Novo Nordisk CEO Lars Fruergaard Jorgensen is stepping down per mutual agreement with the company. The company said Friday he will continue as CEO for a while to smooth the leadership transition.

Wegovy-maker Novo Nordisk said on Friday its CEO Lars Fruergaard Jorgensen will step down over concerns the company is losing its first-mover advantage in the highly competitive obesity drug market.

Danish pharmaceutical company Novo Nordisk, maker of blockbuster weight loss drug Wegovy, said Friday its CEO was stepping down by “mutual agreement” with the company’s board of directors, citing “recent market challenges” and a steep decline in the company’s share price.