Novo Nordisk has announced the unexpected departure of its CEO, Lars Fruergaard Jørgensen, following a significant decline in the company’s stock price and growing competition in the obesity drug market, particularly from rival Eli Lilly. The decision marks a notable shift for the company, which gained prominence through its successful Wegovy and Ozempic products. The board had been in discussions about the leadership change for several weeks in light of challenges the company faces in maintaining its position in a competitive landscape. With shares down significantly, Novo Nordisk is now on the lookout for a new CEO as it seeks a turnaround.