Kodak announced organisational changes and expanded cost structure reductions to reflect the company’s strategic focus on the Commercial, Packaging, Functional Printing Solutions and Enterprise Services business, and the sales processes of its Personalised Imaging and Document Imaging businesses.
Antonio M. Perez, chairman and chief executive officer, Eastman Kodak says, “Kodak is becoming a more focused and competitively scaled company. We recognise that we must significantly and expeditiously reduce our current cost structure, which is designed for a much larger, more diversified set of businesses. We are recognising our senior management team, an action that will help accelerate the creation of a sustainable cost structure for operating our business for the benefit of our customers and position our Personalised Imaging and Document Imaging businesses for successful sales.”
Under the new management structure the Commercial, Packaging and Functional Printing Solutions and Enterprise Services business will primarily include the Digital Printing and Enterprise (DP&E) and Graphics, Entertainment and Commercial Films (GECF) units. DP&E president Douglas J. Edwards and GECF president Brad W. Kruchten will report directly to Perez.
Rebecca Roof, a managing director of AlixPartners, the company’s restructuring advisory firm, will become interim chief financial officer. Roof has served in similar capacities for other companies that have emerged from Chapter 11 bankruptcy restructurings.
President Philip J. Faraci is the leaving the company. Perez noted as chief operating officer, Faraci played an important role in helping transform the company. Antoinette P. McCorvey, chief financial
Perez says, “We wish Faraci well. Kodak and I both owe Phil a debt of gratitude for his contribution as Kodak’s chief operating officer. At this time, Phil and I have agreed that our management team must be scaled and aligned with the future size and structure of the business.
He says, “I also want to express my appreciation to Ann McCorvey for the substantial contributions she has made to Kodak.”
“Under the leadership structure, we are confident that we will move Kodak forward to conclude the Chapter 11 process and position the Kodak that emerges as a growing, sustainable, profitable company that continues to meet the needs of our customers.” Perez concluded.
Comment below to have your say on this story.
If you have a news story or tip-off, get in touch at editorial@sprinter.com.au.
Sign up to the Sprinter newsletter
