Some Investors Are Telling Nokia Leadership to Switch to Another Road

Posted by at 4:36 pm on May 7, 2013

Nokia CEO Stephen Elop is in the hot seat with investors and took fire at today’s meeting from impatient shareholders who are waiting for the company’s fortunes to turn around.

Elop announced Nokia’s plans to abandon Symbian, which he referred to as a burning platform, in February 2011. Elop decided then that Nokia would use Microsoft’s Windows Phone platform for its smartphones moving forward. At the time, he predicted that the turn-around would take two years. That time has come and gone, and Nokia’s share of the smartphone market is still grim.

“You’re a nice guy, and the leadership team is doing its best, but clearly, it’s not enough,” said shareholder Hannu Virtanen to Elop. “Are you aware that results are what matter? The road to hell is paved with good intentions. Please switch to another road.” Elop defended his decision, citing recent traction with its Lumia Windows phones, but also admitted that there’s no Plan B. “We make adjustments as we go,” said Elop. “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 Android.”

Nokia has planned a press conference for May 14, during which it is expected to announce new Lumia smartphones.

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