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First and Fast by Stuart Cross

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CHAPTER 1

Are You Fast or Irrelevant?

The Decline and Fall of Nokia

By February 2011, Stephen Elop had been the CEO of Nokia for nearly five months. The first non-Finnish director of the mobile communications giant, the former Adobe and Microsoft executive, had, since his appointment, been reviewing the company’s declining performance and talking with the company’s customers, workers, suppliers, shareholders, and partners. The results of Elop’s review terrified him.

Nokia’s once unassailable position across various segments of the mobile phone market had been rapidly eroded by competition from Apple in the smart phone segment, by the explosion in the share of Android in the mid-range market, and by Chinese manufacturers at the low-price end of ...

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