In surprise move Wegovy-maker Novo Nordisk ousts CEO amid sagging sales
Wegovy-maker Novo Nordisk has pushed out CEO Lars Fruergaard Jorgensen over concerns the company is losing its first-mover advantage in the highly competitive obesity drug market.
Novo Nordisk announced the decision on Friday.
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Days earlier, Novo Nordisk cut its sales and profit forecast for the first time since the launch of Wegovy four years ago, though Jorgensen had predicted a return to growth in its biggest market in the second half of this year.
Novo’s chairman, Helge Lund, tried to reassure analysts and investors on a call that the company’s strategy was intact and the plan for executing it had not changed.
He told the Reuters news agency that discussions to replace Jorgensen had occurred over the past few weeks. Novo said earlier that Jorgensen will remain in his role until a successor is found.
Under Jorgensen’s leadership, Novo Nordisk became a world leader in the weight-loss drug market, with skyrocketing sales of its Wegovy and Ozempic treatments.
Analysts and investors were unconvinced of the need to replace him.
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Novo Nordisk announced the decision on Friday.
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Days earlier, Novo Nordisk cut its sales and profit forecast for the first time since the launch of Wegovy four years ago, though Jorgensen had predicted a return to growth in its biggest market in the second half of this year.
Novo’s chairman, Helge Lund, tried to reassure analysts and investors on a call that the company’s strategy was intact and the plan for executing it had not changed.
He told the Reuters news agency that discussions to replace Jorgensen had occurred over the past few weeks. Novo said earlier that Jorgensen will remain in his role until a successor is found.
Under Jorgensen’s leadership, Novo Nordisk became a world leader in the weight-loss drug market, with skyrocketing sales of its Wegovy and Ozempic treatments.
Analysts and investors were unconvinced of the need to replace him.