Kodak Launches New Cost Reduction Program, Philip J. Faraci Leaving the Company

• Laura G. Quatela, Kodak President, will assume the additional role of President, Personalized Imaging, and lead that business through its sale process.

• Dolores Kruchten will become President, Document Imaging, to lead that business through its sale process.

• Quatela and Dolores Kruchten are expected to remain with Kodak until the sales of their respective businesses are completed in the first half of 2013.

The company will report three business segments: Digital Printing and Enterprise; Graphics, Entertainment and Commercial Films; and a new segment led by Laura Quatela that includes the two businesses for sale, Personalized Imaging and Document Imaging.

“This business structure puts the right people in the right positions to accomplish the key tasks that will help Kodak successfully emerge,” commented Perez. “We wish Phil Faraci well. Kodak and I both owe Phil a debt of gratitude for his outstanding contribution as Kodak’s Chief Operating Officer. At this time, Phil and I have agreed that our management team must be scaled and aligned with the future size and structure of the business.

“I also want to express my appreciation to Ann McCorvey for the substantial contributions she has made to Kodak. She is a skilled and dedicated senior executive, and as CFO, she played an important role in putting our company on the path to emergence,” he added.

“Under this leadership structure, we are confident that we will move Kodak forward to conclude the Chapter 11 process and position the Kodak that emerges as a growing, sustainable, profitable company that continues to meet the needs of our customers,” Perez concluded

Source: Kodak.

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