Nokia investors turn on 'nice guy' Elop at AGM

Nokia investors turn on 'nice guy' Elop at AGMNokia investors have warned CEO Stephen Elop they are running out of patience with the company's struggle to make any headway on smartphone market leaders Apple and Samsung.

Voicing their frustrations at the company's AGM in Helsinki, frustrated stakeholders openly questioned the switch to Windows Phone, demanding that Elop consider another approach while there's still time.

Nokia's decision to adopt Microsoft's Windows Phone as its sole smartphone platform back in 2011 was designed to revitalise the company's fading fortunes.

The move was championed by newly appointed CEO Elop, a former Microsoft executive, who insisted signing up with his former employer as preferred Windows Phone partner would in time turn the ship around and restore Nokia to its place on top of the pile.

Elop said it would take two years for the Lumia Windows Phone project to take off, but so far progress has been painfully slow. And with sales of Nokia's bread-and-butter feature phones also now in decline, investors are getting restless.

“You're a nice guy... and the leadership team is doing its best, but clearly, it's not enough,” one investor told Elop at the AGM.

“Are you aware that results are what matter? The road to hell is paved with good intentions. Please switch to another road.”

Elop, unsurprisingly, continues to defend Nokia's smartphone strategy, saying it remains the company's best hope of competing with Apple and Android.

“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,” Elop said.

“And it is with that that we will compete with competitors like Samsung and Android.”

Hardly convincing stuff, but in reality Elop has tied his own fate so publicly to Windows Phone he has to see things through.

Elop may have been right back in 2011 when he claimed Nokia's platform was burning, but it's clear now that if things don't pick up soon it'll be his own platform that'll be going up in flames.

Via Reuters

Read more about: Windows Phone

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JanSt / MOD  May. 7, 2013 at 20:17

Water under the bridge, an'all... Too late.
Now is when they need patience. NOT 2 years ago.
I'm not convinced Nokia could take over the Android segment... They could be a great player with some stand-out devices, but Samsung isn't just the SGS3/4 or the Note... They sell shedloads of low-end Galaxies. Cheaper than many Nokia feature phones. The Ashas are great devices, but if you want to join in the app-mania, do you choose an Asha or an Ascend 510 for a couple of bucks more? And the Ashas will get more heat from Firefox OS...
And if rumours hold true, and Apple do some crazy 'developing world' budget iPhone thingy, it's goodnight.
I think it's too late too turn around now. The Lumia 920 is the right direction. And gawd, do I hate M$ :p

mightyforest  May. 7, 2013 at 20:49

similar story this time last year, pretty sure its the android fans wishing Nokia would hop aboard.End of day windows OS is slowly increasing, with new top end varients of the 920 (928) and catwalk and EOS being announced next week (allegedly) then its all going well. Really hope the EOS has the 41mp camera in.

JanSt / MOD  May. 7, 2013 at 21:40

Yes. I'm. The last person to come to Elop's defence, but

Stelph  May. 8, 2013 at 07:26

Agree with JanSt, now would be a mental time to switch paths after all the work done to get to this point, yes they should have stuck with meego (even if just for a side project to see how it took off) but now they're committed they can't waiver from that strategy or else it really is over!

They've just got to keep doing what they're doing and pump out continuously high quality products with features above and beyond what apple and Samsung are producing and similar or cheaper prices, which isn't that difficult ATM really as both those are not really bringing out anything revolutionary

128MG  May. 8, 2013 at 09:13

Here is what i think... Cut the costs more, this is the long-run for both the industry and Nokia firm. Producing below your Average Variable Costs Technically means SHUT-DOWN point, try cut costs a bit while coming up with some smart ideas, as soon as your Price=ATC( you are safe). Now, some fat-cats are obviously going to pull out putting their money where it matter the most, just try get a good deal from few Economic Profit making firm. That might ensure your survival........


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