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2/21/2019, 4:50 AM (Source: TeleTrader)
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Kodak CEO Jeffrey Clarke resigns

Eastman Kodak Co. announced its CEO Jeffrey Clarke resigned from his position. Board of Directors Chairman Jim Continenza was appointed as executive chairman and will take over his predecessor's responsibilities. Clarke said he and the board "mutually agreed that now is the time to hand the reins to new leadership."

"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," Continenza stated. Kodak added its leadership team will continue to focus on strategic initiatives, including "completing efficiency actions expected to result in $40 million of annualized savings and improved liquidity" and commitment to growth in the movie industry.

Breaking the News / DJ