Novo Nordisk Plans Major Board Overhaul Amid Layoffs, Governance Dispute

Novo Nordisk, the pharmaceutical company known for its weight-loss drug Wegovy and diabetes treatment Ozempic, will undergo a major boardroom shake-up with seven of its twelve board members, including chairman Helge Lund and vice chair Henrik Poulsen, stepping down at an extraordinary general meeting scheduled for November 14, 2025. This decision follows a disagreement between the current board and the majority shareholder, the Novo Nordisk Foundation, over the extent of governance changes needed, with the Foundation pushing for a more extensive reconfiguration. The Foundation, which holds 28.1% of shares but controls 75% of voting rights, is nominating Lars Rebien Sørensen, former CEO and current chairman of the Foundation, to replace Lund as chairman. The shake-up occurs amid growing competition in the US market, slowing sales growth, a third profit forecast cut this year, and a strategic cost-saving program including 9,000 layoffs. The company aims to bring in new competencies to support CEO Mike Doustdar's transformation plans and clarify the company's future governance. Novo Nordisk's share price has dropped amid these developments, reflecting market challenges and internal restructuring.