Business News
KODAK NAMES MANAGEMENT FOR POST-EMERGENCE COMPANY
Wednesday 31. July 2013 - Ensures Leadership Continuity and Expertise
In consultation with the backstop providers of Kodak’s emergence equity plan, Kodak today outlined its post-emergence executive leadership in supplemental filings to its Plan of Reorganization. This team will ensure continuity in Kodak’s leadership and has the expertise to continue the implementation of the company’s business transformation, which focuses on imaging innovation for business.
The new equity investors have confirmed their acceptance of this management team, which is a condition to Kodak’s emergence equity plan.
In its filings, the company named the following senior corporate and business unit executives:
Antonio M. Perez, who will continue as Chief Executive Officer and will serve as a member of the Board. Perez will commit to serve the reorganized company for up to three years following the company’s emergence from Chapter 11. Perez will agree to be CEO for one year from emergence, or until the post-emergence Board of Directors elects his successor, whichever is sooner. During his tenure as CEO, in addition to fulfilling his responsibilities as CEO, Perez will be actively involved with the Board in identifying the right successor with whom he will work closely to effect a seamless transition. Upon the appointment of his successor, Perez would resign from his position as CEO, and would then continue working closely with his successor and the Board as a full-time special advisor to the Board to effect a seamless transition and facilitate the continued realization of the company’s transformation for a period up to the first anniversary of the company’s emergence. In addition, he has agreed to serve the company in a consulting capacity for up to another two years following the initial one-year term.
Douglas J. Edwards, who will remain in his role as President of Digital Printing and Enterprise. He was named to the post in September 2012, and elected a Senior Vice President in October 2012. Kodak’s highly differentiated Stream and SQUAREspot technologies underpin this portfolio and products include KODAK PROSPER Solutions and KODAK FLEXCEL Systems.
Brad W. Kruchten, who will continue to serve as President, Graphics, Entertainment & Commercial Films, which includes Prepress, Entertainment Imaging, Commercial Film and Global Consumables Manufacturing, a position he has held since 2011. The Graphics business includes renowned products such as KODAK PRINERGY Workflow and KODAK SONORA Process Free Plates.
Terry R. Taber, who will continue in his current post as Chief Technical Officer, a position he has held since 2009. As CTO, he is responsible for the development of key technologies including those in functional printing.
Eric H. Samuels, who will serve as Controller, having been appointed Corporate Controller and Chief Accounting Officer in July 2009.
Patrick M. Sheller, who will serve as the General Counsel, Secretary and Chief Administrative Officer, positions he has held since 2012.
Additionally, Jim Mesterharm will continue as Chief Restructuring Officer and Becky Roof will continue as Interim Chief Financial Officer, under the company’s agreement with AlixPartners. The duration of the company’s agreement with AlixPartners will be determined by the post-emergence board.
Also continuing in their roles as General Managers of Kodak’s regional operations are Philip Cullimore, Europe, Middle East and Africa; Lois Lebegue, Asia Pacific; John O’Grady, U.S. and Canada; and Gustavo Oviedo, Latin America and Emerging Geographies.
“On behalf of the entire continuing management team, we appreciate the support of our new owners and look forward to the completion of Kodak’s successful restructuring, the confirmation of our Plan of Reorganization and our emergence from Chapter 11 later in the third quarter,” said Perez.
These management arrangements are subject to certain conditions, including approval as part of confirmation of Kodak’s of Plan of Reorganization and Kodak’s emergence from Chapter 11. The confirmation hearing on the Plan of Reorganization is currently scheduled for August 20, 2013, with emergence expected during the third quarter.