Gonzaga Higuero Becomes the New Chief Executive Officer of Codere
Codere, a prominent gambling operator, has announced the appointment of Gonzaga Higuero as its new chief executive officer (CEO).
Higuero will be responsible for leading Codere's growth strategies across its key operating markets. This move comes as the company aims to strengthen its position and capitalize on new opportunities.
Gonzaga Higuero brings a wealth of experience to his new role at Codere. He previously served as CEO of Health Transportation Group for over four and a half years, overseeing the acquisition of the health transport service by a new shareholder in 2021. Before that, Higuero spent a decade working for Prosegur Cash, where he held several senior positions, including managing director for Europe and managing director of South Latin America.
It is a great challenge and responsibility to lead this organization, with the aim of improving our competitiveness and profitability to tackle a new phase of growth after the pandemic. We have new projects ahead to continue being a world benchmark and provide the best entertainment and gaming experience to our customers.
The addition of Higuero to Codere's team has been welcomed by Christopher Bell, the non-executive chairman of Codere, who believes that this appointment will reinforce the company's trajectory toward growth in the post-pandemic period.
Codere's Financial Performance
The announcement of Higuero's appointment follows Codere's recent addition of Michal Elimelech to its board of directors. Elimelech, previously associated with 888, held several key positions, including head of US marketing, head of bingo, and head of developed markets for EMEA. These strategic appointments reflect Codere's commitment to strengthening its leadership team and capitalizing on industry expertise.
Codere's first-quarter results have also been encouraging. The company reported a significant growth in revenue across all its operating markets during this period. The three months ending on March 31 saw year-on-year revenue increase by 54.9%, with notable double-digit growth in each regional operation. Spanish revenue rose by 39.4%, Mexico's revenue climbed by 76.0%, and Colombia's revenue experienced a 53.3% increase.
Furthermore, Codere successfully reduced its net loss during the first quarter. The adjusted EBITDA loss improved from €13.2 million to €2.3 million, and the net loss was significantly slashed from €10.1 million to €1.1 million. These positive financial indicators demonstrate Codere's ability to navigate the challenges posed by the pandemic and drive improvements in its performance.
With the appointment of Gonzaga Higuero as the new CEO and the addition of Michal Elimelech to its board of directors, Codere is well-positioned to pursue its growth plans and enhance its market presence. The company's recent financial performance indicates its resilience and determination to emerge stronger from the pandemic. As Codere continues to prioritize customer satisfaction and innovative entertainment experiences, the future looks promising for this renowned gambling operator.