It seems to be a law in the technology industry that leading companies eventually lose their positions, often quickly and brutally. Mobile phone champion Nokia, one of Europe’s biggest technology success stories, was no (26)_____, losing its market share in just a few years.
In 2007, Nokia accounted for more than 40% of mobile phone sales (27)_____ But consumers’ preferences were already (28)_____ toward touch-screen smartphones. With the introduction of Apple’s iPhone in the middle of that year, Nokia’s market share (29)_____ rapidly and revenue plunged. By the end of 2013, Nokia had sold its phone business to Microsoft.
What sealed Nokia’s fate was a series of decisions made by Stephen Elop in his position as CEO, which he (30)_____in October 2010. Each day that Elop spent in charge of Nokia, the company’s market value declined by $ 23 million, making him, by the numbers, one of the worst CEOs in history.
But Elop was not the only person at (31)_____. Nokia’s board resisted change, making it impossible for the company to adapt to rapid shifts in the industry. Most (32)_____, Jorma Ollila, who had led Nokia’s transition from an industrial company to a technology giant, was too fascinated by thecompany’s (33)_____ success to recognize the change that was needed to sustain its competitiveness.
The company also embarked on a (34)_____ cost-cutting program, which included the elimination of thousands of jobs. This contributed to the (35)_____ of the company’s once-spirited culture which had motivated employees to take risks and make miracles. Good leaders left the company, taking Nokia’s sense of vision and directions with them. Not surprisingly, much of Nokia’s most valuable design and programming talent left as well.
