Under a mutual agreement with the Novo Nordisk board, Lars Fruergaard Jørgensen has stepped down from his role as CEO of Novo Nordisk. The search for Jørgensen’s successor is ongoing, and an announcement will be made in due course.
The company has undergone a significant growth journey and transformation under Jørgensen’s leadership. He served in this position for eight years and successfully guided the company through its GLP-1 growth boom. During his tenure, Novo Nordisk’s sales, profits, and share price have almost tripled.
Despite this remarkable success during his tenure, Novo Nordisk has come up against some recent market challenges and the company’s share price has seen a sharp decline since mid-2024.
Although Novo was first to cross the finish line with its FDA approval for its GLP-1s for Type 2 diabetes and obesity, Ozempic and Wegovy, Eli Lilly was hot on their tail with their counterparts: Mounjaro and Zepbound. Weight loss trends have spurred on the competition. According to analysts at BMO Capital Markets, Eli Lilly is gaining the upper hand over Novo.
In relation to the market trends, Helge Lund, Chair of the Novo Nordisk Board, stated: “Novo Nordisk’s strategy remains unchanged, and the Board is confident in the company’s current business plans and its ability to execute on the plans.”
Under Jørgensen’s guidance the company has strengthened its leadership in diabetes cares and affirmed its position as a pioneer in the treatment of obesity. Furthermore, Jørgensen’s commitment is testament to Novo’s mission to innovate and explore therapeutics for severe chronic diseases.
Jørgensen said: “Serving as Novo Nordisk’s CEO for the past eight years has been a privilege and an experience that I will always cherish. I am proud of the results I have helped create together with my leadership team, the Board, and the thousands of employees who work every day to drive change to defeat serious chronic diseases.”
