Poor Old Nokia
Poor old Nokia. After being decimated by shocking leadership and sold off to the Yanks now comes the kicker – 25% of the Finnish workforce in the old handset business are to be sacked.
What is adding insult to injury is that the sackings are being executed by one of the perceived architects of Nokia’s misfortunes – Stephen Elop.
And what is even worse is that Elop starts his memo to inform people of the sackings with the words “Hello There.”
Elop seems determined to make himself the most loathed man in Finland. Even the Prime Minister commented adversely on the size of his $33 million pay-off.
For the Finns, the bright side is that Microsoft has set aside $1.6 billion for severance payments for a total of 18,000 employees which works out at $88,000 a head.
That amount of money going into the pockets of Finnish engineers should mean we’re going to see some exceptional start-up activity in Finland.