America's Worst Directors: Richard Braddock Of Eastman Kodak

Richard Braddock has been a director of Eastman Kodak since 1987.  The CEO of internet grocer Fresh Direct and former top Citigroup Inc. (NYSE: C) executive has held the job as the once important American company became a shell of its former self. He has served as the presiding director of Kodak and as a member of its Executive Compensation and Development Committee.

Eastman Kodak’s stock has fallen from $67 the year Braddock joined the company to its current price of just over $4.

Braddock was also around when current CEO Antonio M. Perez was hired in 2003 and elevated to the chief executive’s job in 2005.

Kodak’s revenue has fallen sharply from $14 billion in 2000 when the company made a net profit of $1.7 billion. In 2010, revenue was $7.187 billion, a 6% decrease from the 2009. Kodak posted a net loss of $70 million for 2010. The news pushed the shares down 10%.  The company’s stock dropped 71 cents, or 14%, to $4.51 on January 25 after Kodak  received an initial determination that its patent infringement claim it made with the International Trade Commission against Apple (NASDAQ: AAPL) and Research in Motion (NASDAQ: RIMM) is not valid.

Perez was well rewarded by his failure as Braddock and other directors paid him $12.6 million in total compensation in 2009 and more than $30 million between 2007 and 2009.

Braddock is Kodak’s longest serving director. As such, he bears great deal of responsibility for the company’s failures, not the least of which is the ongoing employment of Perez and his handsome compensation.

Douglas A. McIntyre