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The pharmaceutical firm responsible for developing the anti-obesity treatment Wegovy and diabetes medication Ozempic is experiencing a major leadership overhaul, with multiple board members, along with the chairman, preparing to leave.

The Danish company announced on Tuesday that board leader Helge Lund, deputy chairman Henrik Poulsen, and five board members will not stand for re-election at an special shareholder gathering scheduled for November.

These exits follow a disagreement between the board and its majority shareholder regarding the firm's strategic direction.

This marks the most recent in a string of changes at the Scandinavian drug company, which welcomed a fresh CEO in August and disclosed plans to lay off thousands of employees in September.

Last month, the firm alerted investors about profits due to increased competition from US rivals and introduced a expense-reduction initiative as it lowered its earnings outlook for the third time this year.

The widespread adoption of Novo Nordisk's Ozempic diabetes treatment, often used for unapproved purposes as a weight loss drug, and Wegovy had boosted its share price to the extent where, in summer 2024, it was Europe's most-valuable company.

Current market rivalry from rivals like Eli Lilly has diminished that valuation, and shares in Novo Nordisk declined another 1.7% on the news of the leadership reshuffle.

The resignations stem from a difference of opinion between board members from the drug maker and its majority shareholder, the charitable Novo Nordisk Foundation, on the scope of reforms required.

The foundation owns 28.1% of the company's shares, but controls a 75% portion of the decision-making power, which suggests that it wields considerable sway over how the corporation is managed and who holds senior roles.

Departing chairman Helge Lund commented that the Novo Nordisk board had suggested bringing in a number of fresh directors to add new skills, but the Novo Nordisk Foundation "wanted a more extensive restructuring".

The Foundation effectively secured the ouster of former chief executive Lars Fruergaard Jorgensen in May.

The current chairman of the Novo Nordisk Foundation, Lars Rebien Sorensen, who was the pharma's chief executive from 2000 to 2016, is being put forward to replace current chairman Mr Lund, the foundation announced.

Lars Sorensen remarked that the drug manufacturer had been "insufficiently quick in recognising core industry shifts" as the use of its medications became mainstream and competitors introduced rival treatments.