Novo Nordisk announced that Chairman Helge Lund and several independent directors will step down amid a governance dispute with the Novo Nordisk Foundation, which controls the majority of the company’s voting shares.
The Board has called for an Extraordinary General Meeting on November 14 to elect new members following the Foundation’s push for a more extensive overhaul. The Foundation, led by former Novo CEO Lars Rebien Sørensen, aims to expedite structural change and restore momentum after a year marked by share price decline and turnover in executive leadership.
Lund cited failure to “reach a common understanding” regarding the pace and scope of board renewal, noting that the Foundation favored sweeping replacements over the company’s proposal for a gradual refresh to preserve continuity. Vice Chair Henrik Poulsen and five independent directors will also exit, while key internal representatives will remain.
This transition follows the earlier appointment of CEO Maziar Mike Doustdar, who has initiated significant restructuring aimed at improving operational agility and rebuilding U.S. market share. Novo’s competitive position in the GLP-1 segment has been challenged by intensified pricing oversight and rival advances from Eli Lilly.
Analysts see the board revamp as a decisive assertion of control by the Foundation to align corporate governance with its long-term performance culture and R&D investment strategy.
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