Novo Nordisk Foundation completes board overhaul, electing Sørensen as chair

Novo Nordisk shareholders elected Lars Rebien Sørensen as chair at an extraordinary general meeting on Nov. 14, 2025, completing a board overhaul driven by the company's controlling shareholder, the Novo Nordisk Foundation ^[1][2]. The same vote installed Cees de Jong as vice chair and added Britt Meelby Jensen and Stephan Engels as board members ^[1].

Six board members, including former chair Helge Lund, had stepped down before the meeting ^[1][2]. The Foundation holds 77% of Novo Nordisk's voting rights while owning about 28% of its share capital ^[1][2]. The new board won more than 90% approval, but some minority shareholders protested or abstained, citing concerns about concentrating decision-making power ^[2]. Sørensen now chairs both the Foundation and the company, a dual role Reuters describes as unprecedented in the firm's history ^[2].

Sørensen, who was Novo Nordisk's CEO from 2000 to 2016, told the meeting: "As the future chair I will attend to the interests of not only the Novo Nordisk Foundation but all shareholders of the company" ^[1]. He said he plans to stay in the role no more than two to three years and that the Foundation would return to operating at arm's length once a successor is elected. "I would like to make myself redundant as quickly as possible," he said ^[2].

The change follows months of leadership turmoil. Novo Nordisk replaced CEO Lars Fruergaard Jørgensen in May 2025 with Maziar Mike Doustdar, who is leading a restructuring that has eliminated thousands of jobs and entire research divisions ^[1]. Sørensen said the previous board "was perhaps too slow in recognizing the significance of the market changes in the United States" ^[1]. BMO Capital Markets noted when the earlier changes were announced that Novo Nordisk shares had fallen 36% year to date ^[1]. The company faces pressure from Eli Lilly, compounding pharmacies and supply constraints in the weight-loss market, where Wegovy sales growth has slowed ^[2].

Sørensen said he wants to add board members with recent pharmaceutical or over-the-counter experience as the company moves toward a direct-to-consumer, cash-paying model. "We would like to strengthen the board with some qualifications, preferably with recent pharma experience, perhaps even OTC experience," he said ^[2].

Why it matters for patients

Novo Nordisk makes Ozempic, Wegovy and Rybelsus (semaglutide), and is one of two main suppliers of GLP-1 obesity and diabetes drugs in the United States. Nothing in the board change alters the approved products, their labels, their list prices or insurance coverage, and no such changes have been announced ^[1][2].

The company's stated direction is the part that could matter over time. Sørensen said he wants consumer and over-the-counter expertise on the board as Novo shifts toward a direct-to-consumer, cash-paying model ^[2]. No specific over-the-counter product, price or launch date has been announced. Analysts at BMO said they want Novo Nordisk to "redouble efforts" to fight compounding pharmacies that have taken U.S. market share, and to diversify beyond semaglutide ^[1]. Neither source says how the new board plans to address compounding.

The restructuring under Doustdar has involved large layoffs and closed research programs ^[1][2]. Whether any of that affects patient support programs, savings cards or customer service has not been disclosed.

What happens next

Sørensen has said he plans to serve no more than two to three years and that the Foundation intends to step back to an arm's-length role once a successor is chosen ^[2]. No timeline or process for selecting that successor has been reported. The Foundation has said the current level of involvement is "not at all a procedure and process and governance that we want for the future" ^[1].