Novo Nordisk named Maziar Mike Doustdar as its new chief executive on Tuesday, relying on an experienced company insider to revive sales and a share price hit by worries the maker of weight-loss drug Wegovy is falling behind in a race it started.

Novo Nordisk, a Danish multinational pharmaceutical company headquartered in Bagsværd with production facilities in nine countries, has appointed Maziar Mike Doustdar as its new president and chief executive officer,