Alternative asset company Investcorp has appointed Mohammed Al-Shroogi and Rishi Kapoor as co-chief executive officers.

The Bahrain-based firm made the announcement following the election of Nemir Kirdar, the company’s current executive chairman and chief executive officer, to the role of chairman of the board of directors effective July 1, according to media reports. 

He will replace Abdul-Rahman Salim Al-Ateeqi, chairman of the board since InvestCorp’s founding in 1982, who is retiring. 

The selection of Messrs. Al-Schroogi and Kapoor to the co-CEO role were first announced last October as part of Investcorp’s succession planning.  Pending regulatory approval from the Central Bank of Bahrain, they will assume their new roles effective July 1, 2015.

Al-Shroogi was formerly president of the company’s Gulf Business unit, and Kapoor served as chief financial officer. 

Investcorp operates in three business areas: corporate investment in the US, Europe and the Gulf, real estate investment in the US, and global hedge funds. As at December 31, 2014, it had approximately $11 billion in total assets under management.