Outgoing Nokia Corp. board chairman Jorma Ollila has conceded the company made mistakes during his tenure at the helm of the cellphone maker that held the No. 1 spot for 14 years.
Ollila says Nokia cannot be satisfied with the its recent performance as it struggles in a transition after teaming up with Microsoft Corp. a year ago.
Nokia's share price dropped to a 15-year low of (EURO)2.98 ($3.91) last month after it announced huge first-quarter losses and a 30 percent drop in sales.
Ollila, who worked in Nokia for 27 years, was speaking to shareholders in Helsinki on Thursday. He was Nokia's CEO in 1992-2006 and has headed the board since 1999.