NOKIA CORPORATION UNDER ELOP
First 6 months - Corporate quarterly revenues up 26% from 10.0B Euro to 12.6B Euro
Next 2.5 years - Corporate quarterly revenues down 55% from 12.6B Euro to 5.6B Euro
First 6 months - Corporate quarterly profit up 200% from 295M Euro to 884M Euro
Next 2.5 years - Corporate quarterly profit of 884M Euro turned into loss of -115M Euro
During first 6 months - Standard & Poor's rating for Nokia A, Moody's rating A2, Fitch's rating A
On last day of office - Standard & Poor's rating for Nokia junk, Moody's rating junk, Fitch's rating junk
On day before Elop announced as new CEO - Nokia share price $9.70
On day before Elop released his Burning Platforms memo - Nokia share price $11.28 (up 16%)
On day before Nokia announces Elop to step down as CEO - Nokia share price $3.90 (down 65%)
NOKIA HANDSET UNIT PERFORMANCE UNDER ELOP
First 6 months - Handset quarterly revenues up 25% from 6.8B Euro to 8.5B Euro
Next 2.5 years - Handset quarterly revenues down 69% from 8.5B Euro to 2.6B Euro
First 6 months - Total handsets profit first 6 months 1.8B Euro
Next 2.5 years - Total handsets loss next 2.5 years 361M Euro
First 6 months - North America quarterly handset volume flat from 2.6M units to 2.6M units
Next 2.5 years - North America quarterly handset volume down 80% from 2.6M units to 0.5M units
First 6 months - China quarterly handset volume up 13% from 19.3M units to 21.9M units
Next 2.5 years - China quarterly handset volume down 81% from 21.9M units to 4.1M units
Nokia handset market share when Elop started - 33%
Nokia handset market share when Elop departed - 14%
Nokia ranking handsets when Elop started - 1st
Nokia ranking handsets when Elop departed - 2nd
Gap to leader when Elop started - Nokia 50% bigger than number 2 (Samsung)
Gap to leader when Elop departed - Samsung 30% bigger than Nokia
This handset unit has now been sold (plus patents and mapping licences) for 5.3B Euro to Microsoft
NOKIA SMARTPHONE DIVISION PERFORMANCE UNDER ELOP
First 6 months - Smartphone quarterly revenues up 29% from 3.4B Euro to 4.4B Euro
Next 2.5 years - Smartphone quarterly revenues down 73% from 4.4B Euro to 1.2B Euro
First 6 months - Smartphone quarterly profit up 94% from 283M Euro to 548M Euro
Next 2.5 years - Smartphone quarterly profit of 548M Euro turned into loss of -168M Euro
First 6 months - Smartphone quarterly volume up 18% from 24.0M units to 28.3M units
Next 2.5 years - Smartphone quarterly volume down 74% from 28.3M units to 7.4M units
Nokia smartphone market share when Elop started - 35%
Nokia smartphone market share when Elop departed - 3%
Nokia ranking smartphones when Elop started - 1st
Nokia ranking smartphones when Elop departed - 9th
Gap to leader when Elop started - twice as big as number 2 (RIM) or number 3 (Apple)
Gap to leader when Elop departed - Samsung smartphones is 12x bigger than Nokia smartphones
Worst CEO ever? You make the call. Was Nokia smartphone unit truly in catastrophic trouble before the Burning Platforms memo? You make the call. Did the Elop Effect turn strong growth into collapse? You make the call.
This is a quote by Stephen Elop I noted down at the time....pretty prophetic.
"Everyone of us, including every one of you, sometimes succeeds and sometimes fails. but you do so in the context, in the environment in which you are working. It's a function of you and your performance, its a function of the leadership that you are getting, its a function of the strategy that you are following. If all those things are correct, then you can succeed. If one or more of them are wrong, the all of them must fail."
Stephen Elop on Leadership (Internal Town Hall meeting 21st May 2011 - Nokia House
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