Novo Replaces CEO Jorgensen After Lilly Rivalry Hits Shares

Novo Nordisk A/S is replacing Chief Executive Officer Lars Fruergaard Jorgensen as the drugmaker wrestles with increased competition for its Wegovy obesity shots that transformed the weight-loss industry and made the Danish company the star of corporate Europe.

The stunning and unprecedented move from a company known for its consensual culture follows a 53% decline in its share price over the past 12 months that has sliced more than $300 billion off its market value. Novo has faced setbacks in trials of new weight-loss drugs and growing inroads from Eli Lilly & Co.