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.

In a press release announcing the move, Novo Nordisk cited market challenges and its declining share price in a press release announcing the leadership shake up. Jorgensen will stay on as CEO temporarily for an undetermined period of time “to support a smooth transition” as the company looks for his replacement.

Danish pharmaceutical company Novo Nordisk, maker of blockbuster weight loss drug Wegovy, said Friday its CEO was stepping down by “mutual agreement” with the company’s board of directors, citing “recent market challenges” and a steep decline in the company’s share price.