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Transforming Nokia - The Power of Paranoid Optimism to Lead Through Colossal Change

03. 01. 2023 Tuesday / By: Robert Denes / Generic / Exact time: BST / Print this page

F ollowing last week's film series, order this book written by the former CEO of Nokia, Risto Siilasmaa, about the fall and rise of Nokia. Risto Kalevi Siilasmaa is a Finnish businessman, the chairman, founder and former CEO of F-Secure Corporation (formerly Data Fellows), an antivirus and computer security software company based in Helsinki, Finland. He is also the largest shareholder of F-Secure, owning about 40% of the company. From 2012 to 2020, he was the chairman of Nokia.

Siilasmaa joined the board of Nokia in 2008. After being named Nokia's chairman in mid-2012, he served as interim CEO, succeeding Stephen Elop, from 3 September 2013 to 29 April 2014, when Rajeev Suri was appointed as the official CEO. Since then, he has led the company through one of the most successful corporate transformations ever. Through three transactions he negotiated—the purchase of full ownership of Nokia Siemens Networks, the sale of the handset business to Microsoft, and the acquisition of Alcatel-Lucent—Nokia became a successful global technology leader. This is also reflected in the value of Nokia, which has increased fivefold in roughly two years. Even more telling, the company's value rose to over €20 billion shortly after Siilasmaa took over as chairman. In a September 2018 interview with CNN in Switzerland, he described Nokia as an "experimenter."

In October 2018, Siilasmaa published a book about Nokia, Transforming Nokia: The Power of Paranoid Optimism to Lead Through Colossal Change. In it, he criticizes the leadership style of his predecessor, President Jorma Ollila, and claimed that they fell out. In December 2019, Siilasmaa announced that he would step down as chairman of Nokia's board, to be succeeded by Sari Baldauf as vice chairman in 2020.

During Nokia's transformation, Siilasmaa also renewed the board and management, and the vast majority of employees newly joined the new phase of the company. Siilasmaa has often stated that every atom in Nokia has changed, but the spirit of the 150-year-old company lives on.

Nokia once dominated the smartphone industry. It was to cell phones what Kleenex was to facial tissues. Then iPhones and Androids came out of nowhere and pushed Nokia off the cliff. In just four years, the company lost more than 90 percent of its value. Revenues were in freefall; mass layoffs became common. Experts predicted that bankruptcy was not a matter of if, but when.

Then something equally shocking happened. In record time, Nokia rebounded. With a vengeance. Nokia reinvented itself to become the second largest player in the $100 billion global wireless market. In Transforming Nokia, the man who orchestrated and led Nokia's comeback, Chairman Risto Siilasmaa, reveals the story of Nokia's fall and rise. It reveals the inside story of the crash and offers survival strategies and change management methods that any business leader can bring to the bank. You'll learn how to harness the power of what Siilasmaa calls "paranoid optimism." and apply your winning entrepreneurial leadership model to rise above all challenges and drive sustainable success.

Whether you lead a team or an enterprise division, a start-up or a large organization, and whether your business is in stone or running smoothly, Transforming Nokia gives you everything you need to sharpen your vision, expand your capabilities, seize opportunities, and thrive no matter what changes tomorrow brings. The book can be purchased in almost all online bookstores in the world in paper and audio book formats - look for it in your country's bookstore or in E-bay, Amazon and Flipkart stores.

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