Novo Nordisk CEO to Retire at the End of the Year
September 01 2016 - 3:49AM
Dow Jones News
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 dominic.chopping@wsj.com; Twitter:
@domchopping @WSJNordics
(END) Dow Jones Newswires
September 01, 2016 03:34 ET (07:34 GMT)
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