OEM focuses top leaders on achieving reorganisation and re-emergence of company from bankruptcy.
Antonio Perez, Chairman and CEO of Kodak sent out a memo to employees which stated that the company was making good progress on its Chapter 11 restructuring following filing for bankruptcy in January, reports Rochester Business Journal.
The restructuring of Kodak was split into three phases: stabilisation of the business, reorganisation of the business and emergence from bankruptcy. Now entering the second phase, Kodak has announced that it will be reorganised into three operating groups.
The operating groups are to be led by three of its most senior employees, and consist of a Consumer group, led by Kodak President Laura Quatela; a Digital Printing and Enterprise Group, led by Kodak President Philip Faraci; and a Graphics, Entertainment and Commercial Films Group, led by Kodak Senior Vice-President Brad Kruchten.
Perez explained that “as a next step in our realignment, Laura, Phil, Brad and the regional managing directors will immediately begin to work with their teams to identify opportunities to simplify the organizational structure supporting our product lines to produce a leaner cost model.”
He also stated that in the next phase “execution will be more essential than ever,” adding that “We need to focus our top leaders on our key tasks, personal accountability and accomplishing our plan. We must also continue to reduce the company’s cost structure by identifying opportunities to flatten the organization.”
Four regional managing directors have also been assigned by the company, namely Philip Cullimore for the Europe, Africa and Middle Eastern region; Lois Lebegue for the Asia Pacific region; John O’Grady for the U.S. and Canada region; and Gustavo Oviedo for the Latin America region. All four are to report directly to Perez, who commented: “this new model ensures that I have the clearest possible connection to our senior leadership […] It is also the first of several steps to flatten our organizational structure to better position the company to operate with a leaner cost structure as we approach emergence.”