Business/Finance

Kodak job cuts continue as it aims to exit Ch. 11

Monday, September 10, 2012

Kodak is reshuffling some executives and continuing to cut jobs as the pioneering photography company tries to emerge from bankruptcy protection.

Eastman Kodak Co. says it's cut approximately 2,700 employees worldwide since the beginning of the year and plans to eliminate roughly 1,000 more by 2012's end. Annual savings from these cuts should reach about $330 million.

The company also says President Philip J. Faraci and Chief Financial Officer Antoinette P. McCorvey are leaving their posts.

After reorganization, Kodak will have three business segments: Digital Printing and Enterprise; Graphics, Entertainment and Commercial Films. A new unit includes two businesses that are for sale, Personalized Imaging and Document Imaging.

Rochester, N.Y.-based Kodak expects to exit bankruptcy some time in 2013.

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