Nokia Oyj’s board has stayed in the background as the company’s shares plummeted 67 percent 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. “In order to get maximum response in the shortest period of time, you have to start changing everywhere.”
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 percent this year alone. The Espoo, Finland-based company has lowered profit forecasts twice in three months, as new high-end smartphones were delayed.
Is it about time or Nokia going to rise like a phoenix