Kodak reorganizes, sheds more jobs

Eastman Kodak Co. of Rochester, N.Y., will cut another 1000 jobs by year’s end as the imaging company continues to restructure under Chapter 11 bankruptcy. The company has cut 2700 employees since the beginning of 2012.

“Kodak is becoming a more focused and competitively scaled company,” said chairman and CEO Antonio M. Perez. “We recognize that we must significantly and expeditiously reduce our current cost structure.”

Under a new management framework, Philip J. Faraci – company president and COO since 2007 – and CFO Antoinette P. McCorvey are leaving.

Kodak will have three business segments: Digital Printing and Enterprise; Graphics, Entertainment and Commercial Films; and a new segment that includes two businesses for sale: Personalized Imaging and Document Imaging. The company also has implemented organizational changes to reflect its focus on its Commercial, Packaging & Functional Printing Solutions and Enterprise Services business.