With effect from the Annual General Meeting on 15 May 2014, the following changes will occur:

• Mr Samih Darwazah, non-executive Chairman, is to retire from the Board and become honorary Life President;
• Mr Said Darwazah, Chief Executive, is to be appointed Chairman & Chief Executive;
• Sir David Rowe-Ham, Senior Independent Director, is to retire from the Board; and
• Mr Robert Pickering, non-executive director, is to be appointed Senior Independent Director and Chairman of the Nomination Committee. Mr Pickering will become a member of the Remuneration Committee and cease to be a member of the Compliance, Responsibility and Ethics Committee (“CREC”).

The Board is further developing its medium term succession plans for the independent non-executive directors, with the aim of ensuring an orderly transfer of the committee chairmanship responsibilities. The Board is currently undertaking a recruitment process for an additional non-executive director and expects to be able to make a further announcement shortly.

Samih Darwazah said:

“Whilst the leadership is changing, we are doing this in a way that promotes continuity and ensures the people who are taking Hikma forward have a proven track record. I am delighted that I am handing over my responsibilities to the Chief Executive. He and his very efficient team have significantly improved the business over the last seven years and are perfectly positioned to take it forward. I will always have strong and emotional ties with Hikma.

I also want to note the debt of gratitude we owe Sir David, a great friend of Hikma and mine. Sir David has been a constant source of wisdom and guidance to Hikma as we have grown from listing in 2005 to the international group we are today.

Robert has forged strong links with the board and management team over the past three years and has demonstrated sound and clear judgement. I am delighted that he has kindly accepted to expand his role.”

Said Darwazah said:

“The Board and I consider that these changes are the best method on ensuring the continued entrepreneurial success of Hikma. From an executive point of view, this will be business as usual, with the divisional heads continuing to drive their businesses forward. My role will continue to focus on overall group strategy and I am very ably assisted in this by the strong executive team.

Those of you who know me will know that my style is to always listen to others and understand their views, with the aim of making the best decision in a consensual manner. My father has always been committed to the highest standards of transparency and openness and I will continue that commitment. Additionally, we always have had and, in Robert, will continue to have, a very strong senior independent director.”