06:38 AM EDT, 10/22/2025 (MT Newswires) -- (Updates with stock movement in the headline and first paragraph and information on proposed appointment of Lars Rebien Sorensen as boar chair in the third paragraph.)

Novo Nordisk ( NVO ) shares were down more than 2% pre-bell Wednesday after the company said Tuesday Chair Helge Lund, Vice Chair Henrik Poulsen and five other independent board members will not stand for election on Nov. 14 at an extraordinary general meeting.

Meanwhile, the Novo Nordisk Foundation proposed on Tuesday to elect its chair, Lars Rebien Sorensen, as chair of Novo Nordisk ( NVO ) for a limited period of two to three years to support the new management of Novo Nordisk ( NVO ) "in implementing its transformation plans and regaining the company's growth momentum." He would also "identify and appoint a new chair who can successfully lead the company into the 2030s."

Novo Nordisk Foundation has also proposed Cees de Jong as vice chair of the board as well as Britt Meelby Jensen, Mikael Dolsten, and Stephan Engels as board members. The foundation said Sorensen will remain as its chair of but will step down as chair of the foundation's investment company.