Novo Nordisk CEO steps down as Ozempic competition weighs on shares
Published: 09:31 16 May 2025 EDT
Novo Nordisk (NYSE:NVO) CEO Lars Fruergaard Jørgensen is stepping down after eight years leading the Danish pharmaceutical giant, known for its blockbuster obesity and diabetes drugs Wegovy and Ozempic.
The company said on Friday the decision was made by mutual agreement with the company's board amid recent market challenges, including increased competition and a significant decline in the company's share price since mid-2024.
During Jørgensen’s tenure, Novo Nordisk’s sales, profits and share price have almost tripled, the company highlighted.
Jørgensen will remain in his role during the transition period to ensure a smooth handover to his successor, whose appointment is currently underway.
“Novo Nordisk’s strategy remains unchanged, and the board is confident in the company’s current business plans and its ability to execute on the plans,” Novo Nordisk board chair Helge Lund said.
Jørgensen described serving as CEO for the last eight years as “a privilege and an experience that I will always cherish.”
“I am proud of the results I have helped create together with my leadership team, the board, and the thousands of employees who work every day to drive change to defeat serious chronic diseases,” the outgoing CEO said.
Shares of Novo Nordisk traded lower following the announcement, down 2.9% when US markets opened on Friday.
