SBC News Codere nominates Christopher Bell to lead business reorganisation

Codere nominates Christopher Bell to lead business reorganisation

The board of ‘Nueva Codere‘, the business identity of Grupo Codere SA under the ownership of bondholders, has nominated Christopher Bell to serve as new Non-Executive Chairman. 

The candidacy will be subject to the approval of the shareholders’ general meeting of Nueva Codere scheduled for 7 February. The meeting will aim to resolve the ‘construction of a new board that will promote the firm’s new business plan. 

Recognised as one of gambling’s most experienced corporate governance executives, Bell is a former board member of Ladbrokes PLC following the former FTSE100 betting group’s breakaway from Hilton Hotels in 2005. 

In 2006, Bell acceded his directorship to take on the role of Group CEO of Ladbrokes, serving a four-year leadership tenure for the heritage bookmaker. 

Since 2009, Bell has served in a number of governance roles for listed enterprises including as Chairman of Game Group and Technfinancials; Senior Independent Director of Quintain Estates and Development; and NED Spirit Pub Company and Gaming Realms.

Bell is currently Non-Executive Chair of Team17 Group, OnTheMarket and a NED of The Royal Airforce Charitable Trust.

Should shareholders approve his appointment, Bell will end his NED roles at London AIM-listed affiliate publisher XLMedia and LSE gambling operator Rank Group Plc to focus on Codere’s reorganisation.

Ending 2021 trading, Codere bondholders ended the embattled firm’s listing on the Madrid Bolsa, as debtors agreed called for a break-up of the Spanish gambling group’s assets. 

“Codere, has demonstrated over the past 40 years its fundamental strength, versatility and leadership. It is exciting to be a part of this project and promote this new stage that the company has initiated, in its way back to a growth path and consolidation as a leading multinational in the private gambling industry.” – Bell commented. 

“I am honoured for the trust placed in me and committed to the creation of value after this difficult period. The company has a management team and talent that will undoubtedly encourage its promising potential.”

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