Nokia Names Microsoft Executive as New CEO

Christopher Lawton and Gustav Sandstrom, reporting for the WSJ:

Nokia Corp. said it was replacing embattled Chief Executive Olli-Pekka Kallasvuo with Microsoft Corp.’s Stephen Elop, as the world’s largest handset maker seeks to reverse steep declines in earnings and market share that have decimated its share price. […]

Mr. Elop’s main task will be to develop a credible challenger to Apple Inc.’s iPhone, something Mr. Kallasvuo failed to achieve during his four-year tenure. Many analysts feel that Nokia was caught flat-footed by the iPhone’s success and blame its weakness in smartphones for shaving about 70% off of Nokia’s market value over the past three years.

I suppose the other analysts — the ones who don’t think the iPhone caught Nokia flat-footed — moonlight as dentists who recommend sugared chewing gum.

★ Friday, 10 September 2010