Investcorp names new co-CEO

Hazem Ben-Gacem was named co-CEO at Investcorp, replacing Mohammed Al-Shroogi who has announced his intention to retire in August.

Subject to regulatory approvals, Mr. Ben-Gacem will join Rishi Kapoor as co-CEO.

Mr. Ben-Gacem is currently head of the European corporate investment team. He will be succeeded by Daniel Lopez-Cruz, a managing director in the team. He will continue to be involved in transactions but will take on new responsibilities.

Mr. Al-Shroogi will remain a senior adviser at Investcorp. He joined in 2009.

The changes, effective August, were approved by the firm's board of directors. A spokesman said the exact date has not yet been confirmed.

"These appointments reflect the changing nature of our business as we become a bigger, more global, multiasset-class alternative asset manager," said Mohammed Alardhi, executive chairman of Investcorp, in a news release.

Investcorp has $22.2 billion in assets under management.