Novo Nordisk named Maziar Mike Doustdar as its new chief executive on Tuesday, relying on an experienced company insider to revive sales and a share price hit by worries the maker of weight-loss drug Wegovy is falling behind in a race it started.

Novo Nordisk today announced that Maziar Mike Doustdar has been appointed as president and chief executive officer, effective 7 August 2025. Mike Doustdar succeeds Lars Fruergaard Jørgensen, who will step down as president and chief executive officer on the same date.

Partially a result, Novo Nordisk has steadily declined since last summer. Over the past year, NVO shares are down more than 57%. And since the beginning of 2025, the company’s share price has declined more than 35%. As of the time of this writing, NVO shares are down just over 20% this morning to $55.17 per share.