COPENHAGEN, Denmark – Novo Nordisk says its CEO, Lars Rebien Soerensen, is stepping down at the end of the year after 16 years in charge at the Danish drug maker.
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The company said Thursday that Executive Vice President Lars Fruergaard Joergensen will replace 61-year-old Soerensen on Jan. 1, 2017.
Novo Nordisk, one of the world's leading makers of diabetes medicines, has expanded under Soerensen's leadership, with a five-fold increase in revenue since 2000.
But the company's share price has dropped 15 percent since early August, when the company slashed its full-year growth forecast, citing intensifying competition in the United States.