ROCHESTER, N.Y. (AP) ? Kodak is providing a clearer picture of its post-reorganization management plans, saying that CEO Antonio Perez will likely be replaced in the first year after it emerges from bankruptcy protection.
The photography pioneer, which was founded in 1880, filed for Chapter 11 bankruptcy protection in early 2012. Since then, the Rochester, N.Y., company has sold off several businesses and said it would shut others so it can concentrate on commercial and packaging printing.
Eastman Kodak Co. said in a filing late Tuesday that Perez will stay on as CEO for up to a year or until a successor is named, whichever is first. It said he will help with the CEO selection and transition processes
Once a successor is named, he will resign and remain as an adviser until the anniversary of Kodak's exit from bankruptcy. He will serve as a consultant for up to another two years.
Kodak also announced that Jim Mesterharm will remain as chief restructuring officer and Becky Roof will continue as interim chief financial officer under a deal with AlixPartners, its restructuring advisory firm. The length of Kodak's agreement with AlixPartners will be determined by Kodak's post-bankruptcy board.
A confirmation hearing on Kodak's reorganization plan is currently expected to be held on Aug. 20.
Last month Kodak said that it had secured as much as $895 million to fund its operations after it exits bankruptcy protection, which the company anticipates will happen by the end of September.
Source: http://news.yahoo.com/kodak-outlines-plans-ceos-departure-112654357.html
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