Novo Nordisk announced the resignation of CEO Lars Fruergaard Jorgensen after mutual agreement with the board, attributing the decision to recent market challenges and a 54% decline in share price since mid-2024. The company faced threats from cheaper replica drugs and posted a downgraded sales forecast. A recent study indicated Eli Lilly's drug Zepbound was more effective than Wegovy, further straining Novo's market position. Jorgensen, who will assist in the transition, led the company through extensive growth during his eight-year tenure.
Novo Nordisk's board and CEO Lars Fruergaard Jorgensen have agreed his departure is necessary due to recent market challenges and a significant decline in share price.
The company acknowledged Jorgensen's leadership during his eight years at the helm, highlighting the 'significant growth journey and transformation' he oversaw.
Recent market pressure includes competition from cheaper replica drugs and the emergence of Eli Lilly's Zepbound, which has outperformed Wegovy in weight loss studies.
Novo Nordisk's share price has dropped over 50% since mid-2024, prompting the board to initiate a CEO succession to better align with market realities.
Collection
[
|
...
]