Overview
- An extraordinary general meeting is set for Nov. 14 to vote on a slate that would replace chair Helge Lund, vice chair Henrik Poulsen and five independent directors.
- The foundation has nominated Lars Rebien Sørensen to chair for two to three years, with Cees de Jong as proposed vice chair and candidates including Mikael Dolsten, Stephan Engels and Britt Meelby Jensen, while Helena Saxon is slated for election next year.
- The Novo Nordisk Foundation controls more than 70% of voting rights despite owning roughly a quarter of shares, positioning it to determine the board’s composition.
- Sørensen said the outgoing board was too slow to recognize the rapidly consumerized U.S. obesity market and pledged support for CEO Mike Doustdar’s turnaround focused on cost cuts and direct-to-consumer and mass channels.
- Shares fell about 3% on Wednesday following the overhaul plan, extending losses that have left the stock down roughly 45% this year, according to Reuters.