Grupo CIRSA has announced the appointment of Antonio Hostench as new Chief Executive of the Blackstone-owned Spanish markets gambling group.

Yesterday, the board of CIRSA informed stakeholders that it had decided to split the duties of CEO and Chairman that Joaquim Agut had served since 2018, following US PE fund Blackstone’s buyout of the company.

Agut will now solely act as Executive Chairman of CIRSA, charged with leading the group’s corporate governance, leadership remuneration and appointment committees.

Promoted from his role as President of CIRSA’s Sportium sportsbook brand, Hostench will replace Agut as Group CEO, charged with overseeing the firm’s global growth strategy and management of the firm’s executive leadership team.

Agut welcomed the decision, stating that CIRSA was right to follow Spanish business’ Code on Best Corporate Governance.

Hostench’s appointment was deemed by Agut as “a natural decision that responds to the Group’s culture of believing in internal talent and promoting it”.

“Antonio has proven to be a key part in the process of professionalization of the company and its growth thanks to its deep knowledge of the sector acquired through its years of experience in CIRSA,” Agut added.

Hostench takes leadership of CIRSA, as Spanish media reports that Blackstone is reviewing strategic options for its Spanish asset, which during 2021 performed above its financial expectations in light of facing significant COVID-19 headwinds in Spain and LatAm markets.