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Eastman Kodak Co. has realigned its management team to focus its top leaders on accomplishing the company’s reorganization, and ultimately reemergence from bankruptcy.
In a memo to employees, Chairman and CEO Antonio Perez said the company is making good progress on its Chapter 11 restructuring. Kodak filed for bankruptcy on Jan. 19.
Kodak has entered into the second phase of the restructuring: working toward finalizing its plan of reorganization and is preparing to enter the third phase: emergence from bankruptcy, Perez states. The first phase was stabilization of the business after filing for bankruptcy.
“We have presented our full-year forecast and our strategic business plan to our board of directors and are in the process of reviews with our creditor constituencies. Achieving the projections in our forecast is a critical factor in building creditor support for our plan,” Perez states in the memo.
Perez explained the current management structure was right for when the company focused on stabilizing its businesses and strategy development.
“But now we are entering a period when execution will be more essential than ever,” he explains. “We need to focus our top leaders on our key tasks, personal accountability and accomplishing our plan. We must also continue to reduce the company's cost structure by identifying opportunities to flatten the organization.”
The company is organizing its business lines into three operating groups:
Quatela, Faraci and Kruchten are to report directly to Perez.
“As a next step in our realignment, Laura, Phil, Brad and the regional managing directors will immediately begin to work with their teams to identify opportunities to simplify the organizational structure supporting our product lines to produce a leaner cost model.”
The company has assigned four regional managing directors who will report directly to Perez: Philip Cullimore, the Europe, Africa and Middle Eastern Region; Lois Lebegue, Asia Pacific Region; John O'Grady, U.S. & Canada Region; and Gustavo Oviedo, Latin America Region.
“This new model ensures that I have the clearest possible connection to our senior leadership,” Perez states. “It is also the first of several steps to flatten our organizational structure to better position the company to operate with a leaner cost structure as we approach emergence.”
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