Nokia Shareholders Outraged By Pathetic Performance, Want CEO Booted Immediately

Olli-Pekka Kallasvuo, Nokia’s humiliated CEO

After the complete and total humiliation Apple has bestowed upon incumbent competitors RIM and Nokia in the last three years, it’s no wonder that shareholders of the latter companies are pissed. And now Nokia shareholders, at least, want blood:

Diana ben-Aaron at Bloomberg reports:

Nokia Oyj’s board has stayed in the background as the company’s shares plummeted 67 per cent in the three years since Apple Inc. started selling the iPhone. Pressure has been building on directors to act.

“For me, the board needs to act yesterday,” said Vlad Cara, who helps manage 150 billion Swiss francs ($144 billion) in investments including Nokia shares at Pictet Asset Management Ltd…

Nokia, the world’s largest phone maker, has lost almost 60 billion euros ($77 billion) in market value since the iPhone’s 2007 debut, with the stock falling 25 per cent this year alone. The Espoo, Finland-based company has lowered profit forecasts twice in three months, as new high-end smartphones were delayed.

Chairman Jorma Ollila has stood by CEO Olli-Pekka Kallasvuo and his management team in the four years since Nokia’s last big hit, the N95, helped boost the operating margin in the devices unit to more than 21 per cent. Since then, Apple and Research in Motion Ltd. have eaten away at Nokia’s customers and profit, pushing the handset margin to 12.1 per cent in the first quarter.

A new CEO is the first order of business, said James Kelleher, an analyst at Argus Research Corp. in New York….

Keep reading at Bloomberg >

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