Novo Nordisk’s new CEO starts hiring freeze in cost-cutting push

Novo’s new chief executive, Maziar Mike Doustdar, has signaled that job cuts may be part of a promised revamp

Novo Nordisk A/S said it has implemented a global hiring freeze as the Danish maker of weight-loss drugs seeks to cut costs and regain its footing in the competitive market.

The hiring freeze will apply across all markets and departments, with the exception of business-critical roles, a spokeswoman said.

Novo’s new chief executive, Maziar Mike Doustdar, has signaled that job cuts may be part of a promised revamp, telling reporters last month that Novo needs to exercise greater discipline and prudence on spending. He said he plans to review the company’s cost base.

Novo’s workforce has mushroomed to more than 78,000 people in recent years as the drugmaker rushed to boost production of its blockbusters Ozempic and Wegovy. On Wednesday, the company’s website had just over 400 jobs posted globally, most of them in China and the U.S. Just eight positions were open in its home market of Denmark.

Danish newspaper Berlingske first reported the hiring freeze.