Eivind Kolding is leaving his job as Chief Executive Officer of Novo A/S at the end of February, The Novo Nordisk Foundation said in a press release Friday afternoon.

The Board is looking for someone with another profile and the announcement can only be seen as a sacking og the former Danske Bank and Maresk Line chief, who thus only served as CEO of the Novo Nordisk Foundation’s investment branch for two years.

Gain access to all our content for 40 days free of charge

“In connection with having to appoint a new CFO, the Board of Novo A/S has decided to use the occasion to reconsider the collective profile of the future management of Novo A/S. The Board has come to the conclusion that it will be necessary with a CEO with a different background than that of Eivind Kolding in the long run,” says Sten Scheibye, Chiamrna of both Novo A/S and the Novo Nordisk Foundation, according to a press release, adding:

“Consequently we have agreed with Eivind Kolding that he will resign, and we will now initiate the search for his successor. The new CEO will be responsible for recruiting the new CFO.”

Understands the decision

As alluded to by the Chairman, Novo A/S is in the process of finding a new Chief Financial Officer, as former CFO, Bjarne Graven, stepped down in December last year in favor of a role as Chief Investment Officer for Ontario Teachers Pension Plan (OTPP). It seems that departure has led the Board to opt for a new CEO as well.

For an interim period until a permanent successor has been appointed, Sten Scheibye will act as both Chairman and CEO. Eivind Kolding says he understands the decision.

“I have enjoyed my time with Novo A/S and the great results we have achieved. I understand the wishes of the Board’s wish to have someone else in charge of the company in the long term. In that light, it is only natural to carry out the change now,” he says.

The departure also means that Eivind Kolding will not continue to serve on the Boards of subsidiaries Novo Nordisk and Novozymes after the coming general assemblies of the companies, as “both positions are closely linked” to the position of CEO in Novo A/S. He will, however, be up for reelection to the Board of IT subsidiary NNIT.

And the sacked CEO is not immediately going out to look for another executive position for another Danish or international corporation, but will instead “primarily focus on consultancy and Boardroom work in and outside of the business world”, the announcement reveals.

 Novo CEO: We want to focus on mature companies 

 Kolding: It lived up to all our criteria 

 Novo A/S makes big investment in lab services group 

 Novo Seeds looking to expand its investment team 

- translated by Martin Havtorn Petersen

Would you like to receive the latest news from MedWatch directly in your e-mail inbox? Sign up for our free English newsletter below.