Ferring's Frederik Paulsen hands over the reins to Lars Rebien Sørensen

Frederik Paulsen is stepping down from his role as Ferring’s chairman of the board of directors after 33 years, the company has announced.

The Swedish billionaire, who has been in the job since 1988, has overseen an expansion of Ferring’s presence into almost 60 countries and an increase in its annual revenues to nearly two billion euros ($2.4 billion). He is now transitioning to the role of honorary chairman and will dedicate more time to his passions of polar exploration and climate change science, as well as his philanthropic activities and various investments.

Lars Rebien Sørensen, who was president and chief executive of Danish diabetes giant Novo Nordisk (NOV: N) from 2000 until 2016, is taking over as chairman of the board at Ferring, which is now based in Switzerland.