Novo Nordisk CEO Lars Fruergaard Jorgensen is stepping down per mutual agreement with the company. The company said Friday he will continue as CEO for a while to smooth the leadership transition.

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.

The Danish drugmaker, which makes Ozempic and Wegovy, has seen its stock tumble as competition in the weight-loss drug market has grown fiercer.