Vincent Di Loreto, the chief executive officer of Codere Group, will be departing from the organization later this year. Two joint CEOs will assume his role on the first of July.
Di Loreto has been the company’s top executive since the beginning of 2018. He will remain on the board of directors and will act as a senior advisor to the Codere management team. Di Loreto stated that he intends to dedicate more time to his family and personal endeavors. He spearheaded the company’s restructuring plan, which ultimately resulted in the Madrid-based gambling operator being acquired by creditors in November of 2021.
Codere announced a transition strategy that will see Di Loreto’s executive responsibilities transferred to Alberto Gonzalez del Solar and Alejandro Rodino, commencing in early July, subject to shareholder approval.
Gonzalez del Solar joined Codere in 2005 and has been the Chief Operating Officer of Retail since 2019. Rodino has been with Codere since 2003 and currently serves as the Chief Strategy and Corporate Officer.
The two have collaborated at Codere for over a decade and a half and are presently leading the development of the group’s business plan for the years 2022 to 2026, which is currently being discussed with the board and will be finalized shortly.
“It has been an honor to serve as the CEO of Codere Group for the past four years,” remarked Di Loreto.
Vincent Di Loreto, Alejandro Rodino, and Alberto Gonzalez del Solar have collaborated for a significant period, and they believe this new structure is the most suitable path for the organization.
“Following the reorganization, I decided to step back from my executive duties. This will provide me with more personal time and adaptability, but my dedication to the project, the new leadership team, and the management group will remain steadfast in my new position as director and senior advisor.”
Christopher Bell, who previously held the CEO position at Ladbrokes and recently became the non-executive chairman of Nueva Codere, welcomed the announcement.
Bell stated, “Under Vincent Di Loreto’s guidance, the company accomplished operational transformation and financial restructuring amidst a challenging landscape.
“Alejandro Rodino and Alberto Gonzalez del Solar are two individuals with extensive industry expertise, they are highly regarded within the company and have worked together for over 15 years in various capacities.”
Last week, the newly formed Nueva Codere board, including Bell and Di Loreto, received shareholder approval.
In March 2021, negotiations with creditors commenced after the company reported a 57.1% year-over-year decrease in revenue and endured several years of financial challenges. Investors endorsed a restructuring strategy in May 2021.
Coderes financial statement for the third quarter of 2021 revealed a significant increase in income, rising by 63.1% compared to the same period in the previous year. This brought their total earnings to 233.3 million euros. The company attributed this growth primarily to the recovery of their land-based operations in Argentina and Panama following the easing of COVID-19 restrictions. Codere anticipates a complete rebound in their business this year, reaching 80% of their 2019 sales figures.
Codere’s online operations generated 19.1 million euros during the third quarter. The company is planning to separate this segment of their business and list it on the Nasdaq Stock Market. They will achieve this by merging with a special purpose acquisition company known as DD3 Acquisition Corp.