After nearly five years, Jeffrey Clarke is stepping down as CEO of Kodak.
The company says Jim Continenza has been named the new executive chairman. He will be assuming Clarke’s responsibilities.
Continenza has served as the chairman of the Board of Directors since 2013 and will continue in that role.
In a statement, he said, "I am thrilled to build upon our Board's strategic vision and become an integral part of day-to-day operations as the Company continues to execute on its previously announced initiatives. Importantly, I look forward to helping Kodak build long-term value for shareholders as we continue to deleverage our balance sheet, increase operational efficiencies, and maximize the potential of our key growth drivers. I'd like to thank Jeff for his strong leadership and I'm optimistic about the future of Kodak given our team, our assets and the opportunities ahead."
"It was a privilege to lead Kodak during a time of transition and am pleased to leave the Company in a position of strength after the execution of the agreement to sell our Flexographic Packaging Division,” Clarke said. “The Board and I mutually agreed that now is the time to hand the reins to new leadership, and I am confident that Jim is the right leader to take the Company to the next phase of its transformation."
The seat on the Board of Directors previously held by Clarke will be filled by the newly-appointed director of Kodak, Phillippe Katz.