The Danish drugmaker, which makes Ozempic and Wegovy, has seen its stock tumble as competition in the weight-loss drug market has grown fiercer.

Novo Nordisk’s new top executive will need to help the company close the gap with Eli Lilly, fend off emerging rivals and navigate other challenges

The company behind the weight loss sensation that transformed bodies and bank accounts across America just showed its own CEO the door. Novo Nordisk announced Friday that Lars Fruergaard Jorgensen is stepping down by “mutual agreement” with the board—corporate speak for “things aren’t going well and someone has to take the fall.”