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Nokia: Elop Buying Shares ASAP

Nokia's President and CEO Stephen Elop intends to acquire shares in the mobile phone giant as soon as he is able to under the terms of security trading regulations, according to the company. At present, Elop has no holdings in Nokia.

Nokian uusi toimitusjohtaja Stephen Elop.
Nokian toimitusjohtaja Stephen Elop. Image: EPA/ Nokia

The Head of Media Services at Nokia, Päivyt Tallqvist, told YLE that, while in his former position at Microsoft, Elop owned a significant amount of Microsoft shares, which he began divesting when he left that company.

There was a public stir this past week when a release by Nokia revealed that Elop does not own any shares in his new employer.



According to Nokia, when Elop left Microsoft, he owned a large number of shares in that company that he began selling as soon as permitted by security exchange regulations. Päivyt Tallqvist says that Elop has managed to sell around 60% of his Microsoft shares.



So far Elop has not been able to purchase shares in Nokia because of rules against insider trading. Soon after he took over the top spot at Nokia, talks were started on a new Nokia strategy and possible cooperation partners. According to Päivyt Tallqvist, from early on Microsoft was considered one of several potential partners. Preparations for the company's new strategy meant that security exchange regulations prevented Elop from both selling his Microsoft shares and buying shares in Nokia.



Tallqvist told YLE that Elop will divest all of his Microsoft shares as soon as security exchange regulations and Nokia's own internal directives allow. Elop intends to purchase Nokia shares as soon as it is legally possible.



Tallqvist further said that, during the early spring, Nokia will be publishing a report about the company's share-based incentive programme, and thus also about Elop's possible Nokia holdings.

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