By Michael Calia
Eastman Kodak Co. named tech industry veteran Jeff Clarke its
new chief executive as the stripped-down former photo giant presses
on with its reinvention.
Mr. Clarke, 52 years old, will also continue to serve as the
chairman of online travel company Orbitz Worldwide Inc., a role he
has held since 2007.
Mr. Clarke previously worked as an executive with
Hewlett-Packard Co., where he helped integrate Compaq Computer
Corp., and he co-founded the tech-focused investment firm Augusta
Columbia Capital in 2012.
The move comes as Kodak, a name synonymous with the fading
industry of film-based photography, seeks to achieve new relevance
in a digital world. The company emerged from Chapter 11
restructuring in September with a focus on commercial imaging.
"This enterprise has some extraordinary opportunities,
especially those presented by the company's proprietary technology
in commercial printing, packaging and functional printing," Mr.
Clarke said. "Kodak has made excellent progress, building on one of
the most successful reorganizations in recent years, and I look
forward to continuing the work under way in transforming Kodak into
a global B2B technology leader."
Mr. Clarke replaces Antonio M. Perez, who is now a special
adviser to Kodak's board.
Mr. Perez, himself a former Hewlett-Packard executive, took over
as Kodak's chief in 2005, and spent much of his time in the role
fighting the company's decline with a focus on commercial
printing.
His strategy to raise cash with a series of patent lawsuits and
licensing deals stalled in 2011, the year before the company's
bankruptcy filing.
The company recently said it would cease production of
process-free Sonora printing plates at its Leeds, U.K., plant by
next year, with plans to find a site in the Americas. It has also
invested in upgrades at other plants in Germany and China.
Excluding discontinued operations and items related to the
reorganization, the Rochester, N.Y., company in November posted a
loss for its first quarter since ending the bankruptcy process.
Separately on Wednesday, federal prosecutors in New York said
they had reached a settlement with Kodak to resolve the company's
environmental liabilities at sites in New York and New Jersey.
Under the agreement, Kodak committed to fund a cleanup trust
with $49 million and potentially more if costs exceed $99
million.
A Kodak representative wasn't immediately available to comment
on the settlement.
Write to Michael Calia at michael.calia@wsj.com
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