The Board of Directors of Eastman Kodak Company recently announced that Jim Continenza, who has served as Chairman of Kodak’s Board of Directors since 2013, will continue as Board Chairman while also assuming the responsibilities of Jeffrey J. Clarke, who is stepping down after nearly five years as Chief Executive Officer.
In his role as Board Chairman, Continenza has led the company’s efforts to improve its capital structure, execute strategic mergers and acquisitions transactions and drive investment in growth engines. He brings robust experience and a proven track record guiding several leading, innovative technology companies through transformations.
Continenza said, ‘I am thrilled to build upon our board’s strategic vision and become an integral part of day-to-day operations as the Company continues to execute on its previously announced initiatives. Importantly, I look forward to helping Kodak build long-term value for shareholders as we continue to deleverage our balance sheet, increase operational efficiencies, and maximise the potential of our key growth drivers. I’d like to thank Clarke for his strong leadership and I’m optimistic about the future of Kodak given our team, our assets and the opportunities ahead.’
Kodak’s leadership team and board will continue to focus on the company’s current strategic initiatives, including:
- Executing on the sale of the Flexographic Packaging Division, a business that has demonstrated high growth.
- Completing efficiency actions expected to result in R609 million ($40 million) of annualised savings and improved liquidity.
- Driving Kodak’s key growth areas of SONORA process-free plates, enterprise inkjet, workflow software and brand licencing, while continuing to maximise value in print systems, film and advanced materials.
- Commitment to growth in motion picture film, having seen 32 Oscar nominations for films shot on film in 2019.
Former CEO Jeffrey J. Clarke added, ‘It was a privilege to lead Kodak during a time of transition and I’m pleased to leave the company in a position of strength after the execution of the agreement to sell our Flexographic Packaging Division. The board and I mutually agreed that now is the time to hand the reins to new leadership, and I am confident that Continenza is the right leader to take the company to the next phase of its transformation.’
KODAK http://www.kodak.com
