You know that this has got to be the worst day ever (or close to it) for Stephen Elop, Nokia’s Canadian born CEO – ya, great, now Canada will get the blame for ruining Finland’s corporate icon! According to the CBC, at a press conference in Finland this week Elop has announced the company will trim 10,000 more jobs, additionally, further cuts will be made in restructuring as Nokia is reported to be shutting down their main production facility in Salo, Finland (I had the pleasure of a site visit there in 2005 but have no photos to share, sorry). Some fallout from the announcement include a 7% drop in share price (and still tanking) and continued lagging in marketshare – once dominating the market in handset sales, rivals Samsung and Apple easily dwarf Nokia in sales now.
According to the company a leaner Nokia is in the works and a continued focus on smartphone technology (think Lumia) is in order – interesting to note, just today Nokia announced the acquisition of Swedish company Scalado – Imaging technology experts. Also from Nokia today, a number of changes to their leadership team with some key executive appointments, for now though Elop is stiff driving the bus (Image credit CBC.ca via Pinterest)