ConvaTec Group PLC - Reading, England-based medical products and technologies company - Non-Executive Director Sten Scheibye steps down from the board with immediate effect, having served since 2018. Scheibye was nominated by Novo Holdings AS, which as a significant shareholder in ConvaTec was entitled to nominate one non-executive director to the board. The companies agree to end this arrangement, but ConvaTec says Novo "remains an important shareholder".
Novo Holdings comments: "Given the increasing momentum in Convatec's growth and margin trajectory and the high regard and confidence we have in management, we no longer feel a need to occupy a board position at the company. As shareholders, we are very excited by the opportunity we see for further value creation by the company."
Novo Holdings is the controlling shareholder of Danish pharmaceutical firm Novo Nordisk AS and biotech firm Novozymes. It also invests and manages the assets and wealth of the Novo Nordisk Foundation.
Novo Nordisk is Europe's most valuable company, with a market capitalisation of DKK2.28 trillion, about USD327.5 billion.
Current ConvaTec stock price: 220.40 pence, down 4.5% on Friday morning
12-month change: down 2.4%
By Elizabeth Winter, Alliance News senior markets reporter
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ConvaTec (CTEC)