Daily News: September 11, 2012

Kodak Appoints AlixPartners Roof as Interim CFO


Antonio M. Perez, chairman and chief executive officer of Eastman Kodak announced organizational changes and expanded cost structure reductions to reflect Kodak’s strategic focus on the commercial, packaging & functional printing solutions and enterprise services business, and the sales processes of its personalized imaging and document imaging businesses.

Kodak said that it is making progress in the complex operational restructuring necessary for the separation of its three businesses and the consolidation of its corporate structure. The company has reduced its workforce by approximately 2,700 employees worldwide since the beginning of 2012. Kodak expects to reduce its workforce by approximately an additional 1,000 employees by the end of 2012. The annualized savings generated by these headcount reductions, including compensation and benefits, is approximately $330 million. An analysis of further operational and workforce reductions is under way.

Kodak said that chief financial officer Antoinette P. McCorvey has decided to leave the company. Rebecca A. Roof, a managing director of AlixPartners, the company’s restructuring advisory firm, will become chief financial officer on an interim basis, reporting to Perez.

Roof has served in similar capacities for other companies that have successfully emerged from Chapter 11 restructurings, and she has deep experience in scaling overhead costs, implementing cost reduction programs, managing liquidity and raising capital, and executing asset sales – all critical areas of focus for Kodak as the company concludes its restructuring.

Previously on abfjournal.com:

Kodak Takes Next Steps Toward Emergence; Apple Appeals Ruling, Friday, August 24, 2012