Novo Nordisk names Maziar Mike Doustdar new CEO

Novo Nordisk names Maziar Mike Doustdar new CEO

Novo Nordisk has appointed Maziar Mike Doustdar as the new president and chief executive officer (CEO), effective 7 August 2025. The appointment follows the resignation of Lars Fruergaard Jørgensen, who will step down from the role on the same date. The company also announced other executive-level changes effective from the same date.

Mike Doustdar, currently the executive vice president of International Operations, has a strong track record of driving growth. Under his leadership, Novo Nordisk's International Operations have more than doubled sales to approximately DKK 112 billion in 2024. He will succeed Lars Fruergaard Jørgensen, who has been with the company for 34 years [1].

The appointment of Doustdar comes at a critical time for Novo Nordisk, which recently faced challenges, including a significant loss in market value due to slumping sales of its weight-loss drugs. The company's revised financial outlook projects sales growth of 8% to 14% and operating profit growth of 10% to 16% for the year, reflecting the impact of reduced weight-loss drug sales [2].

Doustdar's appointment is notable for being an internal promotion, which may have surprised some investors who had anticipated a high-profile external candidate. However, Novo Nordisk's Chair, Helge Lund, expressed confidence in Doustdar's ability to lead the company through its next growth phase. Lund noted that Doustdar has consistently demonstrated the ability to drive growth through strong commercial execution and building high-performing teams [1].

The company also announced that the Research & Early Development and Development areas will be merged into a new, consolidated R&D unit under the leadership of Martin Holst Lange, who will be appointed as chief scientific officer (CSO). Marcus Schindler, who has been CSO since 2021, will retire from the company. Emil Kongshøj Larsen, currently senior vice president of the Europe and Canada region, will join Executive Management and succeed Doustdar as executive vice president of International Operations [1].

Novo Nordisk will host a conference call for investors at 14:30 CEST on 29 July 2025, and for media at 16:00 CEST, to discuss these changes further. The company's shares experienced a sharp decline following the profit warning, with the stock closing 23% lower on the day, bringing the year-to-date loss to 45% [2].

References:
[1] https://www.novonordisk.com/content/nncorp/global/en/news-and-media/news-and-ir-materials/news-details.html?id=916408
[2] https://www.sharecafe.com.au/2025/07/30/novo-nordisk-appoints-new-chief-executive/