Novo Nordisk CEO Sorenson steps down
Sorensen’s departure appears to be a change of plan, the company having said in April 2015 that he would remain in his role until he approached the end of his contract, expiring in 2019.
Since he became CEO in 2000, the share price had risen more than 840% but has fallen 22% from its peak in December 2015 following a sharp drop to 311 crowns last month after a profit warning due to pricing pressures in the United States.
“Succeeding Lars, who during 16 years as CEO of Novo Nordisk has spearheaded Novo Nordisk into a global, very successful and highly respected pharmaceutical company, is a tall order. On behalf of Novo Nordisk’s Board of Directors and the company’s employees, I want to thank Lars for his outstanding leadership, steady course and commitment to Novo Nordisk through good and difficult times during his 34 years with the company,” board chair Göran Ando said in prepared remarks. “The decision to appoint Lars Fruergaard Jorgensen as new CEO is the result of a rigorous process during which a number of qualified candidates were considered. With his track record of creating results, driving change and being a role model for the Novo Nordisk Way of running a company, the board is confident that he is the perfect successor to Lars Rebien Sorenson. In his new role, he will be charged with leading Novo Nordisk through a time of extraordinary change in healthcare systems around the world, with the company’s long-term strategy, the triple bottom line business principle and long-term financial targets as his guiding posts.”
“It has been an honour to work here for more than 30 years and to serve as CEO during a period where we have been able to grow our business, build a strong pipeline and launch important new products to the benefit of our patients, our shareholders and our employees. I have been closely involved in the assessments that have led to the Board’s decision to appoint Lars Fruergaard Jørgensen as my successor, a decision which I fully support. He is a great businessman and people leader and has a natural ability to find solutions where others see problems,” Sorenon said in a prepared statement.
“On the one hand, Novo Nordisk has never had a stronger portfolio and organisation; on the other hand, we are facing an unprecedented level of payer pressure and competition. I love challenges, and therefore I can’t think of a more exciting time to be offered the job of CEO in Novo Nordisk – a company I have served for more than 25 years and am really passionate about,” Jorgensen said in a prepared release.
Material from Reuters was used in this report.
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