Outgoing Nokia board chief concedes mistakes

AP News
Posted: May 03, 2012 2:26 PM
Outgoing Nokia board chief concedes mistakes

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.