Overview
- Shareholders at the Nov. 14 extraordinary meeting approved the foundation’s overhaul, elevating Sørensen to company chair in a dual role with his foundation chairmanship.
- Norges Bank Investment Management abstained and CalSTRS voted against the slate, aligning with ISS’s abstain recommendation and underscoring a split among minority holders.
- Mikael Dolsten withdrew his board candidacy shortly before the vote, with additional nominees now expected to be proposed at the March 26, 2026 annual meeting.
- The leadership reset follows declining momentum for Wegovy as Eli Lilly’s GLP-1 drugs gain share and compounding pharmacies offer cheaper copycats, with Novo missing Q3 estimates and trimming guidance.
- CEO Mike Doustdar, appointed in July, has launched a turnaround that includes global layoffs exceeding 10% and a U.S.-focused commercial pivot after an unsuccessful bid for Metsera.