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With Reorganization In Codere, Family Lines Are Disconnected
With Reorganization In Codere, Family Lines Are Disconnected

With Reorganization In Codere, Family Lines Are Disconnected

07.02.2018 20:34
Family Connections Separated After Codere Reorganizes the Executive BoardSpanish multinational company Grupo Codere has publicly announced that will have reorganization in the extensive management and governance, putting an end to the company leader Jose Antonio Martinez Sampredo family in the gambling operator.
Founded in 1980 by the Martínez Sampedro family, and continue to rule under the presidency of José Antonio Martínez Sampedro, eventually will be replaced as group chief executive by Vicente Di Loreto, former Founder, and CEO at G3M Partners from 2012, before that he was COO of Codere Latin America between 2005 and 2011. After six years with the Codere America, he took a more entrepreneurial approach, after 25 years of a successful corporate career working in a variety of leadership positions for world-class companies in the entertainment, media, and food industries (Arthur Andersen, Pepsi, Bunge, Molinos, Grupo Clarín).
An Argentina native, he holds an MBA and completed the General Management Program at Harvard Business School. Vicente joined Codere in 2004 as CEO of Codere´s Argentinian operation, which became the company´s most important operation after the acquisition of Grupo Royal in 2005. After leading that merger, Vicente became the COO for the Latin American operations which include 35 k slot machines, 175 gaming halls, 120 betting locations and 3 racetracks located across Mexico, Panama, Colombia, Brazil, Uruguay, and Argentina.
In the January 2009 edition of GGB Magazine, Vicente was included in the list of the 25 people to watch worldwide in the gaming industry.
While the changing is happening, the company announced the appointment of a new executive chairman, Norman Sorensen Valdez, who has been a member of Codere’s board of directors since 2016 in a variety of roles.
In a public explanation about the appointments, the new executive chairman of the Codere Group, said: "We face this new stage of Codere with the hope of making a great project grow. We have the certainty of being able to count on the talent and potential to face a promising future to continue at the forefront of the private gaming sector."
The move comes after the company finished up an effective rebuilding of its €1bn long-term debts. However, as stated by the reports in Spain, the firm which is in charge of this action demanded the executive changes following completion.
Although, the Martinez Sampedro family who still owns an 18% corporate equity, for sure will try to resist to the new leadership at Codere’s upcoming shareholder meeting.
The different organization in Grupo Codere in 2017, give huge progress in the main market of Spain, which was accompanied by the fast growth of its Argentina and Mexico properties.
Everyone will expect to keep up the Grupo Codere growing on gambling market, however, new CEO of Grupo Codere Vicente Di Loreto must continue the expansion on the new gambling market and also recovery against the home competition with the international operators.
according to this the new CEO of Grupo Codere, Vicente Di Loreto added: “it is time to strengthen Codere's leadership in its current markets, while increasing resources and efforts in online markets, enhancing the integration between them and enriching the value proposition for our customers.
“Codere is a great organization that has managed to be at the forefront in recent decades, our intention is to continue creating value and enhancing our experience to address new projects and capture opportunities for growth.”
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MayFlower 08.02.2018 11:47
I believe I have mixed feelings about this one...
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