Novo Nordisk's new top executive will need to help the company close the gap with Eli Lilly, fend off emerging rivals and navigate other challenges

"The changes are made in light of the recent market challenges Novo Nordisk has been facing, and the development of the company's share price since mid-2024," the company said in a statement.

The Danish drugmaker, which makes Ozempic and Wegovy, has seen its stock tumble as competition in the weight-loss drug market has grown fiercer.