Technology innovator and current Kodak Board
Chairman to succeed Jeffrey J. Clarke
The Board of Directors of Eastman Kodak Company (NYSE: KODK)
("the Company" or "Kodak") today announced the appointment of Jim
Continenza as the company's new Executive Chairman, effective
immediately. 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, 56, has led the
Company's efforts to improve its capital structure, execute
strategic M&A 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 maximize
the potential of our key growth drivers. I'd like to thank Jeff 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 (FPD), a business that has
demonstrated high growth;
- completing efficiency actions expected
to result in $40 million of annualized savings and improved
liquidity;
- driving Kodak's key growth areas of
SONORA Process-Free Plates, enterprise inkjet, workflow software
and brand licensing, while continuing to maximize value in print
systems, film and advanced materials; and
- 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 am 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 Jim is the right leader to take
the Company to the next phase of its transformation."
Clarke will be available to Continenza and the Board to ensure a
smooth transition.
Continenza currently serves as Chairman of the Board of Merrill
Corporation, LLC and Sorenson Communications LLC. He also serves on
the Board of Directors of Nextel International, Inc. (NASDAQ:
NIHD). Continenza is also the founder, Chairman and CEO of Vivial
Inc., a privately held marketing technology and communications
company. Continenza was previously Chairman of the Board of Tembec
Inc. (TSE: TMB.CO), Neff Rental, LLC, Aventine Renewable Energy,
Inc., Southwest Georgia Ethanol, LLC, BioFuel Energy Corporation,
and Portola Packaging, Inc. He also previously served on the Board
of Directors for Hawkeye Renewables, Blaze Recycling, LLC, Anchor
Glass Container Corporation, Rath-Gibson Inc., Rural Cellular
Corporation, U.S.A. Mobility, Inc., MAXIM Crane Works, Inc., Arch
Wireless, Inc., Broadview Networks, LLC, Teligent, Inc. and
Microcell Telecommunications, Inc.
Clarke's seat on the Board will be filled by Phillippe D. Katz,
newly appointed Director of Kodak. Katz has served as Partner at
the investment firm of United Equities Commodities Company since
1996. He also sits on the Board of Directors of Berkshire Bancorp,
Inc. and several private company boards.
About Kodak
Kodak is a technology company focused on imaging. We provide -
directly and through partnerships with other innovative companies -
hardware, software, consumables and services to customers in
graphic arts, commercial print, publishing, packaging,
entertainment and commercial films, and consumer products markets.
With our world-class R&D capabilities, innovative solutions
portfolio and highly trusted brand, Kodak is helping customers
around the globe to sustainably grow their own businesses and enjoy
their lives. For additional information on Kodak, visit us at
kodak.com, follow us on Twitter @Kodak, or like us on Facebook at
Kodak.
Cautionary Statement Regarding Forward-looking
Statements
This press release includes "forward-looking statements" as that
term is defined under the Private Securities Litigation Reform Act
of 1995. Forward-looking statements include statements concerning
Kodak's plans, objectives, goals, strategies, future events, future
revenue or performance, capital expenditures, liquidity,
investments, financing needs and business trends and other
information that is not historical information. When used in this
press release, the words "estimates," "expects," "anticipates,"
"projects," "plans," "intends," "believes," "predicts,"
"forecasts," "strategy," "continues," "goals," "targets" or future
or conditional verbs, such as "will," "should," "could," or "may,"
and similar expressions, as well as statements that do not relate
strictly to historical or current facts, are intended to identify
forward-looking statements. All forward-looking statements,
including management's examination of historical operating trends
and data, are based upon Kodak's expectations and various
assumptions.
Future events or results may differ from those anticipated or
expressed in the forward-looking statements. Important factors that
could cause actual events or results to differ materially from the
forward-looking statements include, among others, the risks and
uncertainties described in more detail in Kodak's Annual Report on
Form 10-K for the year ended December 31, 2017 under the headings
"Business," "Risk Factors," "Legal Proceedings" and/or
"Management's Discussion and Analysis of Financial Condition and
Results of Operations-Liquidity and Capital Resources," in the
corresponding sections of Kodak's Quarterly Reports on Form 10-Q
for the quarters ended March 31, 2018, June 30, 2018 and September
30, 2018, and in other filings Kodak makes with the U.S. Securities
and Exchange Commission from time to time, as well as the
following: Kodak's ability to improve and sustain its operating
structure, cash flow, profitability and other financial results;
Kodak's ability to achieve cash forecasts, financial projections
and projected growth; Kodak's ability to achieve the financial and
operational results contained in its business plans; Kodak's
ability to comply with the covenants in its various credit
facilities; Kodak's ability to repay, refinance or extend the
maturity of its outstanding first lien term loans prior to their
maturity date of September 3, 2019 or prior to June 5, 2019, the
date on which Kodak's revolving credit facility will terminate
unless such repayment, refinancing or extension has occurred or the
revolving credit facility has been amended; Kodak's ability to
discontinue, sell or spin-off certain businesses or operations, or
otherwise monetize assets; Kodak's ability to fund continued
investments, capital needs and restructuring payments and service
its debt and Series A Preferred Stock; changes in foreign currency
exchange rates, commodity prices and interest rates; Kodak's
ability to effectively anticipate technology trends and develop and
market new products, solutions and technologies; Kodak's ability to
effectively compete with large, well-financed industry
participants; continued sufficient availability of borrowings and
letters of credit under Kodak's revolving credit facility, Kodak's
ability to obtain additional financing if and as needed and Kodak's
ability to provide or facilitate financing for its customers; the
performance by third parties of their obligations to supply
products, components or services to Kodak; and the impact of the
global economic environment on Kodak.
There may be other factors that may cause Kodak's actual results
to differ materially from the forward-looking statements. All
forward-looking statements attributable to Kodak or persons acting
on its behalf apply only as of the date of this press release and
are expressly qualified in their entirety by the cautionary
statements included or referenced in this press release. Kodak
undertakes no obligation to update or revise forward-looking
statements to reflect events or circumstances that arise after the
date made or to reflect the occurrence of unanticipated events,
except as required by law.
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version on businesswire.com: https://www.businesswire.com/news/home/20190220005954/en/
Media Contacts:Nick Rangel,
+1 585-615-0549, nicholas.rangel@kodak.com
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