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Edition: U.S. Article Comments (0) Email Print Reprints Read Setback for Chavez in Venezuela vote 10:32am EDT Analysis: Japan in delicate bind as it confronts rising China 8:36am EDT UPDATE 6-Setback for Chavez in Venezuela vote 9:43am EDT North Korea's political elite meet over succession | 11:02am EDT Wall Street slips after 4-week rally | 10:21am EDT Shared U.S. Nuclear Weapons Have Been Compromised by Unidentified Aerial Objects PR Newswire 15 Sep 2010 China: U.S. move on yuan bill "redundant" 8:07am EDT Setback for Chavez in Venezuela vote 10:32am EDT Southwest expands presence with AirTran buy 11:23am EDT Film recalls female Ford workers pay protest 6:57am EDT Watched Obama: GOP plans "disastrous" Sat, Sep 25 2010 Bishop vows to fight sex allegations Sun, Sep 26 2010 The week ahead Fri, Sep 24 2010 Report Title Price ValuEngine Detailed Valuation Report for NOK Provider: ValuEngine, Inc. $25.0 Buy ValuEngine Industry Report for OFFICE/COMM EQUIP Provider: ValuEngine, Inc. $49.0 Buy NYSE and AMEX quotes delayed by at least 20 minutes. NASDAQ delayed by at least 15 minutes. For a complete list of exchanges and delays, please click here. Welcome to Nokia, Mr. Elop Tweet This Share on LinkedIn Share on Facebook Related News Special Report: Blue-collar, unemployed and seeing red Wed, Sep 15 2010 Nokia brings in Microsoft exec to replace CEO Fri, Sep 10 2010 Related Topics Technology » Media » Stocks By Georgina Prodhan and Tarmo Virki LONDON/HELSINKI | Mon Sep 27, 2010 6:25am EDT LONDON/HELSINKI (Reuters) - The company many see as among the most innovative in the world is a strange mix of intensity and laid-back cool. Its products are revolutionary and have transformed an entire industry, says the author of a definitive history of the firm. The mobile phones it makes, says one executive, are a perfect fusion of form and function, both "beautiful and practical". Apple, right? Actually, it's Nokia -- or at least Nokia at the turn of the century, when the Finnish firm had just become the biggest mobile phone company in the world with a market value of $250 billion and visions of the cellphone as a fashion accessory, a substitute for cash, even as a handheld computer. We know what happened next. Within years, Fortune magazine was asking "Has Nokia Lost It?"; today, North American rivals like Apple and Research in Motion have stolen the lead in high-end smartphones while Asian competitors are loosening Nokia's grip on the mass market. Investors who have checked Nokia's stock price recently -- using an iPhone or a BlackBerry, probably -- may know the stock has fallen back to 1998 prices, putting the company's value at about 15 percent of its peak. The cool factor? Gone. Granted, Nokia is still easily the biggest cellphone maker in the world, with incredible market share in fast-growing markets such as India. But as its margins shrink and its Symbian operating system loses ground to upstarts like Google's Android, the company risks losing even that title. Which is why, on September 10, Nokia announced that it was replacing its CEO and had dialed up what it hopes will be some Silicon Valley mojo. Enter Stephen Elop, a Canadian who headed Microsoft's business division. Elop, the first non-Finn to head Nokia in its 145-year history, begins this week, just in time for the autumn equinox that heralds the long, dark Finnish winter. His appointment is part of a wholesale regime change: Chairman Jorma Ollila, the architect of Nokia's cellphone success, and smartphone chief Anssi Vanjoki have said they will follow CEO Olli-Pekka Kallasvuo out of the door. Nokia is on a path often trodden in the unforgiving world of consumer electronics, an industry which is built, after all, on obsolescence. In the beginning comes a great product slightly ahead of its time, and a charismatic leader. As things mature, imperceptibly at first, habits harden, bureaucracy grows. Once more nimble rivals seize the initiative, the buzz -- and fast-money investors -- vanish. Philips, which convinced the world it needed electric razors and invented the home video cassette recorder, has now largely given up competing in consumer electronics and is concentrating on healthcare equipment and lighting instead. Sony, while still a force in everything from televisions to Walkman music players, has seen better days and is cutting 10 percent of its global manufacturing capacity. Most famously there's Apple itself, which after early success with personal computers went through a decline in the late 1980s and early 90s that threatened to sink the company. But following the triumphant return of Steve Jobs in 1996, the firm came back with a vengeance. Even though it was at one stage forced to accept a $150 million investment from then arch-rival Microsoft, it went on to achieve phenomenal success with products like the iPod and iPhone. Like Apple, Nokia is determined to transform itself. In 2007 it set out to add software and web services to its existing offerings. So far, the results have been mixed. The arrival of Elop is partly an admission of that, as well as being an attempt to boost the vision of a new, software-focused Nokia. "What they really need is a software guru," says Tim Bajarin, president of Creative Strategies, a California-based analyst firm, who has been following Apple for 30 years. "This has been a huge hole in Nokia's strategy. They knew that building the software ecosystem around Nokia hardware held the key to their future." STEPHEN, NOT STEVE On the morning of his first appearance as Nokia's CEO-designate two weeks ago, Elop didn't give the impression of being a magic man. Dressed soberly in a neat suit and tie, he blended in with the Finnish executives surrounding him. Compare that with his predecessor Kallasvuo, who gave the keynote speech at this year's International Consumer Electronics Show in Las Vegas wearing a black T-shirt and jacket as if channeling Apple's Steve Jobs. Addressing the press conference -- broadcast live on Finnish television -- Elop seemed more concerned with being liked than shaking things up. He talked about his love for ice hockey -- a passion the Canadians and Finns share -- and noted that both Finland and Canada have territory in the Arctic Circle. "Now, my role ... is to lead this team through this period of change, take the organization through this period of disruption," he said, appearing to read from notes. Not for this bespectacled executive the stage-striding style that Silicon Valley expects. The 46-year-old's profile was so low that he didn't even have an entry in Wikipedia until Nokia hired him. 1 2 3 4 5 6 Next Technology Media Add a Comment *We welcome comments that advance the story directly or with relevant tangential information. We try to block comments that use offensive language or appear to be spam and review comments frequently to ensure they meet our standards. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. © Copyright 2010 Thomson Reuters Editorial Editions: Africa Arabic Argentina Brazil Canada China France Germany India Italy Japan Latin America Mexico Russia Spain United Kingdom United States Reuters Contact Us Advertise With Us Help Journalism Handbook Archive Site Index Video Index Reader Feedback Mobile Newsletters RSS Podcasts Widgets Your View Analyst Research Thomson Reuters Copyright Disclaimer Privacy Professional Products Professional Products Support Financial Products About Thomson Reuters Careers Online Products Acquisitions Monthly Buyouts Venture Capital Journal International Financing Review Project Finance International PEhub.com PE Week FindLaw Reuters on Facebook Thomson Reuters is the world's largest international multimedia news agency, providing investing news, world news, business news, technology news, headline news, small business news, news alerts, personal finance, stock market, and mutual funds information available on Reuters.com, video, mobile, and interactive television platforms. Thomson Reuters journalists are subject to an Editorial Handbook which requires fair presentation and disclosure of relevant interests. NYSE and AMEX quotes delayed by at least 20 minutes. Nasdaq delayed by at least 15 minutes. For a complete list of exchanges and delays, please click here.

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