Grupo Codere names Gonzaga Higuero as CEO

Joint CEOs Alberto González del Solar and Alejandro Rodino resigned from Codere in February.

Spain.- Grupo Codere has appointed Gonzaga Higuero as its chief executive officer (CEO) following the exit of joint CEOs Alberto González del Solar and Alejandro Rodino back in February.

Higuero was previously CEO of European health transport service provider Health Transportation Group (HTG). Codere described him as an expert in corporate transformations, having led HTG’s refinancing and business turnaround after its acqusition by new investors in 2021. As the former executive director of finance logistics provider Prosegur Cash, he has experience managing multinationals, helping to expand Prosegur’s network in South America.

Christopher Bell, Grupo Codere’s non-executive chairman, said: “With the addition of Gonzaga Higuero to our team, we reinforce this new post-pandemic stage of return to the growth path of the group.”

Higuero said: “It is a great challenge and responsibility to lead this organisation with the aim to improve our competitiveness and profitability and address a new phase of growth after the pandemic. We have new projects ahead of us to continue as a world benchmark and provide the best entertainment and gaming experience to our customers.”

Earlier in the year, Grupo Codere investors approved an updated reorganisation and refinancing plan that includes a move to raise an additional €100m in capital due to a “probable insolvency situation”. 

The company says it’s achieved the initial goals of the recovery programme it established after the impact of the Covid-19 pandemic, with a strong recovery in Argentina and Italy as well as Spain.

However, the company has faced liquidity pressures due to higher cash repatriation expenses amid government controls in Argentina and tougher competition in Mexico and Panama. Inflation is also proving to be a challenge, increasing operating costs.