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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Board backs Nokia management despite market pressure AFP - Friday, May 7 Send IM Story Print The Nokia logo is seen at Nokia Capital Markets Day 2008 in New York. The board of top mobile phone maker Nokia supports the Finnish company's management strategy despite market criticism over lack of results, its chairman told investors Thursday. Slideshow: Full Photo Coverage: Personal Technology HELSINKI (AFP) - – The board of top mobile phone maker Nokia supports the Finnish company's management strategy despite market criticism over lack of results, its chairman told investors Thursday. Although Nokia continues to sell the most mobiles in the world, it has failed to gain a foothold on the key North American market and faces increasing pressure in the high-end smartphone segment, where its competitors include Apple's iPhone. Board chairman Jorma Ollila agreed the past year had been "unsatisfactory", but told the annual general meeting of shareholders (AGM) that "the board supports the company's management," in its business strategy. Ahead of the meeting, speculation abounded that poor performance could mean the AGM would be chief executive Olli-Pekka Kallasvuo's last. Nokia shares plummeted last month after it reported weaker than expected earnings, cut its outlook and said new, high-end phones would ship later than hoped. "We believe in our strategy," Kallasvuo insisted while admitting Nokia had at times "underestimated the time needed for changes" to be implemented and to bear fruit. Kallasvuo also admitted the Symbian operating system used in most of Nokia's phones had not managed to keep up with those of rivals, but said the company was "fixing this factor as we speak", and added its aim was to become the "image leader" for high-end smartphones. When Kallasvuo, 56, took over as chief executive from Ollila in June 2006, he pledged to strengthen Nokia's position in the United States, but this has not happened. In 2009, the North American market accounted for only five percent of the group's net sales, and out of the 107.8 million phones sold by Nokia in the first quarter of 2010, only 2.7 million were in North America. Kallasvuo called the United States the "most competitive" mobile phone market in the world and said that while it was clear its "previous generations of Symbian phones" had experienced difficulties there, he remained confident about the future. At the end of last month, Nokia released details of its first smartphone based on Symbian 3, a much-awaited updated version of its operating system, with shipments to selected markets to begin by the end of September at latest. Kallasvuo said his team was confident phones based on Symbian 3 and its successors would allow Nokia to deliver products to the US market more quickly, an element that had been missing in its operations there thus far. Last year, Nokia sold 432 million cellphones around the world, or more than its top three competitors combined, making it the market leader in the field for the 12th consecutive year. But its earnings have suffered as it has responded to increasing competition by trying to boost volumes by cutting phone selling prices. 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