Drugs manufacturer and distributor, Sigma Pharmaceuticals Ltd. is reported to have named the former PaperlinX Ltd. Chief Financial Officer, Mark Hooper as its new Chief Executive Officer, today.

The appointment is cited to suppress the uncertainty concerning the group's senior management following departure of many key personnel recently.

Mr. Hooper previously was the Chief Financial Officer of Sigma from 2001 to 2006 and is the incumbent Chief Financial Officer at PaperlinX. He is cited to take over his role as Sigma CEO and Managing Director in September.

Sigma's outgoing Chairman, John Stocker, expressed, "We have recruited a CEO who will hit the ground running, with a deep knowledge of the company and the industry".

News of the appointment is witnessed to have emerged at a stage when Sigma floats in the troubling waters, with Aspen Pharmacare initiating with its due diligence, following its direct and non-binding offer for the group.

Some analysts have claimed that Aspen's offer, if approved, will serve as a backbone for the generic drug maker, assisting it eschew from an asset fire sale, in order to pay creditors $90m by November 30.

Sigma shares were witnessed to register rise 1 cent, or 2.1%, to 49 cents in early trade.