Global investment group Investcorp has announced the appointment of Stephan Kessel, former chief executive of Continental AG, as an advisory director.
Kessel held a variety of management positions at Continental AG, the German supplier to the automotive industry, before becoming chief executive in 1999. After a falling-out with his predecessor and chairman of Continental, Hubertus von Grünberg, Kessel abruptly left the company in the autumn of 2001.
At Investcorp, Kessel will take up a number of board positions at companies in Investcorp's European portfolio. In addition he will assist in developing Investcorp's presence in the German private equity market. Part of his brief will be to sell Gerresheimer Glas, which Investcorp acquired in July 2000 alongside JP Morgan Partners in a $526m from conglomerate Viag.
Philip Yea of Investcorp's Management Committee said he felt Kessel’s appointment was important for the process of supporting management across the firm’s investments. 'His appointment emphasizes how important we believe his type of top management experience is to the development of Investcorp's portfolio companies.”
Investcorp is a global investment group with offices in London, New York and Bahrain. It was established in 1982 and has since completed transactions with an aggregate value of approximately $20bn. In Europe, Investcorp and its clients currently own corporate investments that include Avecia and Welcome Break.