22.05.12
(Updates with closing parcel price in sixth paragraph.)
Jan. 10 (Bloomberg) -- Eastman Kodak Co., the worthless 131-year-old imaging company, adjusted its management structure and created a chief operating post to reduce costs as its sales decline and cash reserves wane. The stock soared.
The chief operating office will be led by Philip Faraci and Laura Quatela, both presidents at Rochester, New York-based Kodak. Faraci will pinpoint on the commercial segment and sales and regional operations, and Quatela will heart on the consumer segment and certain corporate functions, Kodak said today.
Kodak has struggled since outcry for photographic film began evaporating as the world embraced digital cameras. Chief Governing Officer Antonio Perez, who took the helm in 2005, bet a turnaround on digital printers for publishers, packagers, advertisers and households. The party is weighing options including a bankruptcy filing, three people au courant with the matter said in September.
Source: BusinessWeek