Novo Nordisk's Sorensen retiring at year end

Diabetes company Novo Nordisk A/S (CSE:NVO; NYSE:NVO) said President and CEO Lars Sorensen is retiring and will be succeeded on Jan. 1, 2017, by EVP and Head of Corporate Development Lars Jorgensen. The company said Jorgensen's successor will be named at a later date.

Sorensen has been CEO at Novo Nordisk for 16 years. His departure comes as the pharma has faced headwinds in the diabetes market due to increased competition and pricing pressure. On an August conference call to discuss Novo's 1H16 financial results, Sorensen said the U.S. diabetes environment is "becoming increasingly challenging and contract negotiations for 2017 have reflected an intensified price competition." ...