New Nokia CEO has tough task

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Later this month, Nokia will have a new CEO. His name is Stephen Elop and he will be the first CEO of Finland-based Nokia who is not Finnish. He is actually Canadian and attended McMaster University in Hamilton, ON. He has a strong resume and held high positions at Microsoft, Adobe and other firms. However, he has his work cut out for him in his new role.

Many people find this hard to believe but Nokia is currently the world’s largest smartphone maker. I know, I can’t think of anyone that owns one either, but it’s a big world I guess. Regardless, they are on a quick descent and are on track to be replaced as the frontrunner. They have two juggernauts breathing down their neck in Apple and Google (Android) and appear to not have a clear strategy to retain that number one spot.

If I was a betting man I would say that even though this new CEO may be very good, I don’t think Nokia will be the dominant player in this field in 2-3 years. I think both Apple and Google will eclipse them eventually and will certainly surpass them in their influential power. Many would argue that they already have done that. Nokia needs to carve out a solid plan to be successful. I don’t know what that plan would be because their competitors are very innovative. Perhaps they can incorporate 3D technology in to their smartphones sooner than all the other players. This would require a lot of capital up front but could save them in the long the run. What do you think Mr. Elop?