Faraci assumes responsibility for GCG from James T. Langley, 57, who remains a Senior Vice President of Eastman Kodak until his departure at the end of the year. Since the company is eliminating the position of president for both CDG and GCG, Langley will leave Kodak once he completes the transition of his responsibilities for GCG.
Kodak’s major traditional business, the Film Products Group (FPG), will continue to report to Perez under the leadership of Mary Jane Hellyar, President, FPG, and a Senior Vice President of the company.
This new structure will allow us to better capitalize on the opportunities before us,” said Antonio Perez, Chairman and CEO of Eastman Kodak Company. “With a single leader for the digital businesses, we will be able to leverage our technology across product lines more effectively, while keeping independent business models and go-to-market strategies for both CDG and GCG.”
Langley, who joined Kodak in August 2003, led the series of acquisitions that resulted in what is now Kodak’s Graphic Communications Group, a $3.6 billion business that offers the broadest portfolio of blended solutions in the industry.
“Kodak’s promising future reflects in large part the great business that Jim built for us,” Perez said. “I cannot thank him enough for coming out of retirement to help establish Kodak as a leading participant in the graphic communications industry. Jim has completed the work he came to do, and the result is that the position of GCG president is no longer necessary in this new structure. I wish Jim all the best upon his return to his private life, and I thank him for all of his many contributions.”
As Chairman and CEO, Perez continues to have the primary responsibility for setting the company’s strategy, managing broad issues of corporate governance, and delivering the overall financial and operating performance of the company. Faraci, who joined Kodak in December 2004, will be responsible for the performance of the two businesses reporting to him as well as the operating activities of those units.
According to a press release, the new management structure also positions the Film Products Group to continue making significant contributions to the success of Kodak well into the future. “FPG’s performance has been exceptional, reflecting the strong leadership of Mary Jane Hellyar and her team,” Perez said. “Kodak remains committed to the business and technology of film.”
According to Perez, the announcement represents one of the final steps in the company’s four-year long restructuring, which will conclude this year. “We will enter 2008 with the company that I came here to run,” Perez said. “We now have in place the right management, the right structure, the right products and, most importantly, the right people for Kodak to generate sustained profits in digital markets. Together, we look forward to delivering on the promise of the Kodak brand for the benefit of our shareholders and employees.”