Novo Nordisk CEO fired after losing market share in weight-loss drug
Novo Nordisk, the maker of the drug Vegavi, fired its CEO, Lars Froergaard Jorgensen, on Friday, amid concerns that the company is losing its lead in the highly competitive market for weight-loss drugs.
Novo Nordisk recently cut its sales and profit forecasts for the first time since Vegavi was launched four years ago. Jorgensen had predicted that sales in its biggest market would grow again in the second half of this year.
In a call with analysts and investors, Novo Chairman Helge Lund tried to reassure analysts and investors, stressing that the company’s strategy remained intact and its execution plan had not changed.
Jorgensen, 58, has been CEO of Novo Nordisk since 2017. He said in an interview with Danish broadcaster TV2 that he had not expected the decision and had only just learned about it.
Novo Nordisk has had five CEOs in its more than 100-year history. Jorgensen, who joined the company in 2017, has the shortest tenure as CEO.
