29 Apr 2018
Bahrain, 29 April, 2018 – Investcorp, a leading global provider and manager of alternative investments, today announced a series of senior management changes designed to further accelerate the firm’s growth strategy and potential.
The changes were in part catalyzed by Mohammed Al-Shroogi’s intention to retire as Co-CEO effective August 2018. Al-Shroogi, who joined Investcorp in 2009, will remain with the firm as a Senior Advisor.
Investcorp’s Board of Directors has approved a number of changes to the senior management team and structure which will take effect in August.
Co-CEO Rishi Kapoor, who has had an exemplary career at Investcorp for over 25 years, will remain in his position and he will be joined, subject to regulatory approvals, by Hazem Ben-Gacem as Co-CEO. Ben-Gacem has been leading the firm’s European Corporate Investment team since 2012.
Daniel Lopez-Cruz, a long-standing Managing Director in the European Corporate Investment team, will succeed Ben-Gacem as head of that business.
The firm’s Chief Administrative Officer, Ramzi AbdelJaber, and Chief Financial Officer, Jan Erik Back, will both report directly to the Executive Chairman.
Commenting on the senior management team appointments, Mohammed Alardhi, Executive Chairman of Investcorp said: “These appointments reflect the changing nature of our business as we become a bigger, more global, multi-asset class alternative asset manager. 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.
I am personally extremely grateful to the significant contribution Mohammed Al-Shroogi has made to our business in the Gulf, and I am delighted he will continue with the firm as a Senior Advisor. At the same time, it gives me pleasure to recognize the deep bench of future leaders that we have. I am as excited as I have ever been about our future, and I look forward to working with this new leadership team over the coming years.”
Al-Shroogi commented: “The last decade of my career has been the most exciting, and it is an enormous honor to be part of this remarkable and dynamic firm and talented global team of executives. As I hand over to the next generation of leaders at Investcorp, I am honored to serve as a Senior Advisor and to continue to support the Executive Chairman Mohammed Alardhi. The new management team has all of the credentials and capabilities to successfully execute and deliver on the firm’s growth aspirations”.
After a stellar three-decade career at Citigroup, Al-Shroogi joined Investcorp in 2009 and successfully spearheaded the firm’s recovery from the global financial crisis with a significant strengthening of the Gulf distribution franchise, leading to record levels of fundraising. Al-Shroogi was also instrumental in building Investcorp’s Corporate Investment franchise in the GCC and Turkey and helped Investcorp to become one of the most active private equity investors in the Kingdom of Saudi Arabia over the past 7 years.