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“‘The time is right to accelerate the company’s renewal,’ Nokia’s Chairman Jorma Ollila said in a statement. ‘The Nokia Board believes that Stephen has the right industry experience and leadership skills to realize the full potential of Nokia,'” Lawton and Sandstrom report. “Mr. Elop, the 46-year old head of Microsoft’s business division, is scheduled to start on September 21.”
“‘My role as leader of Nokia is to lead this team through the period of change, take the organization through this period of disruption…to meet the needs of its customers, while delivering superior financial performance,’ Mr. Elop said at a news conference in Helsinki,” Lawton and Sandstrom report. “Mr. Elop’s main task will be to develop a credible challenger to Apple Inc.’s iPhone, something Mr. Kallasvuo failed to achieve during his four-year tenure. Many analysts feel that Nokia was caught flat-footed by the iPhone’s success and blame its weakness in smartphones for shaving about 70% off [about US$90 billion] of Nokia’s market value over the past three years.”
Read more in the full article here.
MacDailyNews Take: Clueless. In fact, Alicia Silverstone would have a better chance of turning Nokia around.
This is very sad:
Nokia. Where Microsoft executives go to die.
@ Buster:
you said, “Did this morons not look at Microsoft’s market cap over the past couple of years???”
sorry, but that’s irrelevant. Nokia is hiring the former MS chief of business software, where Elop was for only 2 years. He’s not an MS-lifer. Everything that Ballmer has been doing in the last 15 years to limit MS profitability is not entirely Elop’s fault.
My suspicion is that Elop is headed to Nokia because as soon as he got settled into his office in Redmond he realized that MS is accelerating downhill fast.
That said, Elop’s evangelizing of “cloud computing”, which has been a dud thus far, probably won’t help Nokia any. Nobody in the business world should be dumb enough to entrust MS or Google or anyone else with their proprietary data. Keep your crown jewels in house under lock and key, not floating around in someone else’s basement.
Well, they had to do something, anything. Things are desperate at Nokia. In 2007, Nokia had revenues of $75.2 billion with $10.6 billion in earnings. In 2009, revenues had fallen to $58.8 billion with earnings of mere $380 million. Talk about a free fall! The whole senior management and the BOD should be fired and replaced for this fiasco. So they dismissed the iPhone as a “joke” back in ’07, eh? Well, the joke is on them. Apple took Nokia to the cleaners! LOL
Microsofties: the place where you can elope is Nokia.
@Mike
Oh this guys roots go way further
Macromedia, Adobe, Microsoft…
NOW you start getting a picture of his heritage. With all that corporate wisdom… I’m sure we’ll all be thrilled to see him bring it to Nokia.
most of these comments are really pathetic… get a life guys! What do you do yourselves, work in the 7-eleven?
Yes i think you must have figured the MS guy used less energy.
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