Codere appoints Francesco Quacquarelli as Security Officer

Codere SA has notified investors that Francesco Quacquarelli has been appointed as Chief Security Officer of the Spain and LatAm markets gambling group.

The position has been authorised by new Chief Executive Gonzaga Higuero, who leads Codere’s ‘2024-to-2027’ corporate recovery strategy to return the heritage Spanish gambling group back to shareholder profits.

An expert in developing and securing IT systems and risk prevention strategies for multi-market organisations, Quacquarelli joins Codere’s executive leadership team from Spanish multinational security systems provider Prosegur.

During his tenure at Prosegur, Quacquarelli managed security and risk management projects for multinational enterprises in Germany, Indonesia, and the Philippines. Trading in 2023 saw Codere systems exposed to a cybersecurity attack, targeting the Codere Online subsidiary and resulting in losses of €750,000.

Codere’s board admitted to the US Securities and Exchange Commission (SEC) that it suffered from “weaknesses in internal controls” which allowed hackers to access Codere Online’s email systems.”

In the remit of Chief Security Officer, Quacquarelli will lead the implementation of comprehensive security strategies to protect group facilities, customers, and employees globally.

As noted by Codere: “Quacquarelli’s arrival reflects Codere’s commitment to growth, efficiency, and safety, offering maximum guarantees to all its stakeholders.”

The board of Codere closed Q1 trading by announcing it would return to bondholders seeking a new capital arrangement needed to proceed with its 2024-to-2027 recovery strategy.