Kodak Loses Two Executives, Plans to Cut 1,000 Other Jobs
Kodak is reshuffling some executives and continuing to cut jobs as the pioneering photography company tries to emerge from bankruptcy protection.
The company has cut approximately 2,700 employees worldwide since the beginning of the year, and plans to eliminate roughly 1,000 more by 2012's end. Annual savings from these cuts should reach about $330 million.
"We recognize that we must significantly and expeditiously reduce our current cost structure, which is designed for a much larger, more diversified set of businesses," Chairman and CEO Antonio Perez said in a statement.
In addition, president Philip Faraci and CFO Antoinette McCorvey are leaving their posts.
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- Eastman Kodak Co.
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