Leadership Shift: Novo Nordisk CEO Jorgensen Steps Down Amid Market Struggles

Novo Nordisk announced the resignation of its CEO Lars Fruergaard Jorgensen as the company grapples with a significant decline in its share price due to mounting competition in the obesity drug sector.

Despite achieving significant sales success with its Wegovy and Ozempic treatments under Jorgensen's leadership, the company has faced increasing market pressures. Novo Nordisk's early competitive edge in the obesity and diabetes drug market has been threatened by rival Eli Lilly.

As a result, Novo's share price has suffered a 2.2% drop today and a 32% year-to-date decrease. Jorgensen, who served as CEO since 2017, will remain in position during the transition period as the search for a successor continues.

(With inputs from agencies.)