What would you do if you were Stephen Elop?
Today, I was checking Stephen Elop's Wikipedia page and surprisingly, it was unbelievably one sided.
During the 3 years Elop was Nokia CEO,
- Nokia revenues fell 40%, Nokia profits fell 95%
- Nokia market share collapsed in smartphones from 34% to 3.4%
- Nokia's credit rating went from A to junk
- Nokia's share price dropped 60% in value and Nokia's market capitalization lost 13 billion dollars in value.
- During his tenure at Nokia, Elop was regularly featured on the 'worst CEO' lists such as those at Daily Finance, CNBC and Wealth Wire.
- The Financial Times calculated that Nokia shareholders ended up paying Elop a bonus of 1 million Euros for every 1.5 billion in market capital that Elop was able to destroy while Nokia CEO.
Okay, I understand that facts are facts, but wasn't Nokia collapsing already? Did Elop worsen the situation? I was thinking what would you do if you had the CEO position at Nokia at that time? I believe that the Microsoft-Nokia bond was the most acceptable solution at that time... Wasn't it? Going Android wouldn't help at all - Only Samsung and Chinese companies are making profit nowadays, aren't they? Symbian/MeeGo support = death... Right?!
Tell me what you think in the comments!