The Bahrain-based investment firm Investcorp, known for its stakes in luxury brands such as Gucci and Tiffany, has announced a restructuring of its leadership team, granting more influence to Executive Chair Mohammed Alardhi.

On Monday, the company announced that it is abandoning its previous dual leadership structure. One of the two co-CEOs, Hazem Ben-Gacem, is leaving the company, while the other, Rishi Kapoor, will take on the position of Vice-Chair and Chief Investment Officer. Alardhi, who has led Investcorp since 2015, will take on additional responsibilities that were previously managed by the co-CEOs.

Investcorp, which was founded in 1982 by the Iraqi financier Nemir Kirdar, quickly established itself as a pioneer in asset management by channeling the oil wealth of the Middle East into developed markets. In the 1980s, the company gained attention through its investments in luxury brands such as Tiffany and Gucci. Kirdar stepped down as CEO in 2015 and handed over leadership to Alardhi.

Alardhi, a former head of the Omani Air Force, has set ambitious goals for the company's growth since taking over. Investcorp now manages assets worth 52 billion US dollars and employs around 500 staff across 14 offices worldwide.

In the course of the leadership change, Investcorp announced that its investment activities will henceforth be divided into three "business segments": Private Equity, Real Assets, and Credit Management. At the same time, the company's Executive Committee will be expanded.

As we focus on leveraging the strengths of our existing investment platform, we recognize that it is time to expand our leadership team to support our future growth plans," Alardhi said in a statement.

Hazem Ben-Gacem, who has been with Investcorp for three decades and served as Co-CEO since 2018, will remain Vice-Chair of Investcorp Capital, an investment vehicle listed in Abu Dhabi that is part of the group.

While Investcorp has been less in the spotlight in recent years, the company attracted attention in 2022 with an unsuccessful attempt to take over the Italian football club AC Milan. In February last year, the group opened an office in Tokyo to raise funds and pursue acquisitions of high-profile Japanese manufacturers and other “hidden gems.”

Investcorp has also invested in a variety of assets, including a provider of dialysis services in Asia, a packaging company in India, student accommodations in the USA, and a company working on the renovation of John F. Kennedy Airport in New York.