Kodak has finally seen sense and decided not to sell its Stream inkjet business after all. Mind you, Kodak does have form here, having sold the inkjet business once already, to Scitex in 1993 for $70 million, before buying it back later in 2004 for $250 million.
Corporate restructuring seems to be all the rage – first HP splits in two, and now Kodak announces its intention to reorganise itself into five business divisions. Continue reading “Kodak restructures itself”
Kodak’s latest Q3 figures show net earnings of $19m, marking a welcome return to profit for the company since its chapter 11 bankruptcy. Continue reading “Kodak back in profit”
Kodak has made some improvements to its Nexpress dry toner printers. This includes the expansion of long sheet capability, from 36 inches to up to 1 metre or 39.37 inches with an optional Long Sheet Feeder. Presses currently installed with a Long Sheet Feeder can be upgraded in field to support the 1 metre sheet length. Continue reading “Kodak updates Nexpress printers”
Kodak has released its System 15.1 software for the Nexpress VII front end. Continue reading “Kodak updates Nexpress front end”
Kodak’s figures for the first quarter of 2014 show a net loss of $36 million. In contrast, the previous year Kodak earned $283 million, though this included Other Operating Income, net of $494 million, primarily from a gain of $535 million from the sale of the digital imaging patent portfolio. Continue reading “Kodak makes loss of $36 million”
Jeff Clarke, 52, has been apointed as CEO of Kodak, replacing Antonio Perez. James Continenza, chairman of the Kodak board, said that many candidates had been evaluated, adding: “His past leadership positions have included businesses selling hardware, software and services, and printing – with B2B customers as well as consumers.”
Clarke will be paid $1m as a base salary, less than Perez’s $1.1m, but with a further $4m in stock options plus performance related bonuses.
Having successfully emerged from the chapter 11 bankruptcy protection with a leaner organisation, Kodak is now aiming to grow its revenues, likely to be a tough job as the company tries to balance its mature CtP and workflow technology with the potential growth in inkjet printing. Its future is likely to depend on how much success it has in the growing areas of functional and industrial printing, areas that a lot of inkjet printing vendors are turning to now.
Clarke commented: “My first priority is to spend my time listening to Kodak’s employees, customers, partners and other stakeholders as part of a detailed evaluation of our operations, market opportunities and approach for success.”
He has had a varied career, mainly in corporate finance working with Compag and later HP, as well as enterprise software company CA inc. Most recently he was a Managing Partner of Augusta Columbia Capital (ACC), a private investment firm focused on middle market technology and technology-enabled businesses that he co-founded in 2012.
Clarke will also continue to work as chairman of Orbitz Worldwide, a global online travel agency since 2007. He will also continue to serve on the boards of two enterprise software companies, Red Hat Inc and Compuware Corporation.
Antonio Perez will continue to draw a salary as a Special Advisor to the Board under a two-year deal not to work for a competitor.
Kodak is preparing itself to exit the chapter 11 process, having taken the opportunity to reorganise its debts and to restructure the company into a much leaner organisation. There’s a confirmation hearing scheduled for 20th August with Kodak expecting to emerge from chapter 11 later in the third quarter this year.
The company has already said that most of the current management team will continue in post, including CEO Antonio Perez, who will serve as CEO for one year and remaining with the company for up to two more years as a consultant once Kodak exits chapter 11.
Meanwhile, Kodak will be relocating its European offices to a brand-new, state-of-the-art building in Eysins, Switzerland. This will also house its inkjet demo facilities, currently based in Belgium.