The company said Jan. 10 it had adjusted its management structure and created a chief operating office to reduce costs. The new commercial and consumer segments replace a previous business structure of three divisions: graphic communications; consumer digital imaging; and film, photofinishing and entertainment.
The digital business has accounted for about 75 percent, or $4.5 billion, of Kodak's revenue last year, McCorvey said in her filing today.
The company employs about 17,000 people, 9,100 of whom are in the U.S., compared with the 63,900 that it employed in 2003, she said.
Chief Operating Office
The chief operating office will be led by Philip Faraci and Laura Quatela. Faraci, president and chief operating officer since 2007, will focus on the commercial segment and sales and regional operations, and Quatela, the company's former general counsel who was named as a second president in December, will focus on the consumer segment and certain corporate functions, Kodak said.
Three directors resigned from Kodak's board in December, two of them from KKR & Co., two years after the private-equity firm helped the company refinance debt.
Adam H. Clammer and Herald Y. Chen quit Dec. 21. Both were elected in September 2009 after a refinancing deal that included KKR investing in $300 million of senior bonds and warrants for 40 million shares with an exercise price of $5.50. Kodak refinanced KKR's bonds in March 2010 via a private placement to other investors.
By agreeing to hold the warrants for at least two years, among other conditions, the private-equity firm run by Henry Kravis and George Roberts was entitled to nominate the two board members.
Laura D. Tyson was the third director to leave. Tyson, 64, a director since 1997, notified the board of her resignation Dec. 29, according to a Dec. 30 regulatory filing. Tyson is a professor at University of California, Berkeley's Haas School of Business, has been an adviser to the Obama and Clinton administrations and sits on the boards of at least five companies, including Morgan Stanley and AT&T Inc.
The bankruptcy case is In re Eastman Kodak Co., 12-10202, U.S. Bankruptcy Court, Southern District of New York (Manhattan).