Newcodel, previously recognized as the operator of the Codere Group, has suggested appointing former Ladbrokes chief executive Chris Bell as its new non-executive head.
Newcodel suggests former Ladbrokes CEO Bell as non-executive chairman – People – iGB
Bell, who presently serves as non-executive chairman of XLMedia, will relinquish that position to assume the Codere role.
Home > People > Newcodel suggests former Ladbrokes CEO Bell as non-executive chairman
He will also step down from his position as an independent director at Rank Group to dedicate his full time to Codere.
Bell spent nearly two decades at Hilton Group/Ladbrokes, joining the company in 1991. He was appointed to the board in 2001 and became chief executive of Ladbrokes in 2006 after the sale of the Hilton hotel division, a position he held until 2010.
Since 2009, Bell has held a number of other high-level non-executive positions, including chairman of Gamesys Group and Technfinancials, senior independent director of Quintain Estates and Development, and non-executive director of Spirit Pub Company and the gaming sector.
Bell is also currently non-executive chairman of Team17 Group, OnTheMarket, and non-executive director of the Royal Air Force Charitable Trust.
“Codere has shown its fundamental strength, adaptability and leadership over the past 40 years,” said Bell.
Its truly thrilling to be part of this venture and propel the firm into a new era of expansion. This signifies the company’s return to a growth path and reinforces its standing as a top multinational firm in the private gaming sector.
I’m deeply thankful for everyone’s faith in me and vow to generate value after this challenging period. The company boasts a robust management team and a pool of talent, which will undoubtedly unlock its potential.
Regarding Bell’s departure from XLMedia, its CEO Stuart Sims stated: “We are profoundly grateful for Chris’ exceptional contributions to XLMedia. I personally wish to express my appreciation for his practical support and insightful guidance.
“Chris has been a staunch advocate for our restructuring to enhance flexibility and align the business with emerging growth markets – a plan we will finalize in the first half of this year – as well as the integration of three highly successful US acquisitions, which we believe will be crucial to our long-term success.”
The appointment still requires approval at the shareholder gathering on February 7th, when the newly formed group will finalize its board structure.
Codere was acquired by creditors in November of last year after reaching a debt-for-equity exchange agreement in April, as the previous business struggled to repay its mounting debt. The business was transferred to Codere New Topco SA, a holding company, with bondholders owning 95% of the shares.
This also signifies the company’s corporate reorganization by establishing four entities in Luxembourg: Codere New Topco, Codere New Midco, Codere New Holdco, and Codere Luxembourg 3.
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