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Kodak CEO steps down after five years

Kodak has announced that chief executive officer (CEO) Jeff Clarke is stepping down.

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Clarke has served as CEO for five years at the firm

Clarke has served as CEO for the company for five years, having seen through its recent sale of Kodak’s flexographic division. Chairman Jim Continenza has taken the role as executive chairman, while also assuming the role of CEO.

Clarke comments: "It was a privilege to lead Kodak during a time of transition and I 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."

Phillipe Katz, who was newly appointed as a director, will take Clarke’s seat on the board.

It was a privilege to lead Kodak during a time of transition and I am pleased to leave the company in a position of strength

"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,” says Continenza.

The main strategic initiatives for the company going forward will focus on executing the sale of the Flexographic Packaging Division, maximising efficiency with the aim of reaching $40m (£30.6m) in savings, continuing to develop SONORA Process-Free Plates and maximising value in print systems, film and advanced materials.

Continenza concludes: “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 maximise 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."

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