Nokia Shareholders Not Happy with Microsoft Deal

February 16th, 2011 at 9:30 am
 


A group of Nokia shareholders put up a website to vent their frustrations against the company after it announced its decision to use Microsoft’s Windows Phone 7 mobile OS.

The group, who describe themselves as “a group of nine young Nokia shareholders,” published an online protest through a site called nokiaplanb.com. They call on Nokia to commit on a number of things, including rejecting its alliance with Microsoft, refocusing on its in-house research, make MeeGo the default mobile OS for all Nokia smartphones, and ultimately ditching Stephen Elop as president and CEO. To achieve these, they ask fellow shareholders and institutional investors to elect them into the majority of Nokia’s board of directors at the next Annual General Meeting on May 3, 2011.

The movement, however, was short lived. Two days after posting the open letter on the website, the group calls it quits. They claim that though they received numerous messages of support from shareholders, the more important institution investors offer not-so-encouraging reactions. However, it does not mean that they do not support their cause, as Nokia’s stocks dropped 24% since the agreement was announced last week.

Source: Information Week, photo by Reuters

 

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