CEO Lars Fruergaard Jørgensen to Depart Novo Nordisk
Novo Nordisk (NYSE: NVO) shares experienced a 3% decline following the announcement of CEO Lars Fruergaard Jørgensen’s departure. The company clarified that this decision was a mutual agreement between Jørgensen and the board. He will remain in his position temporarily to ensure a seamless transition, as the search for his successor is underway.
This change in leadership arises amidst recent market challenges for Novo Nordisk, with a decline in share prices since mid-2024. During Jørgensen’s illustrious eight-year tenure, the company witnessed substantial growth and transformation, with sales, profits, and share value nearly tripling. Despite these achievements, the Novo Nordisk Foundation has initiated discussions for an expedited CEO succession.
As part of this transition, Lars Rebien Sørensen, chairman of the Novo Nordisk Foundation, will join the Novo Nordisk Board of Directors as an observer, with plans to nominate him as a board member in 2026. This move aligns with the Foundation’s strategy to enhance its representation on the Board, leveraging its majority voting control at the company’s Annual General Meeting through Novo Holdings A/S.
Helge Lund, Chairman of the Board of Novo Nordisk, expressed confidence in the company’s strategic direction and its capacity to execute current business plans. He acknowledged Jørgensen’s exceptional leadership and contributions, which have been pivotal to Novo Nordisk’s success.
Lars Fruergaard Jørgensen, who has been with Novo Nordisk since 1991 and became CEO in January 2017, reflected on his tenure with pride. He recognized the company’s growth and the collaborative efforts in advancing its mission to combat serious chronic diseases.
Despite these developments, Novo Nordisk’s strategic focus remains unchanged. The Board of Management is confident in the company’s current business trajectory and its potential for future success.
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