With Novo Nordisk preparing for the succession of Lars Fruergaard Jørgensen as CEO (previous FENIX insight), the key question now is: who will take on the role? In Novo’s investor call to discuss its leadership transition plans, the company emphasized that its strategy has not changed and that it will continue to execute its current plans. As such, this seems to suggest that its next CEO may be more likely to fall in line with its previous patterns (e.g., internal hire) rather than someone who is viewed as more transformative. Below, FENIX presents a selection of both internal and external candidates as well as an assessment of the likelihood that they are on the CEO search committee’s short list.