The new Kodak-Sounds like a confused strategy IMO?
Doing a double take on the PR-snip- drive transactions and drive investment in growth engines
Following through on the sale of the Flexographic Packaging Division, "a business that has demonstrated high growth," a release said;
>Commitment to grow motion picture film- Really?
Kodak CEO steps down
Eastman Kodak Co. KODK, +2.66% said late Wednesday that its Chief Executive Jeffrey Clarke is stepping down. Kodak stock was flat after hours. The company said it was appointing board chairman Jim Continenza as Kodak's executive chairman and that Continenza would assume the responsibilities of Clarke. "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," Continenza said in a statement. Kodak stock is down 54% in the past year, as the S&P 500 index SPX, +0.57% gained 2.3%.
marketwatch.com
Jim Continenza takes helm at Kodak; Jeff Clarke out as CEO
Will Cleveland, Rochester Democrat and Chronicle Published 5:51 p.m. ET Feb. 20, 2019 | Updated 5:16 p.m. ET Feb. 21, 2019
Eastman Kodak Co. continues its transformation, now looking at how to repurpose its iconic headquarters in downtown Rochester. Brian Sharp
A major change in leadership is in store at Eastman Kodak Co.
The company announced Wednesday that Jeff Clarke is stepping down after five years as chief executive officer. Jim Continenza will become the company's new executive chairman and continue to serve as the chairman of Kodak's board of directors.
Continenza assumed the role of board chairman in 2013. He replaced Antonio Perez, who served as both board chairman and CEO.
 James V. Continenza (Photo11: Didier Constant)
In a release, Kodak said Continenza, 56, has led the company's "efforts to improve its capital structure, execute strategic M&A (merger and acquisition) 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 he wants to help Kodak build on "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," Continenza said in a release. "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."
The current strategic initiatives include:
- Following through on the sale of the Flexographic Packaging Division, "a business that has demonstrated high growth," a release said;
- Finished efficiency action plans that will results in $40 million in savings and improved liquidity;
- Pushing growth areas of SONORA Process-Free Plates, enterprise inkjet, workflow software and brand licensing;
- Commitment to grow motion picture film. Kodak said movies shot on film garnered 32 Oscar nominations in 2019.
 Buy PhotoKodak Tower. (Photo11: Staff file photo)
Clarke said he met with the board and they "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."
I am leaving @Kodak after 5 years as CEO. Running Kodak was not a job, it was a privilege. Over the long term the most lasting impact I believe we made is keeping the last movie film factory open and closing a 100 year old coal plant.
— Jeff Clarke (@jeffreyjclarke) February 20, 2019
Kodak said Clarke "will be available" to Continenza to ensure a smooth transition.
According to Kodak, Continenza is currently board chairman for Merrill Corp. and Sorenson Communications. The release said Continenza has served on at least 19 other boards of directors during his career.
Phillippe Katz will fill Clarke's seat on the board. Katz was recently appointed director of Kodak.
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