Novo Nordisk, makers of Wegovy, on Friday announced its CEO Lars Fruergaard Jørgensen will step down from his role. He will continue for a period to support a smooth transition to new leadership.
According to a company release, discussions to replace Jorgensen have been taken place over the past few weeks. The company, which calls its U.S. headquarters in Plainsboro home, said that considering the recent market challenges, its share price decline and a wish from the Novo Nordisk Foundation to increase its representation on the Novo Nordisk Board, both parties jointly agreed that initiating a CEO succession is in the best interest of the company and its shareholders.
Novo Nordisk has been through a significant growth journey and transformation led by Jørgensen. During his eight-year tenure as CEO, Novo Nordisk’s sales, profits and share price have almost tripled.
Jørgensen joined Novo Nordisk in 1991 and was appointed chief executive officer in January 2017. During his time at the helm, the company has grown tremendously, fortified its leadership in diabetes care, established itself as a pioneer in the treatment of obesity and diversified into other areas of serious chronic diseases.
Jørgensen will continue in his role for a period to support a smooth transition to new leadership.
A search for Jørgensen’s successor is ongoing, and an announcement will be made in due course.
