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Kodak to cut nearly 4,000 jobs in 2012, loses top executives

September 10, 2012|By Tiffany Hsu
  • Kodak said it will cut an additional 1,000 jobs this year.
Kodak said it will cut an additional 1,000 jobs this year. (Scott Olson / Getty Images )

Bankrupt Eastman Kodak Co., the onetime blue chip wunderkind, will shed an additional 1,000 jobs by the end of the year as it ditches chunks of its business.

Already this year, the Rochester, N.Y., company has cut 2,700 positions. The newest swipe of the axe will help Kodak save $330 million, it said Monday.

“Kodak is becoming a more focused and competitively scaled company,” said Chief Executive Antonio M. Perez in a statement. “We recognize that we must significantly and expeditiously reduce our current cost structure, which is designed for a much larger, more diversified set of businesses.”

Last month, the company said it is selling its personalized imaging and document imaging businesses, which include “traditional photographic paper and still camera film products” as well as 105,000 photo-printing kiosks, souvenir event photos and the document-scanning branch.

Kodak is in the midst of auctioning off its wide portfolio of patents. In April, the company sold its Kodak Gallery photo-sharing website to Shutterfly Inc.

The once-esteemed company filed for bankruptcy in January after falling behind rivals in the digital race. Now, Kodak hopes to shift focus to products such as printers.

As part of its evolution, two top executives are also bowing out. Philip J. Faraci, a co-president, is leaving, the company said Monday. Chief Financial Officer Antoinette P. McCorvey is also jumping ship.

McCorvey’s temporary replacement, Rebecca A. Roof, is managing director of Kodak’s restructuring advisory firm Alix Partners.

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Kodak's long fade to black

Bankrupt Kodak to sell film divisions

Kodak files for long-expected Chapter 11 bankruptcy

Bankrupt Kodak wants name out of Hollywood theater

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