Bahrain-based Investcorp’s founder has stepped down as chairman of the board of directors, with a former Kuwaiti government minister appointed to succeed, the private equity firm has announced.
Iraqi-born Nemir Kirdar retired as Investcorp’s executive chairman and CEO in 2014, and was elected to the board as non-executive chairman the following year.
He has been with the firm for 35 years, after founding the Bahrain, London and New York City-based provider and manager of alternative investment products.
Yousef Al Ebraheem, who is currently vice-chairman and has served on the board of directors at Investcorp since May 2014, has been nominated as successor to Kirdar as the latter enters full retirement.
Al Ebraheem is advisor of economic affairs to the Amir of the State of Kuwait, having previously served as Kuwait’s minister of finance, as well as its minister of planning, minister of state for administrative development affairs and minister of education and higher education.
Al Ebraheem serves on the board of major institutions including the American Kuwaiti Alliance and the Arab Gulf States Institute, among other appointments.
Meanwhile, Khalid R. Al Zayani has been appointed vice-chairman of Investcorp’s board of directors.
Mohammed Alardhi, executive chairman of Investcorp, praised Kirdar’s contribution to the firm over his 35-year career. He said: “As Investcorp’s founding CEO and executive chairman, Nemir pioneered a new investment model, channelling capital from the Gulf into unique opportunities in the West.
“For over three decades, he generated exceptional and consistent returns for Investcorp’s clients and shareholders, establishing the firm as a titan of the Gulf investment community.
“Later, as chairman of the board of directors, Nemir was instrumental in helping shape the vision for the future of Investcorp.
“He has left a mark on the firm that will last generations. I am delighted that Yousef has accepted the nomination to be chairman of the board and I look forward to continuing to work with him over the years ahead.”
Al Ebraheem said: “The growth Investcorp has achieved since it was founded by Nemir in 1982 is remarkable; he leaves behind a legacy that is apparent in all areas of the business, especially rooted in its culture and values. There is clear vision in place and an exciting future for the business ahead.”
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