September 13, 2012
News website Voxxi reports on the unstable position of Kodak CEO and Chairman Antonio Perez, who is struggling to bring the company out of bankruptcy following significant financial losses.
Joining Kodak in 2003 after working for HP for 25 years as Corporate Vice-President, Chief Operating Officer and President of the company’s executive council, Perez has been CEO of Kodak since 2005, despite being called a “CEO to go” in both 2007 and 2009.
Despite introducing a “new era in digital technologies and products for consumer and commercial applications”, helping to generate $6.6 billion in revenues in 2007, the article claims that Perez is now “risking his own survival” with the company after it was forced to file for bankruptcy in January due to it struggling to compete with rival businesses. Perez also purportedly blamed the impact of the recession as a factor in the company’s demise.
According to the article, Perez “missed cash generation and digital revenue growth targets” in 2010 and received “a total compensation of $5.7 million – half of his earnings a year earlier”, with the company now in the process of selling its digital patent portfolio, along with plans to sell its document imaging business to bring it out of bankruptcy.
As part of the OEM’s restructuring, it was announced earlier this week that a further 1,000 lay-offs are to be expected, with Kodak’s Chief Financial Officer, Antoinette McCorvey and Co-President Philip Faraci to be replaced, and a number of other executives set to lose their jobs in early 2013.
Categories : Products and Technology