Kodak to chop another 1,000 jobs.

[powderman]

 Kodak to Chop Another 1,000 Jobs  By Jennifer Booton
Published September 10, 2012
FOXBusiness       Eastman Kodak said on Monday it plans to cut another 1,000 employees by the end of this year as it continues to lower costs as part of turnaround efforts designed to help the ailing company emerge from bankruptcy.
The Rochester, N.Y.-based maker of cameras and printers has chopped its workforce by about 2,700 people worldwide since the beginning of this year.
 
The latest cuts will save about $330 million annually in headcount costs, including compensation and benefits. Kodak CEO Antonio Perez said an analysis is under way to determine whether further staff reductions are needed.
 
“Kodak is becoming a more focused and competitively scaled company,” Perez said. “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.”
 
Kodak also continues to reorganize its senior management team. Earlier this year the company said it was tweaking its organizational structure in an effort to build out its consumer and commercial digital products and distance itself from its iconic but struggling photography business.
 
The company will report three business segments: digital printing and enterprise; graphics, entertainment and commercial films; and a new segment led by Kodak President Laura Quatela that includes the for-sale personalized imaging and document imaging businesses.
Kodak on Monday said Quatela will assume the additional role of president of the personalized imaging business and will lead the group through the sales process, while Dolores Kruchten will become president of the document imaging group, where she also will oversee its sale. Both executives are expected to remain with Kodak until the sales of their respective businesses are completed in the first half of next year.
 
Meanwhile, Philip Faraci, a Kodak president who focused on the digital printing and enterprise group and also served as chief operating officer, will leave the company, Kodak said.
Chief Financial Officer Antoinette McCorvey has also decided to leave the company and will be replaced by Rebecca Roof on an interim basis. Roof currently serves as managing director of Kodak’s restructuring advisory firm AlixPartners.
 
Perez said the moves will help the company conclude the Chapter 11 process and position Kodak to emerge as a “growing, sustainable, profitably company.”
Kodak filed for Chapter 11 bankruptcy protection in January after depleting its cash reserves following several quarters of soft sales and failing to sell 1,100 digital imaging patents.

Read more: http://www.foxbusiness.com/industries/2012/09/10/kodak-to-cut-another-1000-jobs-worldwide/#ixzz265zaY3Yv

[Conan The Librarian]

That's too bad. I hope they can recover into a viable business model. I used to rely on them for lab work years ago and they were excellent. They had a real attitude and culture around making good images.

[powderman]

Don't know where the article is but Hewlitt Packard is doing the same thing. More change. POWDERMAN. 

[Conan The Librarian]

In the case of Kodak, it was a sea change in their main industry that triggered the problems. In HP's case, it's just bad management, so I don't feel bad for them at all.

[gypsyman]

No doubt that Kodak is losing a ton of business to phone's that take pictures, and people go into dept. stores and drug stores, download the picture into a 'puter, and bingo, you have picture's. Not many people buying camera's nowdays. USPS has lost tons of business to email and such in the last decade. Times they are a changing. gypsyman

[Conan The Librarian]

Do you happen to know why we have daily mail collection and delivery? It seems like an outlandishly bad idea, but maybe there were good reasons for it at one time.