Danish drug-making company Novo Nordisk has named Mazir Mike Doustdar as its new Chief Executive Officer on Tuesday.
The company, known for its blockbuster diabetes and weight-loss drugs Ozempic and Wegovy, made this announcement alongside lowering its earnings forecasts again.
Doustdar, an executive in the company for over three decades, has been given the responsibility to tackle “recent market challenges”.
Doustdar’s background: Education, family and past roles
Maziar Mike Doustdar has been working with Novo Nordisk since 1992. He started working in the company as an office clerk. However, he quickly rose through the ranks and became a key figure in the company’s core business.
He holds a BA in International Business from Webster University, Vienna (1994), and later went on to pursue an executive education from the Harvard Business School, specialising in Leadership & Strategy for Pharmaceutical & Biotech (2012).
Doustdar currently lives in Switzerland with his wife and younger son who are both Dutch citizens. He also has an elder son who lives in Scotland for his higher education.
Roles and responsibilities
Novo Nordisk announced the departure of its chief executive Lars Fruergaard in May this year, citing “market challenges” as the reason.
Fruergaard’s position will be replaced by Maziar Mike Doustdar, who is currently serving as the company’s vice president for international operations, reported AFP.
In his current role, he leads almost 20,000 employees across five regions. Other than being an executive at Novo Nordisk, Doustdar also serves on Orion Corporation’s board and the International Community School in Zurich’s Board of Trustees.
“We are confident that he is the best person to lead Novo Nordisk through its next growth phase,” board chairman Helge Lund said.
Further explaining the “market challenges,” which prompted the departure of the former CEO, Lund added that “The market is developing rapidly, and the company needs to address recent market challenges with speed and ambition.”
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