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Codere names Higuero as new CEO

| By Robert Fletcher
Gambling operator Grupo Codere has announced the appointment of Gonzaga Higuero as its new chief executive.

As CEO, Higuero will be tasked with leading Codere’s growth plans across its core operating markets.

Higuero joins Codere after more than four and a half years as CEO of Health Transportation Group. Here, Higuero oversaw an acquisition of the health transport service by a new shareholder in 2021.

Prior to this, Higuero spent 10 years working for Prosegur Cash. He served in a number of senior roles, such as managing director for Europe and managing director of south Latin America.

“It is a great challenge and responsibility to lead this organisation, with the aim of improving our competitiveness and profitability to tackle a new phase of growth after the pandemic,” Higuero said.

“We have new projects ahead to continue being a world benchmark and provide the best entertainment and gaming experience to our customers.”

Codere’s non-executive chairman, Christopher Bell, added: “With the addition of Gonzaga to our team, we reinforce this new post-pandemic stage of return to the growth path of the group.”

Revenue climbs, loss decreases

The appointment comes after Codere last month added Michal Elimelech to its board of directors.

Elimelech previously held multiple positions at 888. These included head of US marketing, head of bingo and head of developed markets for EMEA.

In May, Codere Online also reported it was able to significantly reduce its net loss during the first quarter.

Codere posted year-on-year growth across all its operating markets in the three months to 31 March. Each regional operation experienced a double-digit increase in revenue.

Total revenue was up 54.9% year-on-year. Spanish revenue increased 39.4%, while Mexico revenue climbed 76.0% and Colombia revenue 53.3%.

Adjusted EBITDA loss improved from €13.2m to €2.3m, while net loss was slashed from €10.1m to €1.1m.

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