Kodak to cut 1,000 more jobs; CFO, President resign

Kodak announced plans to cut an additional 1,000 jobs by the end of the year, and the resignation of two top executives.

The WS Journal reports that many creditors “called for management changes, specifically for chief executive Antonio Perez and chief financial officer Antoinette P. McCorvey to resign.”

McCorvey is now leaving the company, as is president and former chief operating officer Philip J. Faraci.

“We recognize that we must significantly and expeditiously reduce our current cost structure, which is designed for a much larger, more diversified set of businesses,” the company says. “We are reorganizing 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 Personalized Imaging and Document Imaging businesses for successful sales.”

Kodak president Laura G. Quatela will assume the additional role of president of Personalized Imaging. She is expected to remain with Kodak until the sale of that business is completed in the first half of 2013.

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.

Kodak ending consumer inkjet printer sales

Starting in 2013, Kodak will “wind down sales of consumer inkjet printers.”

Kodak says it “remains committed to its significant installed base of consumer inkjet printer customers, who recognize the value proposition of affordable ink, high-quality output because of Kodak’s unique pigment-based inks, and advanced features including cloud printing. The company will provide its customers and retail partners the same level of service and support they have come to expect from Kodak.”

Earlier this year, Kodak already discontinued its cameras and picture displays, and is looking to sell off its consumer  film business.

Kodak also asked the Bankruptcy Court to extend until February 28, 2013 its exclusive right to file a plan of reorganization. Kodak filed for Chapter 11 on January 19, 2012.

Kodak says its case “is large and complex, involving some $5 billion in assets, global operations, thousands of contracts and leases, thousands of potential creditors, and ongoing asset sales.”

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