Novo Nordisk board resigns; Foundation proposes a new slate

Novo Nordisk, the maker of semaglutide (Ozempic, Wegovy, Rybelsus), announced on Oct. 21, 2025 that its board chair and several independent directors will not stand for re-election, and that an extraordinary general meeting will be held Nov. 14 to elect replacements ^[3][4]. The company's controlling shareholder, the Novo Nordisk Foundation, has put forward its own slate, led by former chief executive Lars Rebien Sørensen as chair ^[1].

The split was about governance, not strategy. Chair Helge Lund said the sitting board proposed "a renewal focusing on addition of select, new competencies while also maintaining continuity, whereas the board of the foundation wanted a more extensive reconfiguration" ^[3][4]. Sørensen said there was no overall disagreement on company strategy, but that the Foundation wanted faster decision-making, that the board was too slow to recognize market changes in the U.S., and that the two sides disagreed on how to handle the CEO change ^[3].

Who is leaving and who is coming in

Lund, Vice Chair Henrik Poulsen and independent members Laurence Debroux, Andreas Fibig, Sylvie Grégoire, Christina Law and Martin Mackay will not stand for election ^[3][4]. Reuters described the change as the chair plus six independent directors; BioPharma Dive counted Lund, Poulsen and five independent members, so accounts of how to label the departures differ slightly even though the names match ^[2][4]. Novo Holdings CEO Kasim Kutay and the four employee-elected directors — Elisabeth Dahl Christensen, Liselotte Hyveled, Mette Bøjer Jensen and Thomas Rantzau — stay on ^[1][3].

The Foundation's proposed slate is Sørensen as chair, Cees de Jong as vice chair, and Britt Meelby Jensen, Mikael Dolsten and Stephan Engels as members ^[1]. Sørensen, 71, was Novo Nordisk's president and CEO from 2000 to 2016 and joined the board as an observer in May 2025 ^[2][3]. Dolsten is the former chief scientific officer and head of worldwide research and development at Pfizer ^[2]. Engels was CFO of Danske Bank from 2020 to 2025 ^[2]. The Foundation says Sørensen would serve a limited period of two to three years with two goals: supporting new management's transformation plans and restoring growth, and identifying a permanent chair to lead the company into the 2030s ^[1][4].

The outcome is close to a formality. Through Novo Holdings, the Foundation owns more than 25% of the shares and holds more than 70% of the votes in Novo Nordisk A/S ^[1][4].

The backdrop

The shakeup follows a rough year. Former CEO Lars Fruergaard Jørgensen was ousted in May and replaced by Maziar Mike Doustdar, who took over in August ^[3][4]. Novo announced a transformation plan on Sept. 10 that includes cutting about 9,000 jobs, roughly 11.5% of its global workforce ^[1][3][4]. BioPharma Dive noted that Novo's lead in obesity treatment was eroded by competition from Eli Lilly's tirzepatide product Zepbound and by compounders selling cheaper copies during manufacturing shortages ^[4].

"This is a huge failure, and I think many in the company will have to look at themselves, both in the company, in the management and in the board," Sørensen said at a press conference, referring to the layoffs ^[4]. Copenhagen-listed Novo shares preliminarily closed 1.3% lower on Tuesday ^[3].

Why it matters for patients

Nothing in this announcement changes any prescription, dose, label or pharmacy supply. It is a governance fight at the top of the company that makes semaglutide, and the sources describe it as a dispute over board composition and speed of decision-making rather than over the medicines themselves ^[1][3].

Still, boards set direction on spending, pricing and pipeline priorities over time. The Foundation says its aim is to help the new CEO execute the transformation plan announced Sept. 10 and regain growth momentum ^[1]. What that means in practice for U.S. availability, list prices, insurance coverage or the timing of future semaglutide products is not addressed in these sources and is not yet known.

What happens next

• Nov. 14, 2025: the extraordinary general meeting where shareholders vote on the Foundation's slate ^[1][3].
• March 26, 2026: at the annual general meeting, the Foundation plans to propose Helena Saxon and one additional member for the board ^[1].
• Separately, Sørensen will remain chair of the Novo Nordisk Foundation but step down as chair of Novo Holdings, with a successor to be announced ^[1].