Kodak CEO Jeff Clarke Steps Down
On February 20, 2018, CEO of Kodak, Jeff Clarke, announced on a Twitter post that he is stepping down from his position as CEO at the 131 year old company.
In a stunning announcement, the Kodak Board of Directors have announced that chairman of the board, Jim Continenza, will be replacing Clarke’s role as CEO in addition to his role on the board.
Jim Continenza will become the company’s new executive chairman and continue to serve as the chairman of Kodak’s board of directors.Democrat & Chronicle
Continenza, chairman of the board since 2013, has led the company in improving their capital structure and has experience in merger and acquisition transaction. According to Democrat & Chronicle, Continenza plans to assist in improving on their previously announced strategic initiatives.
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.Democrat & Chronicle
While Kodak lists it strategic initiatives, no mention is made of any initiatives in the stills manufacturing for Kodak Alaris.