In This Article:
May 16 - Novo Nordisk (NYSE:NVO) said CEO Lars Fruergaard Jrgensen will step down after eight years at the helm, following a sharp decline in its share price over the past year.
Shares of the Denmark-based drugmaker have dropped over 50% over the past 12 months amid growing market pressures. The stock fell a further 4% on Friday trading following the leadership update.
Jrgensen will remain in his role temporarily while the board searches for a successor to ensure a smooth transition. Novo Nordisk said the change was driven by recent market challenges, the share price decline, and the wish from the Novo Nordisk Foundation.
In a related move, the company said Lars Rebien Srensen, current Chairman of the Novo Nordisk Foundation and former CEO of Novo Nordisk, will join the board as an observer. He is expected to be nominated as a full board member at the company's 2026 annual meeting.
Srensen led the company from 2000 to 2016, before handing over the reins to Jrgensen.
The leadership reshuffle marks a pivotal moment for Novo Nordisk as it navigates market headwinds and prepares for a strategic transition at the top.
This article first appeared on GuruFocus.