Lars Fruergaard Jorgensen, the chief executive of once-highflying Danish drugmaker Novo Nordisk, is stepping down after eight years in the role, the maker of Ozempic and Wegovy drugs announced on Friday.

CEO Lars Fruergaard Jørgensen will step down after eight years at the helm of the Danish pharmaceutical giant responsible for the blockbuster drugs Ozempic and Wegovy, the company said Friday.

In a press release announcing the move, Novo Nordisk cited market challenges and its declining share price in a press release announcing the leadership shake up. Jorgensen will stay on as CEO temporarily for an undetermined period of time “to support a smooth transition” as the company looks for his replacement.