KONE Oyj's board authorized the repurchase of 52.4 million shares of the company at its annual general meeting on Feb. 26.

The company can repurchase up to 7.6 million of class A shares and 44.82 million of class B shares under the repurchase program that will remain in effect for one year.

Antti Herlin was elected as chairman of the board and Jussi Herlin was elected as vice chairman. Matti Alahuhta, Anne Brunila, Iiris Herlin, Ravi Kant, Juhani Kaskeala and Sirpa Pietikäinen were also re-elected as board members.