(Reuters) - Generic drugmaker Hikma Pharmaceuticals (LON:HIK) Plc said on Wednesday Riad Mishlawi, president of the group's injectables business, will become its chief executive officer, effective Sept. 1.
The London-based company said once Mishlawi takes up the role, Said Darwazah will step down as acting CEO and return to his role as executive chairman.
Mishlawi, who has been with Hikma for more than 26 years over two separate stints, was instrumental in the growth and global expansion of the group's injectables business into a market-leading position.
The FTSE midcap firm said Mishlawi will join the board and relocate from Portugal to the company's U.S. headquarters in Berkeley Heights, New Jersey.
He replaces Sigurdur Olafsson, who stepped down in June last year after four years at the London-listed drugmaker, weeks after the company cut its annual sales and margin forecasts for its generics unit.