Nokia CEO Olli Pekka-Kallasvuo will be forced to face up to angry investors frustrated by the company's underperforming share price.
Nokia CEO under pressure from angry shareholders
And Kallasvuo could be forced out by Nokia unless the company can come up with a serious challenger to the iPhone for the end-of year sales season, Reuters said.
Nokia's share price has been trailing behind the market recovery, and the company was last week forced to cut its profit outlook due to the delayed launch of iPhone challengers.
The Finnish vendor delayed the launch of the N8, its first unit running the Symbian 3 platform considered an essential part of Nokia’s bid to get back into the high-end device game, until 3Q10.
That delay sparked a 14% decline in share price from which Nokia hasn't recovered. Nokia shares in Helsinki are currently trading at €9.14, compared to €10.97 at the start of last week.
Analysts expect the move to cause panic among Nokia shareholders, just as platform transition issues caused downswings in 1997, 2001 and 2004.
While Kallasvuo is widely considered to have done a decent job overall, he has made no headway improving Nokia's market share in the US - his stated goal from the beginning of his appointment.
The company's share in the market has in fact fallen to 7% from about 20% when he took the helm, according to Strategy Analytics statistics.