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#1- Alternative asset manager Investcorp Holding’s co-CEO, Hazem Ben-Gacem (LinkedIn), has stepped down after a 30-year stint at the Bahraini private equity firm as part of shuffle of senior ranks, according to a statement. Ben Gacem, co-CEO since 2018, will leave the firm on 1 November, but will remain vice-chairman of Mubadala-backed Investcorp Capital.
Executive chairman Mohammed Alardhi (LinkedIn) will take over the role previously occupied by the co-CEOs, with Rishi Kapoor (LinkedIn) stepping into the vice-chairman and chief investment officer roles. As part of the overhaul, Investcorp will reorganize its investment operations into three “business verticals”: private equity, real assets, and credit.
#2- HSBC appointed Shaikha Al Marri (LinkedIn) as its head of global banking coverage for the UAE, according to a press release. Al Marri, previously the head of coverage for Dubai for HSBC’s global banking division, will report to Julian Wentzel (LinkedIn), HSBC’s head of global banking for the Middle East, North Africa, and Turkey, and Mohamed Al Marzooqi (LinkedIn), CEO of HSBC UAE. She brings extensive experience in financial services, with prior roles at Nasdaq Dubai and the Financial Audit Authority.
#3- Emirates Steel Arkan appointed Mark Tonkens (LinkedIn) as its new group CFO, effective yesterday, according to a press release (pdf) . Tonkens succeeds Stephen Pope, who is transitioning to a strategic advisory role within the CFO office. Tonkens most recently served as CFO at Building Materials Europe. He has also held senior roles at Nova Chemicals Holding, Borealis, and Philips.
