Kodak CEO says firm poised to succeed after emergence from Chapter 11 [Floor]
Perez's surroundings serve as a constant reminder of Kodak's hallowed history in the print and movie film industries – and of the pressure he is under to revive the ailing company.Kodak emerged from bankruptcy protection Tuesday vastly different from the company of old. Gone are the cameras and film that made it famous. The company hopes to replace them with new technologies such as touch screens for smartphones and smart packaging embedded with sensors. Over Mr. Perez's desk hang pictures depicting Kodak's future – including one of the company's ultra-fast commercial inkjet printer, the Prosper Press.
"Look for a case of a company that had to go through this kind of excruciating restructuring and kept innovating," Mr. Perez said. "It just doesn't happen, but we've done it."Kodak said its old stock is cancelled as of Tuesday. Creditors are getting stock in the restructured company.The week before Kodak exited Chapter 11 protection, Mr. Perez sat down with The Associated Press for a rare 90-minute interview. He spoke candidly about Kodak's restructuring and laid out his vision for what lies ahead.Eastman Kodak Co., credited with popularizing photography at the start of the 20th century, started to struggle toward the end of the century, first with Japanese competition and later when it failed to react quickly enough to the shift from film to digital photography.
Mr. Perez was appointed CEO in 2005. Under his leadership, the Rochester, N.Y.-based company had restructured its money-losing film business by 2007. The company closed 13 factories, shuttered 130 film-processing labs and eliminated 50,000 workers around the world at a cost of about $3.4-billion (U.S.).Kodak expected demand for film to decline, but gradually. The company anticipated that new demand from emerging markets such as China would offset some of the decline in the United States. But Mr. Perez said Chinese consumers opted for smartphones instead of cameras, and demand for film plummeted.
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"Look for a case of a company that had to go through this kind of excruciating restructuring and kept innovating," Mr. Perez said. "It just doesn't happen, but we've done it."Kodak said its old stock is cancelled as of Tuesday. Creditors are getting stock in the restructured company.The week before Kodak exited Chapter 11 protection, Mr. Perez sat down with The Associated Press for a rare 90-minute interview. He spoke candidly about Kodak's restructuring and laid out his vision for what lies ahead.Eastman Kodak Co., credited with popularizing photography at the start of the 20th century, started to struggle toward the end of the century, first with Japanese competition and later when it failed to react quickly enough to the shift from film to digital photography.
Mr. Perez was appointed CEO in 2005. Under his leadership, the Rochester, N.Y.-based company had restructured its money-losing film business by 2007. The company closed 13 factories, shuttered 130 film-processing labs and eliminated 50,000 workers around the world at a cost of about $3.4-billion (U.S.).Kodak expected demand for film to decline, but gradually. The company anticipated that new demand from emerging markets such as China would offset some of the decline in the United States. But Mr. Perez said Chinese consumers opted for smartphones instead of cameras, and demand for film plummeted.
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2013-09-05 15:24
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