Novo Nordisk Installs New Chair Amid Boardroom Shake-Up
Novo Nordisk's shares dipped slightly following the appointment of Lars Rebien Sørensen as board chair, a MOVE orchestrated by its majority shareholder, the Novo Nordisk Foundation. The foundation, which controls 77% of voting rights, secured 90% shareholder approval for Sørensen, a former CEO of the company. His tenure is expected to last two years, during which he will oversee the selection of a successor to lead the pharmaceutical giant into the next decade.
The leadership change comes after Helge Lund resigned as chair, along with six independent board members, amid clashes over the board's future composition. Minority shareholders have voiced concerns about the foundation's growing influence and potential governance risks. With a new chairman and relatively fresh CEO, Mike Doustdar, Novo Nordisk enters a pivotal phase as it competes with rival Eli Lilly in the lucrative obesity market.
