Hikma Pharmaceuticals PLC's board of directors appointed Sigurdur Olafsson as CEO with immediate effect.

Olafsson replaces Said Darwazah, Hikma's current chairman and CEO, who will assume the position of executive chairman of the company, the London-based drugmaker said in a news release.

Olafsson was most recently president and CEO of Teva Pharmaceutical Industries Ltd's global generic medicines group.