During last Friday’s meeting, it was approved the appointment of Vicente Di Loreto as the new CEO and of Norman Sorensen Valdez as the new non-executive chairman of the company, in a remodeling of the structure of the administration through the separation of positions of president, the Board of Directors and the company's chief executive.
José Antonio Martínez Sampedro controls 14.063% of the capital of Codere through Masampe and 0.01% directly, while Luis Javier Martínez Sampedro indirectly owns 2,426% of the capital and 0.055% of direct way.
The changes in the group's direction, as explained by Codere in a statement, has the "total support and consensus" of the majority of the Board of Directors, which considers necessary a new leadership "that allows the development of profitable growth and maximizes the value of the share" as Codere explained in a press release. The new board will focus on profitable growth and value creation for shareholders to take advantage of the company's strong presence in different markets.
Norman Sorensen Valdez, who since April 2016 holds a position on Codere's Board of Directors, will develop corporate governance functions and contribute with his experience in defining the company's strategy as the company's new non-executive chairman. For this, he has in-depth knowledge of the global financial services and consumer goods market, as well as a long career in managerial positions at large companies such as Citibank and AIG.
In addition to the Martínez Sampedro family, Silver Point Capital Management fund manager, Edward Arnold Mule, indirectly controls 23.35% of the group's shares; while Abrams Capital fund manager, David Abrams, owns 8.788% of the total share capital and Contrarian Capital Management manager, Jon R. Bauer, controls 7.273%. The rest of the company's capital is controlled directly by Turnpike Limited (2,235%), VR Global Partners (2.488%), Alden Global Opportunities (3.4%) and Agbpi Fund (1.115%).
Codere reported a net profit of 8.3 million euros in the first nine months of the year, compared to losses of 1.1297 billion euros registered until September 2016, as a result of accounting for the financial restructuring. During this period, the operating revenue of the private gaming company reached 1.21 billion euros, representing an increase of 5.7%, due in large part to the growth of 8% in Spain, to 135 million euros ; from 4% in Mexico to 255 million and 11% in Argentina to 442 million.
Source: GMB / Expansion
