Kodak management team to remain after Chapter 11 emergence

The management team will consist of the company’s existing leadership team, with Perez continuing as CEO, Douglas J. Edwards continuing as president of digital printing and enterprise, Brad W. Kruchten staying on as president of the graphics, entertainment and commercial films business, Terry R. Taber continuing in his current post as chief technical officer, Eric H. Samuels serving as controller and Patrick M. Sheller remaining as general counsel, secretary and chief administrative officer.

Additionally, Jim Mesterharm will continue as chief restructuring officer and Becky Roof will continue as interim chief financial officer, as will the general managers of Kodak’s regional operations: Philip Cullimore, in Europe, the Middle East and Africa; Lois Lebegue, in the Asia-Pacific region; John O’Grady, in the US and Canada; and Gustavo Oviedo, covering Latin America and emerging geographies.

Kodak said the stability in its management team will ensure continuity in its leadership, and will continue the implementation of the company’s business transformation, with a focus on imaging innovation for business.

Perez will serve the reorganized company for up to three years following its emergence from Chapter 11, including serving as CEO for one year from the date of emergence, or until the post-emergence board of directors elects his successor, whichever is sooner.

Perez will be actively involved with the board in identifying the right successor with whom he will work closely to hand over running of the reorganized business. Upon the appointment of his successor, Perez will resign from his position as CEO, and then continue working closely with his successor and the board as a full-time special advisor. In addition, he has agreed to serve the company in a consulting capacity for up to another two years following the initial one-year term.

These management arrangements are subject to certain conditions, including approval as part of confirmation of Kodak’s plan of reorganization and Kodak’s emergence from Chapter 11. The confirmation hearing on the plan of reorganization is currently scheduled for August 20, with emergence expected during the third quarter.

Perez said: ‘On behalf of the entire continuing management team, we appreciate the support of our new owners and look forward to the completion of Kodak’s successful restructuring, the confirmation of our plan of reorganization and our emergence from Chapter 11 later in the third quarter.’