5/8/2013 10:31:06 AM
Elop urged to switch Nokia from the road to hell
Nokia's shareholders have told CEO Stephen Elop their patience is wearing thin with his turnaround plans for the Finnish phone maker.
The company, formerly the biggest phone maker globally, held its annual general meeting yesterday and shareholders were critical of Elop's 2011 decision to switch to the Windows Phone OS, which he detailed in the now infamous 'Burning Platform' memo. Reuters reported shareholder Hannu Virtanen telling Elop: 'You're a nice guy ... and the leadership team is doing its best, but clearly, it's not enough...Are you aware that results are what matter? The road to hell is paved with good intentions. Please switch to another road.'
Lumia sales hit an all-time high of 5.6 million units in the three months to 31 March but they pale in comparison to market leaders Apple and Samsung. However, Elop defended his strategy and said the business was on the right track. He said: 'We make adjustments as we go. But it's very clear to us that in today's war of ecosystems, we've made a very clear decision to focus on Windows Phone with our Lumia product line. And it is with that that we will compete with competitors like Samsung and [Google's operating system] Android.'
Nokia is announcing new products tomorrow (9 May), with a new flagship being readied for announcement next week. The manufacturer is also understood to be building a new larger screen phablet device.
Author: Graeme Neill