New Codere leadership turns to Christopher Bell to lead the gaming company's restructuring

Codere shareholders continue to revamp the gaming company after they took it over last year. A lot of changes are still to come and the group has turned to a life-long gaming executive to lead the way. Christopher Bell has been nominated as the new non-executive chairman by the board of Nueva Codere, Grupo Codere SA's business identity under bondholders.

The shareholders of Nueva Codere will make the final decision in a general meeting scheduled for February 7. This meeting will resolve the "construction of a new Board that will promote the new business plan for the firm."

Bell, who is widely recognized as one of the most respected executives in corporate governance in gambling, was a board member of Ladbrokes PLC after the breakaway of the former betting company from Hilton Hotels.

Bell was appointed to the position of Group CEO of Ladbrokes in 2006 and served a four-year leadership tenure at the heritage bookmaker.

Bell has held a variety of leadership roles in listed companies since 2009, including chairman of Game Group and TechFinancials, senior independent director at Quintain Estates and Development and NED (non-executive director) of Spirit Pub Company and Gaming Realms.

Bell is currently the non-executive chairman of Team17 Group, OnTheMarket and a NED for The Royal Airforce Charitable Trust.

If shareholders approve, Bell will be removed from his NED positions at London AIM-listed affiliate publisher XLMedia or LSE gambling operator Rank Plc in order to concentrate on Codere's reorganization.

Codere bondholders have ended 2021 trading. The Madrid Bolsa listing of the troubled firm was terminated by Codere bondholders. Debtors had agreed to a liquidation of the Spanish gambling group's assets.

Bell stated of the nomination, "Codere, has demonstrated over the past 40 years its fundamental strength, versatility and leadership. It is exciting to be a part of this project and promote this new stage that the company has initiated, in its way back to a growth path and consolidation as a leading multinational in the private gambling industry."

He added, "I am honoured for the trust placed in me and committed to the creation of value after this difficult period. The company has a management team and talent that will undoubtedly encourage its promising potential."

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