Novo Nordisk slips as CEO steps down amid market challenges
Shares of Danish weight-loss drug maker Novo Nordisk NOVOb.CO, NVO.N fall nearly 4% on Copenhagen stock exchange, and are down 5.4% in US pre-market trade
Novo Nordisk says Lars Fruergaard Jørgensen is stepping down as CEO, but will stay on for a while to ensure a smooth transition
Co says the change in leadership is due to "recent market challenges" and share price decline since mid-2024
*Nordnet's analyst Per Hansen believes the board's decision is due to drug maker's ongoing challenges with growth and delivery, as well as competition with Eli Lilly
"Novo Nordisk's communication has probably been too defensive, and this may also be one of the things that the new leader needs to change," Hansen adds
Co is looking for a new CEO to replace him, and an announcement will be made soon
Lars Fruergaard Jørgensen has been with Novo since 1991 and became CEO in 2017
Novo's share price has more than tripled since he took the reins but has fallen 59% from its July 2024 highs
Shares of rival Eli Lilly LLY.N rise 1.6% to $743.29 premarket
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