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.

It’s the end of an era at Novo Nordisk as longtime CEO Lars Fruergaard Jørgensen—who recently shepherded the company through its GLP-1 growth boom—heads for the exit. | Under a mutual agreement with Novo Nordisk's board of directors,