After nearly five years with the company, Kodak CEO Jeff Clarke is leaving the company.
Board Chairman Jim Continenza has been named Executive Chairman will assume Clarke’s responsibilities while continuing to serve as chair.
In a statement, Clarke didn’t fully explain his decision to step down but says it was a mutual agreement with the board.
The company says Clarke will “will be available to Continenza and the Board to ensure a smooth transition.”
Continenza said in a statement: “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.”
Clarke adds in his own statement: “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. 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.”