Codere Group has announced that Vicente Di Loreto will step down from his position as CEO, transferring his executive duties to Alberto González del Solar and Alejandro Rodino, both of whom will hold office as Co-CEOs from July 1, 2022, subject to shareholder approval.
Di Loreto, who has been CEO of Codere Group since January 2018, will gradually withdraw from his executive functions as CEO, providing an orderly transition of leadership which will be completed on June 30.
He will remain as a board member of the group and a senior advisor to its management team, offering knowledge and experience.
Following a career spanning 35 years, Di Loreto has decided to step down as Codere CEO to spend more time with his family and on personal projects.
“It has been an honor 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,” commented Di Loreto.
“On completion of the restructuring, I have made a lifestyle decision and decided to pass on the baton of executive responsibility. This will allow me to have more time and flexibility, but my commitment to the project, the new board, and the management team will remain intact in my new role as Director and senior advisor to the management.”
Christopher Bell, Non-Executive Chairman of Nueva Codere, stated: “Under the leadership of Vicente Di Loreto, the Company has achieved both an operational transformation and financial restructuring in extremely challenging circumstances.
“He has put all the pieces in place to allow the business to return to growth after two years of the pandemic. We are grateful for his achievements and fully support his decision, convinced that from his new position of responsibility he will continue to contribute knowledge and experience of great value to the Group.”
As for the incoming Co-CEOs replacing Di Loreto, Rodino currently works for Codere as Chief Strategy and Corporate Areas Officer but has been involved with the group since 2003. Meanwhile, González del Solar has been Codere’s Retail COO since 2019 and has been a part of the group since 2005.
Rodino and Gonzalez de Solar have worked closely together at Codere for over 15 years, formulating operational and strategic experience of the Group and its operational markets. They are currently leading Codere’s Business Plan 2022-2026 preparation, which is under discussion with the board.
Speaking on the new Co-CEOs, Bell said: “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.
“During the time we have spent together, we have been able to confirm their commitment and performance and I am excited and honored to be leading a business with a management team of this caliber and strength in depth.”