Novo Nordisk, maker of weight loss drug Wegovy, announced Friday that its CEO Lars Fruergaard Jorgensen is stepping down after “recent market challenges” and a steep decline in the company’s share price. The decision comes as the company faces competition from cheaper replica drugs and a study showing that another weight loss medication, Zepbound, was more effective.
The company’s shares have plummeted by 54% since mid-2024, with its US-listed shares falling another 3% in morning trading Friday. Despite this, Novo Nordisk praised Jorgensen’s eight-year tenure as CEO, which led to significant growth and transformation.
Jorgensen will remain CEO for a short period to ensure a smooth transition. The company’s board of directors cited “market challenges” and the decline in share price as reasons for the change. A study published Sunday showed that Zepbound was more effective than Wegovy, potentially impacting Novo Nordisk’s market position.
Source: https://edition.cnn.com/2025/05/16/business/novo-nordisk-ceo-wegovy-intl