Investcorp Bank BSC, an alternative-asset company managing more than $11 billion, named Mohammed Al-Shroogi and Rishi Kapoor as co-chief executive officers.
The decision follows the election of Nemir Kirdar, the company’s executive chairman and chief executive officer, as chairman of its board of directors, Bahrain-based Investcorp said in an e-mailed statement on Sunday. Al-Shroogi is head of the Gulf business and Kapoor is the chief financial officer.
Kirdar’s appointment is effective July 1. Abdul-Rahman Salim Al-Ateeqi, who has been board chairman since Investcorp’s inception, will retire at the end of June, the company said. Mohammed Al Ardhi succeeds Kirdar as executive chairman.
Investcorp reported a 5 percent increase in fiscal first-half profit through December of $45.3 million. The firm, which invests in private equity, funds of hedge funds and real estate, acquired Nobel Learning Communities, which operates 176 schools in 18 states in the U.S. from Leeds Equity Partners last month.