Spanish gambling operator Grupo Codere begins 2018 by undertaking a leadership and governance restructure.
Updating the market, Codere confirmed the appointment of Vicente Di Loreto as new Group Chief Executive, replacing current incumbent José Antonio Martínez Sampedro as the company leader.
Di Loreto the former COO of Codere Latin America (2005-2010) will be supported by new Executive Chairman Norman Sorensen Valdez.
The executive appointments see Codere governance shift executive functions away from the company founding Martinez Sampedro family.
Spanish news sources report that Codere debt-controlling private equity firms demanded the executive changes, following the successful restructuring of the firm’s long-term €1 billion debt financing plan.
However, the Martinez Sampedro family who maintains an 18% corporate equity, will likely move to challenge the leadership changes at Codere’s upcoming shareholder meeting.
In 2017, a restructured Codere noted significant progress in its core market of Spain, supported by accelerated growth for its Mexico and Argentina properties. Furthermore, the company launched its services within the newly regulated Colombian gambling market.
Vicente Di Loreto a seasoned executive in South American betting/gambling, will be expected to continue the Codere’s new market expansions, whilst maintaining its home recovery against increased competition from international operators.
“Codere is a great organisation that has managed to be at the forefront in recent decades; our intention is to continue creating value and enhancing our experience to address new projects and capture opportunities for growth” detailed Di Loreto on taking over Codere leadership.