Edree departs after the Spanish online gambling operator completed its first year since its spin off.
Spain.- Codere Online has announced that Moshe Edree will down as CEO. Group COO Aviv Sher will take over immediately.
The announcement of Edree’s decision comes just a day after Codere Online reported stronger-than-expected Q4 results, rounding off its first year after it was spun off from Codere through a SPAC deal to list on the Nasdaq in New York.
Q4 2022 revenue was €35.6m, up 70 per cent year-on-year. Full-year revenue was €122.9m, up 48 per cent. A breakdown of Q4 shows that revenue from Codere Online’s Mexican operations more than doubled to €14.5m, while revenue from Spain rose 42 per cent to €17.8m.
The company still reported net losses – €17.4m for Q4 and €45.9m for the full year. For 2023, it forecasts net gaming revenue and adjusted EBITDA of €140m-€150m and negative €20m-€30m.
Codere Online chairman Patrick Ramsey said: “We are grateful to Moshe for his valuable contribution over these years. We look forward to continuing working with him in his new role while we welcome Aviv and wish him the best leading the company into the future.”
Codere Online Nueva Codere was spun off from the Spanish gaming company Codere last year. Meanwhile, Nueva Codere was transferred to Codere’s former creditors via the holding company Codere New Topco SA. Nueva Codere revenue returned to pre-pandemic levels last year.