Novo Nordisk CEO to Retire at the End of the Year

By Dominic Chopping

The chief executive of Denmark's Novo Nordisk A/S (NOVO-B.KO) is retiring at the end of the year after 16 years in the job, the pharmaceutical company said on Thursday.

Lars Rebien Sorensen, a 34-year Novo Nordisk veteran, will step down from his position on Dec. 31 to be replaced by Lars Fruergaard Jorgensen, currently the company's head of corporate development.

"I have been closely involved in the assessments that have led to the board's decision to appoint Lars Fruergaard Jorgensen as my successor, a decision which I fully support," Mr. Sorensen said.

Mr. Sorensen will now be nominated to join the board of directors of the Novo Nordisk Foundation and Novo A/S next year.

The Novo Nordisk Foundation awards grants, while Novo A/S, the Foundation's wholly owned subsidiary, manages the Foundation's commercial activities. The objective of Novo A/S is to manage the Foundation's endowment and its controlling interests in Novo Nordisk A/S and Novozymes A/S.

"With the competences and experience that Lars Rebien Sorensen has, we found it obvious to ask him to consider standing for election to the boards of directors of the Novo Nordisk Foundation and Novo A/S," said Sten Scheibye, Chairman of Novo Nordisk Foundation and Novo A/S.

"Lars Rebien Sorensen has agreed to take on this dual responsibility."

-Write to Dominic Chopping at [e-mail]; Twitter: @domchopping @WSJNordics

(END) Dow Jones Newswires

September 01, 2016 03:34 ET (07:34 GMT)

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