Technology

Nokia chairman searches are coming to an end

Nokia chairman searches are coming to an end as the company is planning to give more power to its leader, Stephen Elop. This change might brighten the future of the Finnish mobile producer whose shares have dropped considerably in the past few years, says Reuters.

Nokia has been losing ground to its rivals during the past years. The company failed to keep up with the latest smartphone trends; therefore, its shares dropped a few percentages. Ever since Nokia announced on Thursday that the enterprise has found a new chairman, its shares topped the gainers board being 4.8 percent higher.

The financial stability of the company was positively influenced by the numbers provided by a Taiwan-based supplier of the phone. In addition, brokers announced that the software tie-up with Microsoft has improved, thus encouraging investors to make business with the Finnish producer.

Based on a report provided by Compal Communications, the December sales of the company grew up to 275 percent in respect to the previous year. Although the company made no forecasts for 2012, the chairman declared that the sales could double this year. Analysts, too, have estimated that Compal and fellow supplier Foxconn could ship over 10 million smartphones in 2012.

Analyst Kulbinder Garcha told reporters that he is very confident in Nokia’s recovery in 2012. In his opinion, the growth will be determined by the company’s focus on Windows. Other analysts have stated that the banks were worried about Nokia’s ability to produce the new Windows phone. Their fears have been calmed down by Compal’s recent declarations.

The stock price raise came after a Finnish newspaper Helsingin Sanomat announced that Risto Siilasmaa will be next chairman to replace long-time leader, Jorma Ollila. Siilasmaa has been a Nokia board member since 2008. Ollila, on the other hand, managed to transform Nokia from a rubber boots and TVs conglomerate into a giant mobile phone company in the 1990s. Elop is the first non-Finn to run the company who oversaw a halving of Nokia’s share price.

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