Novo Nordisk fires CEO after losing weight-loss drugs lead

Novo Nordisk will replace its CEO, Lars Fruergaard Jorgensen, the company announced Friday, citing a sharp decline in its stock price that stemmed from increased competition for its popular weight-loss drug.

- REBECCA ROBBINS

The Danish drugmaker said it was searching for a new CEO to soon replace Mr Jorgensen, who has led Novo Nordisk for eight years.

The move reflects a remarkable fall in fortune for the maker of one of the most well-known drugs in the world, which is sold as Ozempic for diabetes and Wegovy for obesity. The company's stock has fallen by 50% in the past year.

Sales of the weight-loss drug created boom times for Novo Nordisk. In 2023, the company's extraordinary success prompted the Danish central bank to keep interest rates lower than it otherwise would. For more than a year, Novo Nordisk's market value surpassed Denmark's entire gross domestic product.