Novo Nordisk on Friday appointed a new chairman and revamped its board, concluding a power struggle with its controlling shareholder, the Novo Nordisk Foundation.
At an extraordinary general meeting, Lars Rebien Sørensen, who also chairs the foundation, was elected as the new chair of the pharmaceutical company's board.
The move follows the resignation of former chair Helge Lund, the vice chair, and five other board members.
The overhaul was prompted by the foundation, which holds a majority of the company's voting rights and had pushed for a more extensive board reconfiguration following a period of market challenges.
The leadership change comes as the Danish drugmaker is searching for a new chief executive and is navigating slowing growth for its key obesity and diabetes drugs.
"My mandate is very clear," Mr. Sørensen said at the meeting.
"I have two important tasks together with the Board: First, to support the CEO and the management in its transformation plans to regain its competitive leadership, and second, prepare the way for my successor."
He also said he would attend to the interests of all shareholders, not just the foundation.
The company also elected Cees de Jong as vice chair, and Britt Meelby Jensen and Stephan Engels as new board members.
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