DUBAI: Bahrain-based Investcorp said that its executive chairman and CEO Nemir Kirdar would retire next June after more than 30 years leading the alternative investment firm he helped to set up.

Succession planning is expected to be a key theme in the coming years in the Gulf, as a large number of companies — in particular family-owned businesses — pass control from a patriarchal figurehead who has built up the firm to a new generation of business leaders.

Mohammed Al-Shroogi, president of Gulf business at Investcorp, and Rishi Kapoor, chief financial officer, will be appointed co-CEOs from July 1 next year, subject to regulatory approval, a statement said.

Mohammed Al-Ardhi, a non-executive board director since September 2008, will succeed Kirdar as executive chairman.

Kirdar, who is in his late-70s, helped to found the company in 1982 and has served as its CEO since then. He will work with the three men between now and his retirement date on June 30 to hand over control of the business.

Al-Ardhi, a former head of Oman’s Royal Air Force and chairman of National Bank of Oman, will be responsible for Investcorp’s strategy as well as promoting and building up the firm’s brand, a spokesman said.

Meanwhile, Al-Shroogi and Kapoor, who joined the firm in 2009 and 1992 respectively, will be in charge of the day-to-day running of Investcorp and managing its performance and its relationships with clients, banks and regulators.

Investcorp had $11.4 billion of assets under management as of June 30 this year.