Novo Nordisk said on Friday its CEO Lars Fruergaard Jorgensen will step down following a plunge in the company's share price amid intensifying competition in the obesity drug market. "The changes are made in light of the recent market challenges Novo Nordisk has been facing,

Lars Fruergaard Jorgensen, the chief executive of once-highflying Danish drugmaker Novo Nordisk, is stepping down after eight years in the role, the maker of Ozempic and Wegovy drugs announced on Friday.

Lars Fruergaard Jorgensen, who has headed the pharmaceutical company for eight years, will step down after a period to support a smooth transition to new leadership.