Nokia Board Faces Call for Change on $77 Billion Lost Value

Nokia Oyj’s board has stayed in the background as the company’s shares plummeted 67 percent in the three years since Apple Inc. started selling the iPhone. Pressure has been building on directors to act.

“For me, the board needs to act yesterday,” said Vlad Cara, who helps manage 150 billion Swiss francs ($144 billion) in investments including Nokia shares at Pictet Asset Management Ltd. “In order to get maximum response in the shortest period of time, you have to start changing everywhere.”