Novo chairman to step down in board rift over pace of change

Core Viewpoint - Novo Nordisk is undergoing significant leadership changes, including the resignation of Chairman Helge Lund and a majority of the board, in response to internal disagreements and competitive pressures in the weight-loss drug market [1][2][6]. Group 1: Leadership Changes - Helge Lund is stepping down as Chairman, to be replaced by Lars Rebien Sorensen, a former CEO of Novo Nordisk [1][2]. - More than half of the board members are set to depart, following a recent CEO change due to a decline in share performance [2][9]. - The Novo Nordisk Foundation, the largest shareholder, is pushing for immediate changes to support new CEO Maziar Mike Doustdar's strategy [3][6]. Group 2: Market Challenges - Novo Nordisk has fallen behind US competitor Eli Lilly in the weight-loss drug market, despite being a pioneer in this sector [4][5]. - The company is facing manufacturing issues in the US and increased competition from generic drugs, leading to a significant drop in share value [4][6][7]. - Novo's shares have decreased by 56% over the past year, reflecting investor concerns over the company's ability to adapt to market changes [7]. Group 3: Strategic Direction - New CEO Doustdar aims to implement a "performance culture" and plans to reduce the workforce by 11% to better align with market demands [4][6]. - The board's previous slow response to market changes has been criticized, with calls for a more agile approach to future business strategies [4][6]. - The upcoming extraordinary general meeting on November 14 will see the election of new board members, including former executives from Pfizer and Danske Bank [9][10].