The streamlined structure reduces its segments from three to two - the commercial segment and the consumer segment. Kodak says the simpler business structure is designed to increase productivity, reduce costs and accelerate its move to digital.
President Philip Faraci will focus on the Commercial segment and the company's sales and regional operations. President Laura Quatela will focus on the consumer segment and other corporate functions. Both will report to CEO Antonio Perez.
Reports have been circulating late the company is on the verge of bankruptcy. The Wall Street Journal says Kodak could file Chapter 11 in the coming weeks if can't sell off its patents.
The changes are effective immediately.