Hikma's CEO on his way out

London-headquartered generics company Hikma Pharmaceuticals (LSE: HIK) has announced that its chief executive Siggi Olafsson has resigned in order to ‘pursue other opportunities’.

Said Darwazah, Hikma’s executive chairman and former chief executive, will assume all responsibilities of the top job, with Mr Olafsson remaining available to the group until he departs on June 24.

Mr Darwazah promised to work closely with the executive committee, including Hikma’s three divisional presidents, benefiting from their significant experience and strong management teams. Meanwhile, the group has begun the process of identifying a new chief executive.