Timeline: Nokia's rocky road under Stephen Elop

Finnish phone maker Nokia said on Thursday it would cut 10,000 more jobs and sell its luxury handset unit Vertu, its latest move to slash costs as it loses market share and burns through cash.

Rocky Roads

Rocky Roads

 

 

The following are key events since Chief Executive Stephen Elop took over in September 2010:

 

FEBRUARY 2011

Nokia announces it is teaming up with Microsoft Corp for its new smartphones and dumping its own Symbian platform. Elop confirms the company will cut jobs in Finland and elsewhere.

 

APRIL 2011

Nokia says it will axe 7,000 jobs and outsource its Symbian software development unit to cut 1 billion euros ($1.2 billion) in costs. The move includes laying off 4,000 staff and transferring another 3,000 to services firm Accenture - a total of 12 percent of its phone unit workforce. Accenture takes over Nokia's Symbian software activities.

 

 

SEPTEMBER 2011

Nokia says it will close its plant in Cluj, Romania -- slashing 2,200 jobs -- and cut 1,300 jobs in its location and commerce business unit which develops maps for mobile phones.

 

OCTOBER 2011

Nokia unveils two sleek new Microsoft Windows phones in time for Christmas, the first step in its fightback against Apple and Google.

 

NOVEMBER 2011

Nokia Siemens Networks, Nokia's network equipment joint venture with Siemens, announces it will cut 17,000 jobs, nearly a quarter of its workforce. The move aims to save about 1 billion euros a year.

 

FEBRUARY 2012

Nokia unveils a plan to cut 4,000 more jobs at its plants in Finland, Hungary and Mexico as it moves smartphone assembly work to Asia.

 

JUNE 2012

Plans to cut another 10,000 jobs globally. Warns second-quarter loss from its cellphone business will be larger than expected. It says industry competition is harsh.

 

Sells its luxury handset unit Vertu to EQT VI, a European private equity firm, for an undisclosed sum.


Published Date: Jun 14, 2012 03:17 pm | Updated Date: Jun 14, 2012 03:17 pm