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.

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.