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,

Pharmaceutical company Novo Nordisk, maker of blockbuster weight loss drug Wegovy, says its CEO is stepping down.

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.