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Codere CEO Vicente Di Loreto to step down

| By Richard Mulligan
Codere Group chief executive Vicente Di Loreto is to depart his post later this year, with two co-CEOs appointed to replace him on 1 July.

Di Loreto, who has held the top executive position since January 2018, will remain a board member and senior advisor to the Codere management team. Di Loreto, who said he plans to devote more time to his family and personal projects, led the company’s restructuring programme, which culminated in the Madrid-based gaming operator being taken over by creditors in November 2021.

Codere unveiled plans for a transition which, subject to shareholder approval, will see Di Loreto transfer his executive duties to Alberto González del Solar and Alejandro Rodino from the start of July.

González del Solar joined Codere in 2005 and has held the position of retail COO since 2019. Rodino, who has been involved with Codere since 2003, currently holds the position of chief strategy and corporate areas officer.

The pair have worked together at Codere for over 15 years and are currently leading the preparation of the group’s business plan for 2022-26, which is under discussion with the board and shortly to be finalised.

Di Loreto said: “It has been an honour these last four years to be CEO of Codere Group. Alejandro, Alberto and I have been working together for many years and I am convinced that this new arrangement captures what is best for the company.

“On completion of the restructuring, I have made a lifestyle decision and decided to pass on the baton of executive responsibility. This will allow me to have more time and flexibility, but my commitment to the project, the new board and the management team will remain intact in my new role as director and senior advisor to the management.”

The announcement was welcomed by Christopher Bell, the former Ladbrokes chief executive who became non-executive chairman of Nueva Codere last month.

Bell said: “Under the leadership of Vicente Di Loreto, the company has achieved both an operational transformation and financial restructuring in extremely challenging circumstances.

“Alejandro Rodino and Alberto González del Solar are two professionals with in-depth knowledge of the industry and renowned throughout the company, within which they have been cooperating from several positions of responsibility for more than 15 years.”

Last week, Nueva Codere’s new board of directors, including Bell and Di Loreto, was confirmed by shareholders.

Negotiations with creditors began in March 2021 after the business reported a 57.1% year-on-year decline in revenue amid disruption caused by Covid-19, and followed years of financial difficulties.  Investors approved a restructuring plan in May 2021.

Codere’s 2021 third quarter results revealed a 63.1% year-on-year increase in revenue to €233.3m as land-based operations in Argentina and Panama resumed after pandemic-related restrictions were eased. The operator said it expects to return to 80% of 2019 turnover in its full-year results. 

Codere’s online division, which contributed €19.1m to the Q3 total, is set to be split out from the main business and listed on the Nasdaq stock exchange through a combination with special purpose acquisition company DD3 Acquisition Corp.

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