Kodak Amends CEO's Contract

Eastman Kodak Co. of Rochester, N.Y., announced that its board of directors and Chairman and CEO Antonio M. Perez have mutually agreed that he will remain in charge of the company at least until Dec. 31, 2013. Certain terms in Perez’s employment agreement, which doesn't have an expiration date, were scheduled to expire in December 2010. Since joining the company in April 2003, Perez has led the transformation of Kodak from a business based on film to one based primarily on digital technologies, such as consumer inkjet printers, image sensors for digital cameras and mobile phones, thermal dry labs and retail printing kiosks, as well as high-volume digital production presses, enterprise workflow software, and digital plates for commercial printing. The company's work force has shrunk dramatically over the last few years and could total just under 20,000 by the end of 2009, as compared to its peak of about 145,000 in the late 1980s.