Kodak chief, Antonio M. Perez, will hold on to the top job for up to a year following the company’s planned re-emergence from Chapter 11 bankruptcy in the USA, with the company claiming that continuity in leadership will help ensure the successful continuing transformation of the business into a global commercial print player.
On 30 July, Kodak outlined its post-emergence executive leadership in supplemental filings to its bankruptcy emergence ‘Plan of Reorganization’ – with Perez retaining the CEO post he has held since 2005 for at least one year from emergence, or until the post-emergence board elects his successor.
Perez (pictured) is also set to serve the reorganized company in a consulting capacity for up to another two years following the initial one-year term and as a member of the board. He started with Kodak as president, under former CEO, Daniel Carp, and became CEO himself within two years. It was under Perez that the company filed for Chapter 11 Bankruptcy in January 2012.
Since filing for bankruptcy, the New York state-based Kodak has eliminated health care benefits for its retirees and has shed itself of its digital camera and desktop printing product portfolios.
According to Kodak, the new team will ensure continuity in the company’s leadership and has the expertise to continue the implementation of the company’s business transformation, which focuses on imaging innovation for business.
Kodak expects to emerge from bankruptcy before the end of September – 3 September is the date tentatively put forward – with the company announcing in late June that it expected to pay back its secured creditors using its debt financing of US$895 million.
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: continues as CEO and will serve as a member of the board. Perez commits to serve the reorganized company for up to three years following the company’s emergence from Chapter 11. 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
Douglas J. Edwards: remains 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.
Brad W. Kruchten: continues 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: continues 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: serves as controller, having been appointed corporate controller and chief accounting officer in July 2009.
Patrick M. Sheller: serves as the general counsel, secretary and chief administrative officer, positions he has held since 2012.
“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.