United Business Media (UBM) has appointed Robert Gray to the post of chief financial officer (CFO).
Gray joins from Codere SA, a Madrid-based gaming company, where he has been CFO and a member of Codere’s executive committee. He joined Codere in 2004 and led the business’s transition to a publicly listed company via its initial public stock offering (IPO) in October 2007. As part of this process, Gray was responsible for building the business’s financial reporting and control systems as well as restructuring and rebuilding Codere’s finance organisation.
In addition to Codere’s IPO, Gray executed fixed income financings of €1.3bn for the company as well as the majority shareholders which simplified Codere’s balance sheet and reduced its cost of capital substantially while enhancing the business’s financial flexibility and supporting its rapid organic and acquisitive growth. Between 2004 and 2008, Codere completed 18 acquisitions for a total of nearly €450m and Codere’s EBITDA rose from €73m to €235m. Gray also took lead responsibility for Codere’s financial and fiscal policies and their associated relationships, including relationships with the international investor community.
Before joining Codere, Gray enjoyed a successful 24-year career in investment and commercial banking. From 1999 he was managing director, Latin American Investment Banking for Deutsche Bank, based in New York. Prior to his role at Deutsche Bank, Gray spent almost 20 years in a variety of roles at JPMorgan with a particular focus on building and managing banking businesses in international markets, notably Latin America.
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