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Novo Nordisk calls EGM as boardroom rift triggers mass exits
(Sharecast News) - Danish pharmaceutical giant Novo Nordisk said on Tuesday it will hold an extraordinary general meeting on 14 November to elect a new board after a boardroom dispute over strategy saw more than half of the board members hand in their notice. Following disagreements with the Novo Nordisk Foundation over future board composition, chairman Helge Lund, vice chairman Henrik Poulsen and five independent directors will not seek re-election.
Lund will be replaced by Lars Rebien Sorensen, a previous leader of the company who now heads up its largest shareholder.
The move comes as part of a wider shakeup at the Wegovy and Ozempic weight loss drugmaker, and comes hot on the heels of the departure of its chief executive officer following a slump in the shares.
"After discussions with the Novo Nordisk Foundation about the future composition of the board, it was not possible to reach a mutual agreement. The board proposed a renewal focused on adding selected new competencies while maintaining continuity, whereas the foundation's board sought a more comprehensive restructuring," said chairman Helge Lund.
"After careful consideration, and given the foundation's position and control over the majority of votes in Novo Nordisk, the board concluded that it is in the best interests of the company and its shareholders to call an extraordinary general meeting to elect new board members and provide clarity on Novo Nordisk's future governance."
As of 1410 BST, Novo Nordisk shares were down 1.47% at DKK 354.50 each.
Reporting by Iain Gilbert at Sharecast.com
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