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Wednesday, August 14, 2013
Kodak Names Director Selections for Company’s Post-Emergence Board
Mark S. Burgess, Matt Doheny, John Janitz, George Karfunkel, Jason New and Derek Smith to join continuing Directors James V. Continenza, William G. Parrett and Antonio M. Perez
ROCHESTER, N.Y., August 14 --
In a supplement to its Plan of Reorganization (the “Plan”) filed today with the U.S. Bankruptcy Court for the Southern District of New York, Eastman Kodak Company (“Kodak”) named the individuals selected to serve on the Board of Directors of reorganized Kodak by the parties providing the backstop to Kodak’s recently completed rights offering and the Unsecured Creditors Committee (“UCC”). The term of the new Board members will begin upon Kodak’s emergence from Chapter 11, and is subject to the confirmation of the Plan by the Bankruptcy Court.
The proposed appointees to the Board of reorganized Kodak are:
- Mark S. Burgess, Chairman of the Clondalkin Group, a global manufacturer of flexible and specialty plastic packaging solutions and former Chief Executive Officer of Graham Packaging Company.
- James V. Continenza, has served in senior leadership roles at a number of companies. He currently serves on the board of Tembec Corp., a publicly traded company, and the boards of the following privately held companies: Broadview Networks, Southwest Georgia Ethanol, The Berry Company, Neff Rental, Portola Packaging, Aventine Renewable Energy and Blaze Recycling. Previously, he was a director for Hawkeye Renewables, Anchor Glass Container Corp., Rath-Gibson, Inc., Rural Cellular Corp., U.S. Mobility Inc., Maxim Crane Works, Inc., Arch Wireless Inc. and Microcell Telecommunications Inc. Mr. Continenza has been a Kodak director since April 1, 2013.
- George Karfunkel, Chairman of Sabr Group, a consulting company, and co-founder and former Senior Vice President of American Stock Transfer & Trust Company, LLC.
- Jason New, a Senior Managing Director of The Blackstone Group and Head of Special Situation Investing for GSO Capital Partners, who previously served in senior positions with Credit Suisse and Donaldson, Lufkin & Jenrette.
- William G. Parrett, former Senior Partner of Deloitte & Touche USA LLP, a public accounting firm, where he held several executive positions, including Chief Executive Officer of Deloitte Touche Tohmatsu and Managing Partner of Deloitte & Touche USA. Mr. Parrett has been a Kodak director since November 2007 and serves as Chairman of the Board’s Audit & Finance Committee.
- Derek Smith, a Managing Principal and Senior Portfolio Manager at BlueMountain Capital Management, who previously worked in senior investment management positions with Deutsche Bank and Goldman Sachs.
- Matt Doheny, President of North Country Capital LLC, an advisory and investment firm, who previously served as Managing Director of the Distressed Assets Group of Deutsche Bank Securities Inc.
- John A. Janitz, Co-Founder and Chairman of Evergreen Capital Partners, LLC, an investment firm that provides advisory services and co-invests with private equity sponsors, who previously served as Co-Managing Principal for Questor Management Company LLC, a turnaround capital investment firm, and as President and Chief Operating Officer of Textron Inc., a $10 billion NYSE-listed multi-industry company.
Antonio M. Perez, Chief Executive Officer of Kodak and a director since October 2004, will remain on the Board.
“These highly accomplished and proven business leaders bring a rich combination of capabilities in technology, packaging, corporate strategy and finance – all key areas of focus for the new Kodak,” said Antonio M. Perez, Chairman and Chief Executive Officer. “I look forward to working with the members of this strong and well-suited board.”
The current Board of Directors will remain in place until the new Board takes on its responsibilities upon emergence. The new Board members will serve until the next annual meeting of the company’s stockholders.
The confirmation hearing on the Plan is currently scheduled for August 20, 2013.
Kodak is transforming into a B2B company focused on its Commercial Imaging business. Kodak will be centered on commercial, packaging and functional printing solutions and enterprise services, markets in which it offers customers advanced technologies that give them a competitive edge. The company also offers leading products and services in Entertainment Imaging and Commercial Films. Its Personalized Imaging and Document Imaging businesses are being spun off to KPP.For additional information on Kodak, visit kodak.com.