Nemir Kirdar, the long-serving chief executive of Bahrain-based investment group Investcorp, who founded the firm over 30 years ago, is to step down next year as part of a series of changes to its senior management.

Investcorp, which owns UK snack maker Tyrrells, said Mohammed Al-Shroogi, currently president of Investcorp's Gulf Business, and Rishi Kapoor, chief financial officer, will become joint chief executives next July.