Novo Nordisk's new top executive will need to help the company close the gap with Eli Lilly, fend off emerging rivals and navigate other challenges

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

Lars Fruergaard Jorgensen, who has headed the pharmaceutical company for eight years, will step down after a period to support a smooth transition to new leadership.