It was a ‘mutual agreement,’ Novo says in a statement. A search for Fruergaard Jørgensen’s successor is ongoing.

FRANKFURT, Germany (AP) — Danish pharmaceutical company Novo Nordisk A/S, maker of blockbuster weight loss drug Wegovy, said Friday its CEO was stepping down by “mutual agreement” with the company’s board of directors, citing “recent market challenges” and a steep decline in the company’s share price.

"The Novo Nordisk Foundation is increasing its influence and has appointed its chairman, Lars Rebien Sørensen, as an observer on the Novo Nordisk Board of Directors for election in 2026. The changes are without any changes to the company's strategy, according to Chairman Helge Lund."