As its obesity medication Wegovy loses a sizable portion of the market to Eli Lilly and Company (NYSE:LLY)’s competing medicine, Zepbound, the Danish pharmaceutical behemoth Novo Nordisk A/S (NYSE:NVO) abruptly announced the resignation of veteran CEO Lars Fruergaard Jørgensenm last week.

Wegovy-maker Novo Nordisk ousted CEO Lars Fruergaard Jorgensen on Friday over concerns the company is losing its first-mover advantage in the highly competitive obesity drug market.

CEO Lars Fruergaard Jørgensen will step down after eight years at the helm of the Danish pharmaceutical giant responsible for the blockbuster drugs Ozempic and Wegovy, the company said Friday.