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Pharmaceutical company Novo Nordisk, maker of blockbuster weight loss drug Wegovy, says its CEO is stepping down.

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.

"Considering the recent market challenges, the share price decline, and the wish from the Novo Nordisk Foundation, the Novo Nordisk Board and Lars Fruergaard Jørgensen have jointly concluded that ...