Novo Replaces CEO Jorgensen After Lilly Rivalry Hits Shares
Novo Nordisk A/S is replacing CEO Lars Fruergaard Jorgensen due to increased competition for its Wegovy obesity shots and a 53% decline in its share price over the past 12 months. The company's share price has sliced more than $300 billion off its market value, and it has faced setbacks in trials of new weight-loss drugs and growing competition from Eli Lilly & Co. Jorgensen will continue as CEO for a period to support a smooth transition to new leadership, and the search for a new leader has begun. Bloomberg Intelligence's Michael Shah reports. (Source: Bloomberg)
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