May 16 (UPI) -- Novo Nordisk announced Friday that CEO Lars Fruergaard Jorgensen is stepping down per mutual agreement with the company.
The company said Friday that Jorgensen will continue as CEO for an unspecified period to smooth the leadership transition.
"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 said in statement,
The company said the changes are being 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."
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