Codere unveils new co-CEOs as Di Loreto steps down
Succession plan involves internal promotions as international gaming operator aims to return business to pre-pandemic levels
Following a year of restructure, in which CEO Vicente Di Loreto has steered Codere Group through often choppy waters, he has begun a gradual departure from the top position.
After a career spanning 35 years, Di Loreto is to vacate the hot seat, however, will remain on the board as a senior advisor to the management team.
He will be succeeded by newly appointed co-CEOs – Codere chief strategy and corporate areas officer Alejandro Rodino and retail COO Alberto González del Solar – as the company aims to return to pre-pandemic performance.
Di Loreto said of his time as CEO, a position he has held since January 2018: “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.”
The new co-CEOs of Codere will assume their new positions no later than 1 July 2022, when Di Loreto makes the move to the boardroom.
Rodino has extensive industry knowledge having been involved with Codere since 2003 in various advisory or employed positions. Del Solar has experience across Latam having held management positions in several Argentinian companies before joining Codere in 2005.
Non-executive chairman Christopher Bell, who joined the board in January, said: “Under the leadership of Vicente Di Loreto, the company has achieved both an operational transformation and financial restructuring in extremely challenging circumstamces.
“He has put all the pieces in place to allow the business to return to growth after two years of pandemic.”
In December, shareholders for Codere reached an agreement on the dissolution of company assets leading to the suspension of trading on the Madrid Stock Exchange, while Codere Online launched on the Nasdaq in December 2021.
Bell continued: “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.”