Kodak announces new business structure
ROCHESTER, N.Y. — Kodak is looking to transform into a digital enterprise by going back to basics.
The company, which has been the subject of focus in the bankruptcy rumor mill, said it has implemented a new business structure that will increase productivity, reduce cost and allow it to deliver sustainable profitability and value to stakeholders. As part of the changes, Kodak has consolidated three units into two, which now are called the commercial segment and the consumer segment.
The commercial segment includes the company's graphic communications group, which provides digital printing equipment, consumables and software to the publishing and commercial printing industries, along with its entertainment imaging and commercial film lines. Meanwhile, the consumer segment includes the consumer digital imaging group, which helps consumers capture and print images, as well as paper and output systems, event imaging solutions, the consumer film and the intellectual property business.
Both segments will report to the newly created chief operating office, led by Philip Faraci and Laura Quatela, who will both serve as president and COO. Faraci will focus on the commercial segment, while Quatela will focus on the consumer segment. Both individuals will report to Kodak chairman and CEO Antonio Perez.
Additional related executive appointments can be found here.
“As we complete Kodak’s transformation to a digital company, our future markets will be very different from our past, and we need to organize ourselves in keeping with that evolution,” Perez said. “This new structure simplifies the organization, focuses it more precisely on our consumer and commercial customers, and puts the right people in place to capitalize fully on the tremendous technological capabilities of Kodak. These business structure changes also allow us to allocate resources more productively, continue to significantly reduce administrative costs, and improve efficiency. We are confident that these changes will support our efforts to make the most of our opportunities.”
The business structure announcement is in line with the company's showcase of its upcoming products, including cameras and printers, at the Consumer Electronics Show in Las Vegas.