Danish pharmaceutical company Novo Nordisk, maker of blockbuster weight loss drug Wegovy, said Friday its CEO was stepping down by “mutual agreement” with the company’s board of directors, citing “recent market challenges” and a steep decline in the company’s share price.

Pharmaceutical company Novo Nordisk, maker of blockbuster weight loss drug Wegovy, says its CEO is stepping down.

It was a ‘mutual agreement,’ Novo says in a statement. A search for Fruergaard Jørgensen’s successor is ongoing.