Wegovy-maker Novo Nordisk ousted CEO Lars Fruergaard Jorgensen on Friday over concerns the company is losing its first-mover advantage in the highly competitive obesity drug market.

After nearly tripling the company’s value, CEO Lars Fruergaard Jørgensen is preparing to exit amid boardroom shifts. Novo Nordisk announced Friday that it would part ways with its longtime CEO, who steered the company into an unprecedented boom time for weight-loss drugs.

When Novo Nordisk A/S Chief Executive Officer Lars Fruergaard Jorgensen dialed into a Teams video call with Chairman Helge Lund, he was expecting an ordinary catchup.