it operates. They are currently leading on the preparation of the Business Plan 2022-2026, which is under discussion with the Board and shortly to be finalized.
Christopher Bell, non-executive Chairman of Nueva Codere, explains: “Under the leadership of Vicente Di Loreto, the Company has achieved both an operational transformation and financial restructuring in extremely challenging circumstances. He has put all the pieces in place to allow the business return to growth after two years of pandemic. We are grateful for his achievements and fully support his decision, convinced that from his new position of responsibility he will continue to contribute knowledge and experience of great value to the Group. Alejandro Rodino and Alberto González del Solar are two professionals with in-depth knowledge of the industry and renowned throughout the Company, within which they have been cooperating from several positions of responsibility for more than 15 years. During the time we have spent together, we have been able to confirm their commitment and performance and I am excited and honored to be leading a business with a management team of this caliber and strength in depth”.
Press Release
The Board of Directors of Nueva Codere has been formed following the holding of the Shareholders' Extraordinary General Meeting on Monday.
The highest governing body of the group is made up of eight members. Christopher Bell assumes the position of non-executive Chair, as an independent director and as indicated in a previous press release.
The remaining “Class A” directors 1 at this time are:
Aidan de Brunner, as an independent director. With over two decades of board, investment and advisory experience, Aidan de Brunner currently sits on the Board of several companies, including The Trafford Group (UK) Ltd. Amongst other positions of responsibility he has been a partner at Arrowgrass Capital Partners and Executive Director at Morgan Stanley.
Antonio Moya-Angeler, as Qualifying Shareholder Director. Moya-Angeler worked for more than 15 years at Advent International in Mexico, Colombia, Brazil and France, where he became Managing Director and Member of the Investment Committee for Latin American. Currently, he is a member of the advisory board for several companies.
Vicente Di Loreto, as Corporate Director and maintaining the position he has held since January 2018 as CEO of Grupo Codere.
The four further directors, known as “Class B" 2, are:
Laurence Biver
Isabelle Lambert
Mathieu Kakal
Sandra Egan
The directors of each class (A or B), will have the roles assigned to them in the Shareholders Agreement signed on November 19, 2021.
The new Board of Directors will work together with the company's management team as the group enters this new chapter in its development; bringing the business back to pre-pandemic levels of activity, defining the 2022-2026 Business Plan and putting the group back on a path to growth. In particular, the group continues to see significant opportunities in Spain, Mexico and online, as well as the ongoing development of its technological platform and omnichannel strategy.
With these appointments and the abovementioned plans, Nueva Codere takes a big step towards normalization and beyond following the pandemic and financial restructuring. Chris Bell has commented: “I believe that Nueva Codere has a promising future. The capacity and experience of the management team, together with the talent of the directors who accompany me, make me very optimistic about the new phase that the company is starting”.