Liberum Management Change
It’s official Olli-Pekka Kallasvuo is out as CEO of Nokia NOK1V and in his place on September 21 is a former high level software executive from Microsoft, Stephen Elop. Liberum has been talking about the need for change at Nokia going back to October 16, 2009. The change at the top of Nokia was essential. Many analysts have been delighted with the change. The selection of 46 year old Elop has merit. He was in charge of Microsoft’s Business Division and is extremely well versed in software which is the area the Nokia needs to focus on to get its smartphone business at a point where it is capable of competing again with the Apples, Motorolas and Google phones. Elop also has had experience working with Nokia while at Microsoft and in his previous job at Macromedia.
The real question remains can Nokia without a true visionary at the top of the firm make the leap to effectively compete on high end with Apple, RIM, Google and even Motorola. I am somewhat skeptical. Change is certainly afoot at Nokia. Just a few hours earlier, Anssi Vanjoki, Nokia’s smartphone chief and a one time candidate for the CEO position, announced his resignation from the firm. Elop will now have a chance to appoint someone to his own specific liking. The firm desperately needs a visionary at the helm and in some of the key management positions if it has real hope to get back near the top.
Investors must keep a very close eye on new management at Nokia.