The corporate behind weight-loss jab Wegovy and diabetes drug Ozempic can have a boardroom clear-out, with seven board members together with the chairman set to depart.
Novo Nordisk on Tuesday mentioned chairman Helge Lund, vice chair Henrik Poulsen and 5 administrators won’t stand for re-election at a rare investor assembly in November.
It is the most recent in a raft of adjustments on the Danish firm, which welcomed a brand new chief government in August and introduced it will lay off 9,000 workers in September.
Final month the agency issued a warning on earnings because of elevated competitors from US rivals, and introduced a cost-savings programme because it lower its revenue progress forecast for the third time this 12 months.
Widespread adoption of Novo Nordisk’s Ozempic diabetes remedy, which is commonly used off-label as a weight reduction drug, and Wegovy had boosted its share value to the purpose the place in summer season 2024 it was Europe’s most-valuable firm.
Latest competitors from rivals like Eli Lilly has eroded that valuation, and shares in Novo Nordisk dipped one other 1.7% on the brand new of a boardroom shake-up.
The departures come after a disagreement between board members from the pharmaceutical firm and its majority shareholder, the non-profit Novo Nordisk Basis, on the extent of adjustments wanted.
The Novo Nordisk Basis owns 28.1% of the corporate’s shares, however holds a three-quarter share of the voting rights, which signifies that it holds a number of sway with how the corporate is run and who holds senior roles.
The Basis efficiently pushed for the removing of former chief government Lars Fruergaard Jorgensen in Could.
The present chairman of the Novo Nordisk Basis, Lars Rebien Sorensen, who served because the pharma’s chief government from 2000 to 2016, is being put ahead to exchange present chairman Mr Lund, the inspiration mentioned.
