Novo Nordisk has announced that Lars Fruergaard Jørgensen, the company’s CEO, will step down from his role as CEO and will continue as CEO for a period to support a smooth transition to new leadership. A search for his successor is ongoing, and the company says that an announcement will be made in due course. In connection with the change, Lars Rebien Sørensen, Chair of the Novo Nordisk Foundation, will join the Novo Nordisk Board, initially as an observer. 

The change in executive leadership comes as the company faces increased competition from its blockbuster drugs, Ozempic/Wegovy (semaglutide), respectively for treating Type 2 diabetes and obesity, less than optimal results for its next-generation treatments, and a sharp decline in the company’s stock prices, which is down by more than 50% since the middle of 2024, according to analysts.  

“Novo Nordisk has been through a significant growth journey and transformation led by Lars Fruergaard Jørgensen,” said the company in a May 16, 2025, release. “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.

Jørgensen joined Novo Nordisk in 1991 and was appointed CEO in 2017.  

Source: Novo Nordisk