Novo Nordisk Announces New CEO Amidst Weight-Loss Drug Competition

Novo Nordisk has appointed Maziar Mike Doustdar as its new chief executive officer, entrusting an experienced insider with the task of revitalizing the company's fortunes in the competitive weight-loss drug market. Doustdar, who joined Novo in 1992, steps into the top role following the sudden dismissal of former CEO Lars Fruergaard Jorgensen.

The company's shares have plummeted due to investor concerns regarding its experimental drug pipeline and the increasing competition from Eli Lilly's Zepbound, which has recently surpassed Wegovy in prescriptions by more than 100,000 a week. Doustdar's primary focus will be on rejuvenating Novo's performance in the U.S., the most lucrative market for weight-loss drugs.

Jorgensen had previously led the company through a period of explosive growth, making it Europe's most valuable publicly listed firm. Novo Nordisk faces additional challenges, including potential tariffs and price reduction mandates by U.S. President Donald Trump, which could further impact its market position.

(With inputs from agencies.)