Novo Nordisk, the pharmaceutical giant behind the widely popular weight-loss drug Wegovy and diabetes treatment Ozempic, is undergoing a significant boardroom reshuffle. Seven board members, including Chairman Helge Lund and Vice Chair Henrik Poulsen, are set to depart following an extraordinary investor meeting in November. This move comes amidst a series of transformative changes for the Danish company, which recently appointed a new CEO in August and announced plans to lay off 9,000 employees in September. The company has also issued profit warnings due to heightened competition from U.S. rivals, leading to a revised profit growth forecast for the third time this year. The widespread adoption of Ozempic, often used off-label for weight loss, and Wegovy had previously propelled Novo Nordisk to become Europe’s most valuable company in summer 2024. However, recent competition from firms like Eli Lilly has eroded its valuation, with shares dipping 1.7% following news of the boardroom shake-up. The departures stem from disagreements between board members and the Novo Nordisk Foundation, the company’s majority shareholder, which holds 28.1% of shares but controls three-quarters of voting rights. The Foundation, which successfully pushed for the removal of former CEO Lars Fruergaard Jorgensen in May, is now nominating Lars Rebien Sorensen, its current chairman and former Novo Nordisk CEO, to replace Mr. Lund.