Eastman Kodak (NYSE: EK) believes that, for some reason, a major management and structure re-organization will save it from also certain Chapter 11.
It took the odd step of making new management appoints ahead of what it said would be a transformational set of priority re-alignments
The firm said
Under the new structure, Kodak has reduced its number of segments from three to two — the Commercial Segment and the Consumer Segment — which will both report into a newly created Chief Operating Office. The Chief Operating Office will be led by Philip Faraci, who will continue to serve as Kodak’s President and Chief Operating Officer and by Laura Quatela, who was recently named, alongside Faraci, as President and Chief Operating Officer of Kodak. Faraci will focus on the Commercial Segment and the company’s sales and regional operations, and Quatela will focus on the Consumer Segment and certain corporate functions. Both individuals will report to Antonio M. Perez, Chairman and Chief Executive Officer, as will the positions of Chief Financial Officer, Chief Technical Officer, Chief Marketing Officer and General Counsel.
Somehow Kodak wants investors to believe that the decision will “streamline” decision making. If so, it should have been done long ago. Kodak also says the moves will lower costs, which means more layoffs.
Douglas A. McIntyre
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