Stephen Elop Running Out of Time to Turn Nokia Around

Nokia is desperately trying to reestablish itself as a major contender in the mobile phone space, but it's no easy task going up against the likes of Apple and Samsung. There's also a lot riding for company CEO Stephen Elop, who could find himself looking for a new job if the Lumia 920 fails to excite customers the way he envisioned.

Elop has bet the farm -- and possibly his job -- on Microsoft's Windows Phone platform. So far, that strategy hasn't really paid off, but if Windows Phone 8 turns out to be a success, Nokia's fortunes could turn around in a heartbeat. The problem with that scenario is that the Lumia 920 announcement didn't exactly create a feverish buzz the way Elop hoped it would.

Nokia Lumia 920

Analysts believe the Lumia 920 is a make-or-break product for Elop. When Elop took control of Nokia in late 2010, he put into motion a plan that included dropping Symbian and focusing on a partnership with Microsoft. At the time, he touted a two-year transition period, and the end of that period is quickly approaching.

To be fair, Elop inherited a company that was already in trouble.

"He has been making some brave decisions and courage is something this company has lacked for a long time before Elop jointed," Nordea analyst Sami Sarkamies told Reuters. "His starting point was really weak and it's hard to say someone else would have done a better job."

That's true, but at the same time, it was Elop who gambled on Microsoft's mobile platform. Win or lose, that strategy falls on him.