Novo Nordisk CEO Steps Down, Shares Fall Ahead of Successor Announcement

Bagkæm, Denmark – U.S.-listed shares of Novo Nordisk declined 4% in premarket trading on Friday following the unexpected announcement that CEO Lars Fruergaard Jørgensen is resigning from the company. Novo Nordisk, known for its weight-loss products Ozempic and Wegovy, stated that Jørgensen’s departure is a result of a ‘mutual agreement’ with the board.

Jørgensen will remain in his position as CEO while the company searches for a successor. The Swiss-based drugmaker announced that the search is ‘ongoing’ and will provide an update when a new CEO is appointed.

Novo Nordisk noted that the decision comes amid ‘recent market challenges’ and a decline in the company’s share price since mid-2024. Jørgensen has served as CEO since January 2017.

‘Novo Nordisk’s strategy remains unchanged, and the board is confident in the company’s current business plans and its ability to execute on them,’ said Helge Lund, chair of the board.

The company saw its stock reach record highs as revenue soared from the sales of its popular weight-loss drugs. However, the stock has fallen over 50% in the last 12 months, in part due to increasing competition from Eli Lilly‘s products, Mounjaro and Zepbound, which are seen as rivals to Ozempic and Wegovy.