It was a ‘mutual agreement,’ Novo says in a statement. A search for Fruergaard Jørgensen’s successor is ongoing.

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.

The Danish pharmaceutical giant said Fruergaard Jørgensen would remain in his post "for a period to support a smooth transition to new leadership."