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Shareholders read the riot act to Nokia

by on08 May 2013

Sort it or there will be trouble

Nokia investors read the riot act to Chief Executive Stephen Elop telling him that they were running out of patience.

Shareholders at the annual meeting in Helsinki said Elop should reconsider his 2011 decision to switch to the phone operating software made by his former employer Microsoft. One shareholder, Hannu Virtanen told Elop that he was a nice guy and the leadership team is doing its best, but clearly, it's not enough.

The transition to Windows Phone from Nokia's own Symbian system was meant to take two years. That period is now over, and while recent results have shown growth in sales of Lumia smartphones using Windows Phone 8 software, the volumes pale in comparison with the top Samsung and Apple models, and sales of its regular mobile phones have plunged in the meantime.

Nokia shares have also plunged, now trading at 2.72 euros, a fraction of their 65-euro peak in 2000. However Elop told the meeting that he was not going to change his mind.

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