February 22, 2019

Jeff Clarke was replaced as CEO of Eastman Kodak Company after nearly five years in this position. 

CEO Jeff Clarke departs from Eastman Kodak

The Board of Directors of Eastman Kodak Company, and Jeffrey J. Clarke, who has served nearly five years as Chief Executive Officer  mutually agreed to terminate Clarke’s employment as of February 20, 2019. With immediate effect, the Board appointed announcedJim Continenza as the company's new Executive Chairman, effective immediately. Continenza, has served as Chairman of Kodak's Board of Directors since 2013and will continue to do so while running the company’s business.

"I am thrilled to build upon our Board's strategic vision and become an integral part of day-to-day operations as the Company continues to execute on its previously announced initiatives”, commented Continenza. ”Importantly, I look forward to helping Kodak build long-term value for shareholders as we continue to deleverage our balance sheet, increase operational efficiencies, and maximize the potential of our key growth drivers. I'd like to thank Jeff for his strong leadership and I'm optimistic about the future of Kodak given our team, our assets and the opportunities ahead."

Clarke will be available to Continenza and the Board to ensure a smooth transition. "It was a privilege to lead Kodak during a time of transition and am pleased to leave the Company in a position of strength after the execution of the agreement to sell our Flexographic Packaging Division”, said the replaced CEO. „The Board and I mutually agreed that now is the time to hand the reins to new leadership, and I am confident that Jim is the right leader to take the Company to the next phase of its transformation.“

Continenza currently serves as Chairman of the Board of Merrill Corporation, LLC and Sorenson Communications LLC. He also serves on the Board of Directors of Nextel International, Inc. (NASDAQ: NIHD). Clarke's seat on the Board will be filled by Phillippe D. Katz, a newly appointed Director of Kodak. Katz has served as Partner at the investment firm of United Equities Commodities Company since 1996. He also sits on the Board of Directors of Berkshire Bancorp, Inc. and several private company boards.

According to a press release, Kodak’s leadership team and Board will continue to focus on the Company's current strategic initiatives, including selling its Flexographic Packaging Division (FPD), completing efficiency actions expected to result in $40 million of annualized savings and improved liquidity, driving Kodak's key growth areas of Sonora Process-Free Plates, enterprise inkjet, workflow software and brand licensing, while continuing to maximize value in print systems, film and advanced materials, and reinforcing the commitment to growth in Motion Picture film, having seen 32 Oscar nominations for films shot on film in 2019.

list of current news