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April 30, 2018 01:00 AM

Investcorp names new co-CEO

Sophie Baker
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    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.

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