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.

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.

As Novo Nordisk's share price drops, CEO Lars Fruergaard Jorgensen steps down. The company aims to maintain its lead in the competitive weight-loss drug market.