Siggi Olafsson installed as new CEO at Hikma

The FTSE 250 company said Olafsson would also join the board as an executive director, subject to election at the next annual general meeting in May.

Said Darwazah, Hikma's current chairman and current CEO, would assume the position of executive chairman, with the changes effective immediately.

The board said that, with more than 25 years of “diverse” pharmaceutical experience, Olafsson was bringing “substantial” commercial and operational capabilities and had a strong track record of driving performance and delivering growth.

He held many leadership roles at some of the world's largest generic pharmaceutical companies, it added.

“We are delighted that Siggi is joining Hikma as our new CEO,” said Said Darwazah.

“He brings a wealth of pharmaceutical and leadership experience and we are confident that his deep sector knowledge, paired with his proven ability to drive growth, will help us achieve our ambitions for the business.”

As CEO, Olafsson would be responsible for the effective development and execution of Hikma's corporate strategy, focusing on opportunities to accelerate growth of the global business.

All members of Hikma's executive committee would report to Olafsson, who would report to Darwazah.

He will initially be based in the US, before relocating to Hikma's head office in London.

“I am looking forward to leading the Hikma team, building on the strong legacy the business has established, particularly in the US and MENA,” said Olafsson.

“I share Said's confidence in the future of this business, and believe that we have the potential to deliver substantial value to our customers, employees, investors and the wider community."

As executive chairman, Said would lead the board of directors.

The board said he would guide, oversee, and engage with the chief executive in setting and delivering the strategic vision for the company and optimising its long-term potential.

“I am very pleased that Siggi is joining Hikma,” added Robert Pickering, Hikma's senior independent non-executive director.

“This is a pivotal time for Hikma as we embark on our next chapter.

“The board and I are confident that Siggi and Said, working together, will significantly enhance our ability to execute our strategy and deliver long-term sustainable growth.”