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Abu Dhabi, UAESaturday 15 December 2018

Investcorp appoints new co-chief to come in after Al Shroogi retires

As part of management changes Ben-Gacem becomes co-chief executive

Mohammed Alardhi, Investcorp’s chairman, said Hazem Ben-Gacem will become co-CEO after Mr Al Shroogi steps down. Phil Weymouth / The National
Mohammed Alardhi, Investcorp’s chairman, said Hazem Ben-Gacem will become co-CEO after Mr Al Shroogi steps down. Phil Weymouth / The National

Investcorp, the Bahraini alternative asset manager that oversees $22.2 billion, made a number of senior management changes that will appoint Hazem Ben-Gacem become co-chief executive after Mohammed Al Shroogi announced his plan to retire from the role in August 2018.

As part of the changes, Daniel Lopez-Cruz, a managing director in the European corporate investment team, will become head of that business.

“These appointments reflect the changing nature of our business as we become bigger, more global, multi-asset class alternative asset manager,” said Mohamed Alaradhi, executive chairman of Investcorp.

“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.”

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Mr Al Shroogi, who joined Investcorp in 2009, will remain with the firm as a senior adviser. Mr Ben-Gacem, whose appointment is subject to regulatory approval, has been the head of the European corporate investment team since 2012. Rishi Kapoor will remain a co-chief executive.

“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 senior advisor,” Mr Alardhi said.

“At the same time, it gives me pleasure to recognise the deep bench of future leaders that we have. I am excited as I have ever been about our future, and I look forward to working with this new leadership team over the coming years.”