Ozempic-Maker CEO Ousted Over Pharma Company’s Rocky Market Downturn

In an abrupt and surprising twist, the CEO of Ozempic-maker Novo Nordisk has been ousted from his position as the head of the company. The Dutch pharmaceutical giant announced Friday that, amidst a recent downturn in the company’s stock, Lars Fruergaard Jørgensen would soon be stepping down as its top executive and the board would seek a successor for him. “As per mutual agreement with the Novo Nordisk Board, Lars Fruergaard Jørgensen will step down from his role as CEO of Novo Nordisk,” the company said, in a press release. “He will continue as CEO for a period to support a smooth transition to new leadership.” It surely seems odd that Novo Nordisk isn’t doing too well. After all, it’s the company behind a breakthrough drug, semaglutide, that can make seemingly anyone—from Jim Gaffigan to Oprah—shed pounds instantly. Still, while Ozempic and Wegovy have secured status as global household names, Novo Nordisk’s stock price has seen a significant downturn over the past year, as competi ... Read full article.