Risto Siilasmaa, who is taking over as Nokia Oyj’s chairman today, defended the Finnish mobile-phone maker’s turnaround strategy that is finding few supporters among shareholders at today’s annual meeting.
Nokia Oyj nominated entrepreneur Risto Siilasmaa to succeed Jorma Ollila as chairman, signaling that key decisions at the world’s biggest mobile-phone company by handsets deliveries will stay in Finland.
Nokia Oyj is close to announcing a software partnership with Microsoft Corp. , a bet that together the two companies can better challenge Google Inc. and Apple Inc., according to a person with knowledge of the discussions.
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.
Royal Dutch Shell Plc, Europe’s largest oil company, has started a search for a new chairman because Jorma Ollila is approaching nine years on the board, the maximum recommended for non-executives in the U.K., a person familiar with the process said.
Nokia Oyj rose as much as 5.2 percent in Helsinki trading after the Wall Street Journal reported the world’s biggest maker of mobile phones is looking to replace Chief Executive Officer Olli-Pekka Kallasvuo .