Seven Board Members to Resign; Majority Seats at Risk

Novo Nordisk said Chair Helge Lund and six independent directors will step down at an extraordinary shareholder meeting on Nov. 14 after failing to agree with its controlling shareholder, the Novo Nordisk Foundation, over the board's future composition. The Foundation has proposed former CEO and current Foundation chair Lars Rebien Sorensen as temporary chairman for two to three years and has pushed for a more extensive reconfiguration than the existing board sought. More than half of the board's seats will be up for replacement, marking a significant governance change driven by the Foundation's pressure. The shake-up follows months of turmoil at the maker of Ozempic and Wegovy, including the May ouster of CEO Lars Fruergaard Jorgensen and a restructuring that includes about 9,000 job cuts amid concerns the company is losing its first-mover advantage in the competitive obesity-drug market. The departures come amid a share slump and heightened investor scrutiny as Novo navigates mounting competition and strategic questions over its future direction.