Nemir Kirdar, one of the Middle East’s highest-profile investors, plans to step down from Investcorp, the Bahrain-based alternative investment firm that he founded 32 years ago.
Investcorp said yesterday that Mr Kirdar would retire as chief executive and executive chairman at the end of June, coinciding with the end of the fiscal year.
The board director Mohammed Al Ardhi will take over as executive chairman, while Mohammed Al Shroogi, the president of Gulf business, and Rishi Kapoor the chief financial officer, will be appointed as co-chief executives.
The appointments are subject to regulatory approval from the Central Bank of Bahrain.
Investcorp is one of the best-known private equity houses in the Middle East. Iraqi-born Mr Kirdar founded the company in 1982 as a conduit for Arabian Gulf investors interested in acquiring international assets. The firm quickly made a series of waves internationally with a string of American purchases including the jewellery firm Tiffany & Co, Gucci, Saks Fifth Ave and Circle K convenience stores.
The Bahrain-based institution has US$11.4 billion of assets under management and has posted an annual profit in all but one of its years of operation.
“I step down satisfied that Investcorp is now firmly established as a global financial institution,” Mr Kirdar said yesterday.
The issue of succession planning is a pressing one for larger businesses in the region as successful founders pass on the reins to a new generation.
jeverington@thenational.ae
Follow The National's Business section on Twitter
