Investcorp, a leading provider and manager of alternative investment products with more than $11 billion of assets under management, announced today details of its executive management succession planning.
Following Nemir Kirdar’s decision to retire as Executive Chairman and CEO at the end of the current fiscal year on 30 June 2015, the Investcorp Board of Directors Nominating Committee and the Board of Directors have accepted his recommendation that non-executive Board Director Mohammed Al Ardhi be appointed as Executive Chairman. Also on Mr Kirdar’s recommendation, Mohammed Al-Shroogi, President, Gulf Business, and Rishi Kapoor, Chief Financial Officer, will be appointed as Co-CEOs. The appointments will be effective from 1 July 2015 and are subject to regulatory approval from the Central Bank of Bahrain.
“I step down satisfied that Investcorp is now firmly established as a global financial institution,” Nemir Kirdar said. “The Board’s appointment of Mohammed Al Ardhi as Executive Chairman and Mohammed Al-Shroogi and Rishi Kapoor as Co-CEOs will mark the next chapter in Investcorp’s development. Mohammed Al Ardhi is a valued and respected member of the Board and I have no doubt in his ability to lead the firm as Executive Chairman, and both Mohammed Al-Shroogi and Rishi Kapoor have proved themselves outstanding leaders. Their complementary skills and experience will ensure continuity and further upward momentum at Investcorp.”
Mr Al Ardhi added: “I am honoured by this opportunity to serve Investcorp and its investors. Nemir Kirdar has built one of the world’s most respected and admired organisations with origins in the Middle East. His contribution and that of Investcorp go far beyond investors and have benefited very many companies and economies around the globe. Having been a Board member for some time, I look forward to continuing the journey, working with Investcorp’s excellent management team to build on Nemir Kirdar’s legacy and fulfil his vision for the organisation.”
Board Chairman Abdul-Rahman Al-Ateeqi commented: “While institutions continue in perpetuity, the time inevitably comes for changes in leadership. Having founded Investcorp in 1982, Nemir Kirdar has now led it for over three decades. Under his leadership, Investcorp has become a world-class organisation, global in its outlook and culture, exemplifying the highest standards of the financial industry and generating attractive returns for its stakeholders. Its reputation for reliability, transparency, sound judgement and client service is second to none and the firm has been profitable in all but one of its 32 years of existence – an achievement few financial institutions can rival. With this remarkable legacy, I have no doubt that Investcorp will continue to excel and to carry forward the values, the principles and the vision on which it was founded.”