July 31 (Bloomberg) -- Nokia Oyj Chief Executive Officer Stephen Elop and several directors last week bought more than $1 million of the company’s shares, which fell to an 18-year low this month amid plunging sales.
Elop, a former Microsoft Corp. executive who took over in 2010, bought 275,000 shares of the mobile-phone maker’s stock, boosting his holding to 425,000 shares, Jennifer Lyons, a Nokia spokeswoman, said today in an e-mail. Chairman Risto Siilasmaa purchased 333,000 shares, lifting his total holding to 732,592 shares. Other board members also increased their ownership.
The stock fell to 1.33 euros ($1.64) on July 18 -- the lowest level since 1994 -- a day before the Espoo, Finland-based company reported second-quarter earnings. While the stock has advanced since, it is still down more than 90 percent in the past five years amid market-share losses to Apple Inc.’s iPhone and Samsung Electronics Co.’s Android devices. Nokia today rose 8.8 percent to 1.95 euros in Helsinki.
“The purchases underscore the board and our leaders’ commitment to Nokia and confidence in our future,” Lyons said.
The stock purchases were earlier reported by Finnish broadcaster MTV3.
To contact the reporter on this story: Adam Ewing in Stockholm at email@example.com
To contact the editor responsible for this story: Kenneth Wong at firstname.lastname@example.org