09:29 AM EDT, 09/16/2025 (MT Newswires) -- Novo Nordisk ( NVO ) will overhaul job titles across its senior management ranks starting next year as part of a restructuring under new Chief Executive Maziar Mike Doustdar, Bloomberg reported Tuesday, citing an internal company memo.

The changes will affect only titles and will not alter pay, benefits or job levels, according to the report. Some titles will be downgraded, such as vice presidents shifting to associate vice president or senior director, while others will be upgraded, Bloomberg reported.

"This update brings us clarity and transparency, ensuring a title means the same thing, no matter where in the company you are based," Tania Sabroe, Novo's vice president of people and organization, said in the memo, according to Bloomberg.

The move follows recent cost-cutting measures, including plans to cut 9,000 jobs globally, lower its profit outlook for the third time this year, and end remote work policies in 2026, Bloomberg said.

Novo did not immediately respond to a request for comment from MT Newswires.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)