Denmark's Novo Nordisk said Tuesday it would replace more than half of its board, including the chair, as the Ozempic and Wegovy maker restructures in the face of rising competition for its anti-obesity treatments.

The company, which recently changed its CEO and announced it will lay off 9,000 employees, set an extraordinary shareholders meeting for November 14 following a disagreement between the board and majority shareholder over its future governance.

After failing to reach an understanding "the board concluded that it is in the best interest of the company and its shareholders to convene an extraordinary general meeting to elect new board members to provide clarity on the future governance of Novo Nordisk," current board chair Helge Lund said in a statement.

Of the current 12 board members, seven are giving up their seats.

The maker of Ozempic anti-diabetes treatment and Wegovy weight-loss........

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