Novo Nordisk, the maker of Wegovy and Ozempic, is replacing its CEO due to concerns about losing market share in the weight-loss drug sector. The company’s market value has dropped by about half over the past year as competitors like Eli Lilly gain prominence. Lars Fruergaard Jørgensen, who has led the company since 2017, will remain in his role until a successor is appointed. The decision comes after discussions with the Novo Nordisk Foundation regarding ‘market challenges’ and the decline in share price. Former CEO Lars Rebien Sørensen will take on a greater role on the board. Despite the abrupt change, the company insists it does not signal a shift in strategy. Shares fell further following the announcement, reflecting investor concerns about the leadership change.
— new from BBC
