Codere founders ousted by shareholders?
News on 6 Jan 2018
News on 6 Jan 2018
Spanish media reports indicate that struggling gambling group Codere, which had to be bailed out of billion Euro debts by hedge fund shareholders in 2014, is to have a new CEO from next week.
The reports suggest that founding family Martinez Sampedro has been ousted in terms of control by hedge fund shareholders, who have insisted on the appointment of Vicente di Loreto as international CEO of the company’s activities, which are also spread over Mexico, Argentina, Colombia, Panama and Uruguay.
Di Loreto is a respected Latin American gambling consultant who founded G3M Partners after leaving the employ of Codere in 2011, when he was head of Latin American operations.
Other management moves reportedly about to take place include the departure of the founding family’s José Antonio Martínez Sampedro and Luis Javier Martínez Sampedro who will vacate the positions of chairman and vice-chairman of Codere respectively.
Other moves will reportedly entail Mexican head of operations Carlos Villaseca moving up to head Latin American operations as CEO.
