Novo Nordisk CEO Steps Down Amid Market Turmoil

Novo Nordisk CEO Lars Fruergaard Jorgensen will step down after leading the company through major growth since 2017, as Novo Nordisk faces recent market challenges and a more than 50% drop in market value since mid-2024. The decision was reached mutually between Jorgensen and the board, amid intensified competition from Eli Lilly's rival drug Zepbound and setbacks with Novo Nordisk's next-generation obesity treatments. Reduced sales forecasts and the emergence of cheaper, compounded versions of Wegovy in the U.S., which regulators have now moved to restrict, also pressured the company. Jorgensen will remain as CEO during the transition while a successor is sought. Despite these challenges, the board expressed confidence in the company's ongoing mission to combat chronic diseases. Novo Nordisk's strategy remains unchanged as it seeks new leadership.