The board of Spanish gambling operator Grupo Codere SA has unanimously approved the reappointment of Jose Antonio Martinez Sampedro as CEO. Jose Sampedro co-founded the operator and had served as CEO and President of Codere SA since May 1997
Sampedro’s reappointment follows the announcement that Codere aims to form a new business entity following the approval of the restructure of its debt. The operator is set to transfer all existing corporate assets under the new entity.
The Madrid listed operator has announced that it has cleared all regulatory hurdles for the creation of its new business entity. Codere’s future plan is yet to be approved by its shareholders, who will get to vote in a specially arranged General Meeting which the operator stated would be held soon.
Following widespread losses of €136 million in 2014, due to increased debt costs and its settlement with Italy’s Court of Auditors, Grupo Codere announced that the operator would undertake a governance and managerial overhaul.
In December 2014, the operator announced its first set of executive changes, with Jose Antonio Gonzalez Lainez taking over as Chief of Spanish Operations and Alejandro Pascual as European Chief Operations Officer