That is not completely fair, though. At the time of his arrival Nokia was a desperately sinking ship. The price would drop before rising no matter what direction the company took at the time.

At the time of his arrival, Nokia was a stagnating dinosaur, with a tiny bit of hope in an innovative operating system that was mismanaged, buggy, and couldn't ship on time. Elop accidentally announced that they were discontinuing support on horrible Symbian, which was at the time the most popular smartphone operating system in the world, and turned Nokia into a desperately sinking ship.

Elop wasn't the worst CEO possible, but he was the worst CEO available.

That's why I gave an overview of the behavior starting with him becoming CEO. He got a couple of quarters of flat stock prices, perhaps suggesting investors were giving him a chance to show he was turning it around, and after that it's essentially all downhill.

Look at the last 5 years, you can't really paint it as hopeful right now: http://finance.yahoo.com/echarts?s=NOK+Interactive#symbol=no...