As CEO, Riad will bring his deep knowledge of Hikma and the pharmaceutical industry and a strong track record of delivering profitable growth and strategic expansion.  Since 2011, Riad has served as President of Injectables. Under his leadership, the Injectables business has delivered a compound annual growth rate of 12% and expanded across the US, Europe and the MENA region through strong organic growth, acquisitions and commercial partnerships.  Riad has significantly expanded the Injectables product portfolio and manufacturing footprint while maintaining a sharp focus on quality and efficiency, helping to transform the Injectables business into the recognized market leader that it is today.

Since joining Hikma in 1990, Riad has held various positions of increasing responsibility including Head of Manufacturing Operations at the Group’s former Generics facility in Eatontown, New Jersey.  He left Hikma in 1998 to join Watson Pharmaceuticals, where he was Executive Director of Operations.  Riad returned to Hikma in 2004 and held a series of positions in the Group’s Injectables business including General Manager of Hikma’s injectable facilities in Italy and Portugal and Head of European Operations.

Riad will take up the role of CEO and join Hikma’s Board of Directors on 1 September 2023 following a transition period.  He will relocate from Portugal to Hikma’s US headquarters in Berkeley Heights, New Jersey.

Hikma Executive Chairman Said Darwazah said: “Following an extensive, global search, I am very pleased that Hikma’s Board of Directors has appointed Riad as Hikma’s new CEO. The Board believed that Riad was the standout candidate, an exceptional operator with a proven track record of execution and delivery as well as an excellent understanding of our business and the wider industry. Hikma will benefit from his strategic insight, operational focus and ability to execute against our strategy. I am confident that under his leadership, Hikma will continue to deliver long-term growth and value for all our stakeholders and I look forward to working closely with him in his new role.”

Riad Mishlawi said: “It is an honour to be appointed as Hikma’s CEO. I am grateful for the opportunity to lead a team of talented individuals towards achieving our shared vision and goals. I am confident that as we continue to innovate and grow together we can create a positive impact in our industry, deliver exceptional results for our shareholders and make a meaningful difference in the lives of our patients. I am excited about the future and the possibilities that lie ahead.”

Notes to Editors

Riad Mishlawi will be appointed Hikma Chief Executive on 1 September 2023.

CEO Remuneration

Riad will receive a base salary of $1 million, a pension contribution of 10% of salary, in line with the wider workforce, and relocation support. He will also be eligible to receive an annual bonus and longer-term incentive awards, all in line with Hikma’s proposed remuneration policy.

Full details of his remuneration arrangements will be set out in the 2023 Directors’ remuneration report.

Regulatory disclosures

There are no additional matters that require disclosure under 9.6.13R of the UK Listing Rules.

This announcement contains inside information.  The person responsible for the release of this announcement on behalf of Hikma is Helen Middlemist (Deputy Company Secretary).