Pharmaceutical company Novo Nordisk A/S, maker of blockbuster weight loss drug Wegovy, said Friday its CEO was stepping down by “mutual agreement” with the company's board of directors, citing “recent market challenges” and a steep decline in the company's share price.

Pedersen and Stine Jacobsen COPENHAGEN (Reuters) -Wegovy-maker Novo Nordisk ousted CEO Lars Fruergaard Jorgensen on Friday over concerns the company is losing its first-mover advantage in the highly competitive obesity drug market.

Novo Nordisk, maker of weight loss drug Wegovy, says CEO Lars Fruergaard Jorgensen is leaving the company by "mutual agreement."