Board Candidacy Withdrawn
Dr. Mikael Dolsten, a prominent figure previously serving as the Head of Research & Development at Pfizer, announced his withdrawal from consideration for a seat on the Novo Nordisk A/S Board of Directors on November 13, 2025. The decision came just one day before an Extraordinary General Meeting (EGM) held on Friday, November 14, 2025, in Bagsværd, Denmark, where new board members were to be elected.
Dolsten cited 'recent personal circumstances unrelated to Novo Nordisk A/S and the Novo Nordisk Foundation' as the reason for his unexpected withdrawal. His candidacy had been part of a broader proposed overhaul of the board, driven by the company's controlling shareholder, the Novo Nordisk Foundation.
Context of Board Restructuring
The Extraordinary General Meeting was convened following a push by the Novo Nordisk Foundation for a significant reconfiguration of the board. This initiative aimed to introduce new competencies and perspectives to help the company regain momentum, particularly in the competitive obesity drug market. The foundation, which holds 77% of Novo Nordisk's voting rights, sought to implement changes after a period that included profit warnings and a leadership change.
At the EGM, shareholders approved the appointment of Lars Rebien Sørensen as the new Chair of the Board and Cees de Jong as Vice Chair. Additionally, Britt Meelby Jensen and Stephan Engels were elected as new board members. Seven other board members, including the former Chair Helge Lund, stepped down as part of the restructuring.
Future Board Composition
Following Dolsten's withdrawal, the Novo Nordisk Foundation and Novo Holdings A/S confirmed that they would not propose a replacement candidate at the November 14 EGM. Instead, the incoming Board of Directors intends to identify and nominate two additional candidates, alongside Helena Saxon, for election at the company's Annual General Meeting scheduled for March 26, 2026.
The newly constituted board, after the EGM, includes:
- Lars Rebien Sørensen (Chair)
- Cees de Jong (Vice Chair)
- Britt Meelby Jensen (Shareholder-elected Board member)
- Stephan Engels (Shareholder-elected Board member)
- Kasim Kutay (Shareholder-elected Board member)
- Elisabeth Dahl Christensen (Employee-elected Board member)
- Liselotte Hyveled (Employee-elected Board member)
- Mette Bøjer Jensen (Employee-elected Board member)
- Thomas Rantzau (Employee-elected Board member)
5 Comments
Muchacha
A last-minute withdrawal? Sounds incredibly messy and unprofessional.
Raphael
Why announce his candidacy if he wasn't committed? Poor planning.
Leonardo
Another sign of instability. Not confident in Novo Nordisk's leadership.
Raphael
The foundation is clearly taking decisive steps. Strong leadership ahead!
Michelangelo
While the new board appointments seem promising for the company's future direction, the absence of an immediate replacement for Dolsten means a key position remains unfilled. This could slightly delay the full implementation of their strategic vision.