During an extraordinary general meeting of shareholders on Friday, Novo Nordisk (NVO) investors voted to approve Lars Rebien Sorensen, a former CEO of the weight loss drugmaker, as chairman of the company’s board of directors.
The meeting was scheduled after the Danish pharma giant’s former board chair, Helge Lund, and several other board members stepped down last month following a dispute with the Novo Nordisk Foundation, which controls 77% of the company’s voting rights.
Despite owning about 28% of the company’s share capital, the nonprofit controls the Wegovy maker through its Novo Holdings arm. Sorensen, who also functions as the foundation’s chairman, said he plans to serve as Novo’s (NVO) chair for two to three years, according to Reuters.
His appointment marks the latest leadership shakeup at Europe’s third most valuable healthcare company, which is trailing its U.S. rival Eli Lilly (LLY) in the fast-growing obesity drug market.
Over the summer, Sorensen backed the Novo (NVO) board to accelerate the appointment of the company’s new CEO, Mike Doustdar, who is overseeing a major restructuring effort involving as many as 9,000 roles globally.
He has also criticized the previous board over its late response to the company’s U.S. market decline, which has forced Novo Nordisk (NVO) to cut its 2025 outlook multiple times this year.