Erik Gibbs

Codere Confirms New Board of Directors as Company Restart Grabs Hold

Posted on: February 10, 2022, 09:19h. 

Last updated on: February 10, 2022, 09:49h.

Erik Gibbs

The new Codere, simply known as Nueva Codere, has put the final touches on its new board of directors. The Spanish casino and gaming operator has a new group of leaders to shape the company’s future.

Codere Offices
Codere’s offices in Spain. The gaming company now has a new board of directors to drive its renovation. (Image: Games Magazine Brazil)

Codere, following last year’s takeover by shareholders, reemerged as the new-and-improved Nueva Codere. As it spins off its online gaming operations, the company is actively looking at how to keep the rest of the business afloat. It hopes to do it, in part, by bringing in a new board of directors that will shake up the company’s former modus operandi.

Codere announced last month that it was going to bring in long-time gaming executive Christopher Bell to lead the charge. Bell is now officially Codere’s non-executive chairman, bringing his experience as the former CEO of Ladbrokes and non-executive director of Rank Entertainment to the company.

Codere Users In a New Era of Leadership

Codere shareholders signed off on Bell’s appointment this week. At the same time, they reiterated that Vicente di Loreto will stay on the board as well. Codere’s former CEO has been responsible for “corporate governance,” and will continue in this role.

Joining the board is Aidan de Brunner, who will serve as an independent advisor. He served as an executive director at Morgan Stanley from 2004 to 2008, and is currently the director of the Burkina Health Foundation, according to his LinkedIn profile.

Additionally, he serves as an advisor for The Ethos Network and director of Emperic, a “technology and transformation recruitment agency.”

With the title of Qualified Shareholder Director, Antonio Moya-Angeler is now part of the team, as well. He is a former managing director for Advent International, overseeing its South American PE (private equity) Fund. He held that position from October 1998 to 2015, and now serves as a member of the board of advisors for two companies, Colegium and Cognitive Experts.

Additional spots at the table will be filled by other advisors. These include Laurence Biver, Isabelle Lambert, Mathieu Kakal, and Sandra Egan.

Time to Turn Things Around

Codere was losing ground for several years before it restructured its operations to find a solid footing. Out with the old, in with the new is the mantra of the day, and shareholders hope they have found the ingredients necessary to take huge steps forward.

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,” said Nueva Codere’s Christopher Bell.

Part of that process includes creating a new business plan. Codere had stretched itself thin prior to the COVID-19 pandemic, and suffered through shutdowns in multiple jurisdictions.

As a result, it is looking for a new era of success. This could include a slimming-down of its operations. The company is exploring the viability of selling certain land-based assets in Argentina, including its bingo and arcade operations. Depending on the result of that sale and how much money it is able to collect, Codere may pursue additional deals.

Codere’s online operations won’t be part of any arrangement. Codere segregated Codere Online last year, and it continues to explore expansion opportunities, mostly in Latin America.

Author: wpadmin

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