Nokia part of Microsoft now

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freitasm

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#143759 25-Apr-2014 23:19

And so it's official. Microsoft has completed the transaction requirements and Nokia is now part of the company.

Microsoft Corp. announced it has completed its acquisition of the Nokia Devices and Services business. The acquisition has been approved by Nokia shareholders and by governmental regulatory agencies around the world. The completion of the acquisition marks the first step in bringing these two organisations together as one team.

“Today we welcome the Nokia Devices and Services business to our family. The mobile capabilities and assets they bring will advance our transformation,” said Microsoft CEO Satya Nadella. “Together with our partners, we remain focused on delivering innovation more rapidly in our mobile-first, cloud-first world.”

Reporting to Nadella is former Nokia President and CEO Stephen Elop, who will serve as executive vice president of the Microsoft Devices Group, overseeing an expanded devices business that includes Lumia smartphones and tablets, Nokia mobile phones, Xbox hardware, Surface, Perceptive Pixel (PPI) products and accessories.

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freitasm

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#1031403 25-Apr-2014 23:34

Stephen Elop's open letter

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MikeB4

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#1031414 26-Apr-2014 06:02

I hope with MSFT's resources and their new found drive we will soon see some good things coming. The new CEO seems to be getting things going at Redmond.

Here is a crazy notion, lets give peace a chance.

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#1031416 26-Apr-2014 07:00

Some decent marketing wouldn't go a miss, they have great product that nobody's heard of (windows phone that is, not Nokia).

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#1031422 26-Apr-2014 07:35

amorpeth: Some decent marketing wouldn't go a miss, they have great product that nobody's heard of (windows phone that is, not Nokia).

HTC and Samsung's Ativ have done ok

Here is a crazy notion, lets give peace a chance.

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#1031483 26-Apr-2014 11:18

KiwiNZ: I hope with MSFT's resources and their new found drive we will soon see some good things coming. The new CEO seems to be getting things going at Redmond.

Yep, agree the new CEO seems to be a breathe of fresh air.

There's still one too many Stephens involved though, namely the one that single handedly took Nokia's smartphone market share from around 35% to below 5%.

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#1031490 26-Apr-2014 11:29

Technofreak:
KiwiNZ: I hope with MSFT's resources and their new found drive we will soon see some good things coming. The new CEO seems to be getting things going at Redmond.

Yep, agree the new CEO seems to be a breathe of fresh air.

There's still one too many Stephens involved though, namely the one that single handedly took Nokia's smartphone market share from around 35% to below 5%.

I don't think Elop is great, but he did take over a crashing car at the moment before impact...and when the car crashed he got blamed.

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#1032222 27-Apr-2014 21:17

macuser:

I don't think Elop is great, but he did take over a crashing car at the moment before impact...and when the car crashed he got blamed.

I'm not sure the facts support Elop wasn't to blame for Nokia's massive slide in sales. The crash started after he became CEO. He became CEO at Nokia in Sept 2010. If you look at the graph below, sales continued to increase till the end of the Dec 2010 quarter but show sharp decline for the March 2011 quarter, just after his infamous "Burning Platforms" memo.

The graph shows sales of units and not dollars.

Here's an excerpt from Wikipedia about him.

Elop was the first non-Finn to be named CEO of Nokia, on 21 September 2010. 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.

On 3 September 2013, Nokia announced that Elop was removed from his posts as CEO and President of Nokia and he was resigning from the Nokia Board of Directors, and Nokia Chairman Risto Siilasmaa would take over running Nokia.

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