News |

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.

Discuss this topic 0 comments

Write a comment

Use a nickname. We don't publish comments using real names.

Stick to the topic. Only comments relevant to the subject will be published.

Reply this question. We want to make sure this comment is not generated automatically.

Your comment will be read by an editor before publication. We want to offer the opportunity for a well-reasoned, quality discussion including a variety of views. For more specific rules of the game, click here.

Latest in: News



Monday's papers: Possible police reserve, Supercell wants more English daycare, weekend tragedies and narrow rescue

The papers on Monday featured news that Finland's Interior Minister says she wants to beef up the country's police forces by utilising up to 3,000 reservists. Mobile gaming giant Supercell says that to attract good workers from abroad, more English-language daycare centres are needed in the Helsinki region. Also, the papers report on two tragedies and a rescue over the weekend.

Our picks