Nokia posted lousy Q2 results today, as expected, and shares even popped in pre-market trading on the “good” news that things didn’t end up much worse than expected. (Nokia stuck with its recently-lowered guidance, didn’t lower it again, etc.)
For context, the world’s largest mobile phone manufacturer is struggling to stay relevant, especially in the high-end, high-profit “smartphone” industry, where Apple, RIM, and Google are pushing it aside.
But how about the Nokia’s board’s plans to dump CEO Olli-Pekka Kallasvuo? There was no mention of it in the company’s earnings release, and on CNBC this morning, Kallasvuo didn’t want to talk about it. In fact, he doesn’t want anyone to talk about it.
Kallasvuo, a 57-year old former company lawyer and chief financial officer who married a veteran Nokia attorney, told CNBC television that talk of his exit was hurting the company and had to stop.
“There has been a lot of speculation on my position, on myself, during the last couple of weeks and that is not good for Nokia and must be brought to an end one way or another,” a frustrated Kallasvuo said.
Sorry, Olli-Pekka, it’s not going to stop until you’re gone.
That’s about the only thing that’s going to help Nokia shares these days: Knowing that the management team that is running the company into the ground has been replaced — ideally with an innovator, and not another wimpy manager.