Ozempic maker suffers boardroom exodus after row with shareholder

Core Insights - The Novo Nordisk Foundation has taken control of Novo Nordisk following a boardroom coup due to disagreements over the company's turnaround strategy [1][2][7] - The foundation, which is the largest shareholder with 77% ownership, has nominated new directors to replace the entire board except for a few members [3][4] - The company's performance has declined significantly, with shares falling by two-thirds amid increasing competition and disappointing trial results for its weight loss drugs [6][5] Company Overview - Novo Nordisk is known for its diabetes drugs Ozempic and Wegovy, which contain semaglutide to aid weight loss [5] - The company was once Europe's most valuable but has faced challenges that have led to a significant drop in its stock value [6] Board Changes - The foundation's new board will prioritize implementing transformation plans to regain growth momentum [8][9] - Lars Rebien Sørensen, former CEO of Novo, has been nominated to replace Helge Lund as chairman [3] Strategic Disagreements - The rift between the board and the foundation arose from differing views on the company's renewal strategy, with the foundation advocating for a more extensive reconfiguration [8]