Novo Nordisk says CEO Lars Fruergaard Jorgensen to step down

Novo Nordisk (NVO) announced changes to its executive leadership and Board of Directors. As per mutual agreement with the Novo Nordisk Board, Lars Fruergaard Jorgensen will step down from his role as CEO of Novo Nordisk. He will continue as CEO for a period to support a smooth transition to new leadership. A search for Lars Fruergaard Jorgensen’s successor is ongoing, and an announcement will be made in due course. In connection with the change, Lars Rebien Sorensen, chair of the Novo Nordisk Foundation, will join the Novo Nordisk Board, initially as an observer. “Novo Nordisk has been through a significant growth journey and transformation led by Lars Fruergaard Jorgensen. During his eight-year tenure as CEO, Novo Nordisk’s sales, profits and share price have almost tripled. Novo Nordisk has a clear strategy, a strong product portfolio and an experienced leadership team. The changes are, however, made in light of the recent market challenges Novo Nordisk has been facing, and the development of the company’s share price since mid-2024. In light of this, the Novo Nordisk Foundation Board initiated a dialogue with the Novo Nordisk Board on the merits of an accelerated CEO succession and expressed a wish to increase its representation on the Novo Nordisk Board. Through its investment company, Novo Holdings A/S, the Novo Nordisk Foundation controls the majority of votes at the Novo Nordisk Annual General Meeting. Considering the recent market challenges, the share price decline, and the wish from the Novo Nordisk Foundation, the Novo Nordisk Board and Lars Fruergaard Jorgensen have jointly concluded that initiating a CEO succession is in the best interest of the company and its shareholders. Lars Fruergaard Jorgensen has agreed to continue as CEO for a period to support a smooth transition to new leadership. Furthermore, the Novo Nordisk Board has agreed with the Novo Nordisk Foundation Board that Lars Rebien Sorensen, chair of the Novo Nordisk Foundation, will participate as an observer in Novo Nordisk’s Board meetings as of today, with the intention of being nominated for election as a board member at the Annual General Meeting in 2026.”