Core Insights - Novo Nordisk (NVO) is convening an Extraordinary General Meeting (EGM) on November 14, 2025, due to a governance dispute with its controlling shareholder, the Novo Nordisk Foundation, marking a significant leadership change [1][5][7] - The Foundation's push for a more extensive board reconfiguration contrasts with the existing board's preference for a gradual renewal strategy, leading to the decision to hold the EGM [2][12] - The proposed new board members include Lars Rebien Sørensen as Chair, with a focus on guiding the company's transformation and identifying a long-term successor [3][5] Governance Changes - The EGM will result in the election of new board members, with key figures such as Chair Helge Lund and Vice Chair Henrik Poulsen not standing for re-election [2][5] - The Foundation aims for a faster board renewal to enhance governance clarity and protect shareholder interests [12] Financial Performance - Year-to-date, NVO stock has decreased by 36.3%, contrasting with a 6% growth in the industry [4] - The company revised its sales and profit outlook in July 2025, citing slower-than-expected uptake of its semaglutide-based drugs due to increased competition from Eli Lilly [9][12] Strategic Initiatives - Novo Nordisk announced a major restructuring program in September 2025, targeting a reduction of approximately 9,000 employees and aiming for annualized savings of around DKK 8 billion by 2026 [11] - The Foundation is also restructuring its investment arm, Novo Holdings, to align leadership across the group, with changes effective in November 2025 [6] Competitive Landscape - Eli Lilly is a significant competitor in the diabetes and obesity market, with its tirzepatide-based drugs generating substantial sales and market share [13]