Pharmaceutical company Novo Nordisk A/S, 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.

Lars Fruergaard Jørgensen will step down after eight years helming the Danish drugmaker, shares of which have shed half their value in the past 12 months.

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.