Video: Kodak's Ex-CMO Discusses Company's Bankruptcy
Hayzlett mentions that part of the company's problems stemmed from being spread out too thin when the recession hit, and specifically points out the focus on print film as a mistake. "Really, the pivotal moment was back in 1975 when they discovered the digital camera, when they made the digital camera and then put it aside in order to live out the film business for so long," he said. "That effort in the 70s, 80s, and 90s lead upo to this big build of all this overhead and structure and everything else that they just didn't have the runway to see it to the end."
Eastman Kodak Co., which filed voluntarily for Chapter 11 restructuring on January 19, is best known for its film business which dominated the market throughout most of the 20th century. However, in recent years the company has branched out into digital technologies and services, which remained lucrative as the company's film business declined. "If you look at the company, 80 or 90 percent of its revenues today are B-to-B business," he said.
Hayzlett, who left the company in 2010, believes the restructuring will only be a temporary setback and that Eastman Kodak Co. will emerge from it in a stronger position. "Look at all the iconic companies that have declared bankruptcy in the last couple of years. Car companies bank companies, they're going to go on and move to a different kind of company. That's what Kodak will do," he said.
View the full video interview with Hayzlett above or on Bloomberg's website.