Novo Nordisk recently revealed its current chair Helge Lund and six additional board members are stepping down in November, following a conflict with the Novo Nordisk Foundation over the pace of ongoing changes within the company.¹ In response to this announcement, Novo’s shares have dropped, including a 1.3% drop on Tuesday, October 21, and a 3% drop on Wednesday, October 22, 2025.

“Following dialogue with the Novo Nordisk Foundation regarding the future composition of the Board of Directors, it has not been possible to reach a common understanding. The Board proposed a renewal focusing on addition of select, new competencies while also maintaining continuity, whereas the Board of the Foundation wanted a more extensive reconfiguration,” said Helge Lund in a statement on the company’s website. “After thorough deliberation and considering the Foundation’s position and control of the majority of votes in Novo Nordisk, the Board concluded that it is in the best interest of the company and its shareholders to convene an Extraordinary General Meeting to elect new board members to provide clarity on the future governance of Novo Nordisk.”

Novo Nordisk’s stock fluctuation this year

Following the recent chair and board member adjustments, Novo’s stock lost roughly $10 billion in market value.¹ Additionally, Novo shares are down an estimated 45% for the year. According to a report from Reuters, Barclays analysts say they were “somewhat surprised” by the announcement’s size and timing, as just back in August Novo appointed new CEO Mike Doustdar.¹ The analysts also suggested that the recent board alterations “appear to be a structural governance reset” and added that the movement is potentially aimed at aligning the board composition with Novo’s pivot to consumer engagement, and placing a focus on potential deals, and the US-based markets.¹

"Disagreement between Novo and the foundation was already visible when the CEO was fired. Not on request of Novo, but the foundation," Nordnet Analyst, Per Hansen told Reuters."Lots of challenges short term. Lots of opportunities long term."¹

What are the changes to Novo’s board?

In a statement on the company’s website, Novo revealed it is holding an Extraordinary General Meeting in November later this year, aiming to make “significant changes” during the meeting. Additionally, Novo revealed in its statement which board members will stand for reelection, along with members who won’t be standing for reelection.

Novo revealed the following members of the board who are said to not be standing for reelection during the meeting:

• Chair Helge Lund
• Vice Chair Henrik Poulsen
• Laurence Debroux
• Andreas Fibig
• Sylvie Grégoire
• Christina Law
• Martin Mackay

The following members are expected to remain on the board: Elisabeth Dahl Christensen, Liselotte Hyveled, Mette Bøjer Jensen and Thomas Rantzau.² In a press release, Novo listed the following names as candidates who were nominated to the board by the Novo Nordisk foundation, the largest investor on the board:

• Lars Rebien Sørensen, Chair
• Cees de Jong, Vice Chair
• Britt Meelby Jensen, Member
• Mikael Dolsten, Member
• Stephan Engels, Member

Novo Nordisk CEO Mike Doustdar, touched on the board overhaul in a press release, saying, “It is always difficult to see talented and valued colleagues go, but we are convinced that this is the right thing to do for the long-term success of Novo Nordisk. We need a shift in our mindset and approach so we can be faster and more agile. Our transformation plan is designed to deliver this. By realigning our resources now, we will be able to prioritize investments to drive sustainable growth and future innovation for the millions of patients with chronic diseases globally, particularly in diabetes and obesity.”

Sources

1. Novo Nordisk shares fall as top investor drives board overhaul Reuters October 22, 2025 https://www.reuters.com/business/novo-nordisk-shares-fall-top-investor-drives-board-overhaul-2025-10-22/
2. Novo Nordisk announces an Extraordinary General Meeting to be convened to elect new members of the Board of Directors. Novo Nordisk. October 21, 2025. https://www.novonordisk.com/content/nncorp/global/en/news-and-media/news-and-ir-materials/news-details.html?id=916439
3. The Novo Nordisk Foundation proposes new candidates for election as members of the Board of Directors of Novo Nordisk A/S. Novo Nordisk Foundation. October 21, 2025. https://www.prnewswire.com/news-releases/the-novo-nordisk-foundation-proposes-new-candidates-for-election-as-members-of-the-board-of-directors-of-novo-nordisk-as-302590212.html