Novo Nordisk CEO to step down after 16 years

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.

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.