Codere Online names three new directors

Gabriel Saenz de Buruaga, Taavi Davies and Claude Noesen have been appointed for initial one-year terms.

Spain.- Codere Online has appointed three new members to its board of directors. Gabriel Saenz de Buruaga, Taavi Davies and Claude Noesen replace Patrick Ramsey, Michal Elimelech and Laurent Teitgen. They will initially serve for one-year terms.

Codere Group CEO Gonzaga Higuero has been re-appointed and will serve as chairman. He said: “We welcome these new additions to the board and look forward to working with them to build upon the significant progress achieved by the company in recent years.

“I would also like to extend my sincere appreciation to Pat for his valuable contribution and dedication as chairman since Codere Online went public in 2021, and I am excited that he will be joining me in the board of our parent company, Codere New Topco, following its recently announced recapitalisation and as it looks ahead to a promising future.”

Codere has approved the appointment of Claude Noesen to the Audit Committee. Borja Fernández will remain as chairman and Daniel Valdez as a member of the committee. Meanwhile, Mark Dunn has been named chairman of the Compliance Committee, with Taavi Davies joining as a new member alongside existing members Rafael Catalá and Yaiza Rodríguez.

Earlier this month, Codere confirmed a recapitalisation agreement that will reduce corporate debt by €1.2bn to €128m and give it €60m in new financing. It will receive the first €20m of new liquidity in July.  

The ownership of the company’s operating group will pass to creditors and providers of new financing and corporate debt will be merged into a single instrument at €128m. Codere said the move would allow it to focus on fulfilling its strategic plan to generate growth and long-term value.