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Novo’s Soerensen to Step Down

Novo Nordisk’s board likely will begin its search soon for the successor to Chief Executive Officer Lars Rebien Soerensen, who recently announced he will not serve out the rest of his contract to 2019 and could leave his post as early as next year.

Among the names mentioned is the company’s President Kaare Schultz, who was promoted last January.

Soerensen has been with Novo Nordisk since 1982 and has overseen a period of strong growth for investors; dividends increased nine-fold, or an average gain of 17 percent annually.

Novo Nordisk currently has a market value of $115 billion, placing it among the top 20 largest drugmakers worldwide.