News Summary: Kodak cuts more jobs, 2 execs resign
MORE JOB CUTS: Eastman Kodak Co. cut approximately 2,700 employees worldwide so far this year, and plans to eliminate roughly 1,000 more by 2012's end. Annual savings from these cuts should reach about $330 million.
2 EXECS DEPART: President Philip J. Faraci and Chief Financial Officer Antoinette P. McCorvey are leaving. Rebecca A. Roof. a managing director of AlixPartners, the company's restructuring advisory firm, will become interim CFO. She has experience in cost reduction programs, managing liquidity and raising capital, and asset sales, which the company said are "critical areas of focus."
NO MORE PICTURES: After reorganization, Kodak will have three business segments: Digital Printing and Enterprise; Graphics, Entertainment and Commercial Films. Earlier this year it said it would stop making digital cameras, pocket video cameras and digital picture frames. Kodak expects to exit bankruptcy in 2013.