Leadership Shift at Novo Nordisk: Doustdar Takes CEO Helm

Novo Nordisk has appointed Maziar Mike Doustdar as CEO to boost sales and share price amid competition concerns from U.S. rival Eli Lilly. This change follows the unexpected departure of former CEO Lars Fruergaard Jorgensen, orchestrated by the Novo Nordisk Foundation, which controls the company.

Novo Nordisk announced the appointment of Maziar Mike Doustdar as its new CEO on Tuesday, with a vision to rejuvenate the company's sales and bolster its share price, currently under pressure due to competitive challenges from U.S. rival, Eli Lilly.

Doustdar's ascension to the leadership role follows the sudden exit of the previous CEO, Lars Fruergaard Jorgensen, in May, marking a strategic pivot directed by the Novo Nordisk Foundation, the company's overarching Danish shareholder.

This leadership change comes as the pharmaceutical giant aims to overcome obstacles in the obesity drug market, seeking to reclaim its pioneering status and investor confidence.

(With inputs from agencies.)