Bahrain’s Investcorp appoints new co-CEO, European head

Bahrain’s Investcorp has announced a series of management changes as co-CEO Mohammed Al-Shroogi prepares to retire in August.

Under the plans, co-CEO Rishi Kapoor will remain in the position and be joined by Europe corporate investment team head Hazem Ben-Gracem as co-CEO subject to regulatory approval.

Managing director Daniel Lopez-Cruz will succeed Ben-Gracem in the European operation.

Following the appointments, chief administrative officer Ramzi AbdelJaber and chief financial officer Jan Erik Back will report directly to executive chairman Mohammed Alardhi.

Al-Shroogi will also remain with the firm as a senior advisor.

“These appointments reflect the changing nature of our business as we become a bigger, more global, multi-asset class alternative asset manager,” said Alardhi.

“We are making excellent progress in the delivery of our growth strategy to better serve our clients on a global level and these changes align responsibilities with our strategic priorities.

The shift follows the retirement of founder and former chairman of the board Nemir Kirdar last October.

He was replaced by vice chairman Yousef Al-Ebrahee.

Read: Founder of Bahrain’s Investcorp retires