MORRISTOWN, N.J. — Sigurdur Oli Olafsson, formerly chief executive officer of Actavis Group, is joining Watson Pharmaceuticals as executive vice president of global generics.

Watson said Wednesday that Olafsson will start in the position on Sept. 1. Reporting to president and CEO Paul Bisaro and based in Morristown, N.J., he will have responsibility for global generic sales and marketing, with an emphasis on leading the expansion of Watson’s position in global markets. 

Olafsson succeeds Thomas Russillo, who will retire at the end of this year, according to Watson. Olafsson and Russillo will work closely during the three-month transition period, the company said.

"We are delighted to have an executive with Sigurdur’s global experience join our team as we move from the integration of the Arrow Group to the next phase of maximizing our current commercial footprint and capitalizing on additional opportunities to expand into new markets," Bisaro said in a statement.

Olafsson most recently served as CEO of Actavis Group and from 2006 to 2008 was deputy CEO. Before that, from 2003 to 2006, he was CEO of Actavis Inc. U.S. and chief executive of corporate development, leading the Actavis U.S. sales and marketing organization and the acquisition and integration of Pharma Avalanche, Biovena, Lotus Laboratories, Amide Pharmaceuticals and Alpharma Generics. Prior to joining Actavis, Olafsson held increasingly responsible positions with Pfizer’s global research and development organization in the United States and United Kingdom from 1998 to 2003.

Russillo was named executive vice president of global generics in 2009 and led the restructuring of Watson’s global generics business after the completion of the acquisition of the Arrow Group in December 2009. He had served as executive vice president and president of the generic division since 2006.

"Tom has done an exceptional job during the integration phase, and we thank him for his efforts," Bisaro commented.  "We look forward to Sigurdur’s expertise in helping us shape strategies that will build on the foundation Tom and his team have established, as well as helping us to identify strategies and opportunities that will enable Watson to leapfrog to the next level of global competition."