Investing
America's Worst Directors: Richard Braddock Of Eastman Kodak
Published:
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
Are You Still Paying With a Debit Card?
The average American spends $17,274 on debit cards a year, and it’s a HUGE mistake. First, debit cards don’t have the same fraud protections as credit cards. Once your money is gone, it’s gone. But more importantly you can actually get something back from this spending every time you swipe.
Issuers are handing out wild bonuses right now. With some you can earn up to 5% back on every purchase. That’s like getting a 5% discount on everything you buy!
Our top pick is kind of hard to imagine. Not only does it pay up to 5% back, it also includes a $200 cash back reward in the first six months, a 0% intro APR, and…. $0 annual fee. It’s quite literally free money for any one that uses a card regularly. Click here to learn more!
Flywheel Publishing has partnered with CardRatings to provide coverage of credit card products. Flywheel Publishing and CardRatings may receive a commission from card issuers.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
Our expert who first called NVIDIA in 2009 is predicting 2025 will see a historic AI breakthrough.
You can follow him investing $500,000 of his own money on our top AI stocks for free.