The Spanish gambling operator continues its restructuring.

Spain.- Grupo Codere has named Luis Villalba as its new chief financial officer (CFO). He joins Codere from the Spanish food and olive oil exporter Deoleo Group, where he worked as financial director and served as an executive committee member. He previously served as an executive at the accountancy firm PricewaterhouseCoopers (PWC).

Codere said: “In his new role as CFO of Grupo Codere, Luis Villalba will take on the challenge of leading the company’s financial strategy after the refinancing.”

Villalba replaces Óscar Fernández de Llano, who resigned in the first half. Codere has also recently named a new CEO in the form of Gonzaga Higuero 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 continues to restructure its business following a tumultuous few years and the separation of its online business. Under its 2023-27 recovery plan, it intends to keep running all of its business units in Europe, where it operates in Spain and Italy, as well as in South America, where it’s present in Argentina, Colombia, Mexico, Panama and Uruguay. It aims to return to profit from 2025.

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.

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”.