Finnish smartphone maker Nokia (NYSE:NOK) recently hosted its annual meeting with shareholders, and they were not pleased with CEO Stephen Elop's turnaround in progress. It's been over two years since the company embarked upon its transition under his leadership, and investors are now demanding results.

Nokia's all-in bet on Microsoft (NASDAQ:MSFT) Windows Phone may be translating into increased Lumia sales, but overall smartphone shipments have plunged as the company abandons Symbian. It also doesn't appear that Nokia has a backup plan, and shifting to yet another platform would take far too long.

In the video below, Fool contributor Evan Niu, CFA, discusses where Elop has done well, but why he ultimately may be running out of time.