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Thursday, June 27, 2013

Quatela Announces Intention to Leave Kodak’s Consumer Segment Following Completion of Transfer of Businesses to U.K. Pension Plan

About Kodak

Media Contacts

  • Christopher Veronda
    Eastman Kodak Company
    christopher.veronda@kodak.com
    +1 585-724-2622

ROCHESTER, N.Y., June 27 -- 

 

Laura G. Quatela, Kodak President and President of Personalized Imaging (PI), has announced her intention to leave Kodak’s consumer segment after the completion of the spin-off of the PI and Document Imaging (DI) businesses to Kodak Pension Plan, the pension plan for U.K. employees.

“To help accomplish Kodak's objectives in its Chapter 11 restructuring, we asked Kodak President Laura Quatela to serve as the business leader responsible for the sale of non-strategic assets and to directly manage the consumer businesses  until their transfer to new ownership. Now that this work is nearly complete, Laura is considering what her next challenge will be, while wanting to provide the future owner, KPP, the opportunity to select the senior executive who will carry the Personalized Imaging and Document Imaging businesses forward,” Antonio M. Perez, Kodak Chairman and Chief Executive Officer, said in a memo to employees.

“Laura will continue to manage the Personalized Imaging business and transaction-related issues through the ownership transition, currently targeted for September.

“Laura has made a tremendous contribution to Kodak, spearheading a $3 billion IP monetization program; facilitating key business successes for Personalized Imaging – including an important flagship deal with CVS – during Kodak's restructuring; formulating PI's strategic plan and vision for growth post-sale, including negotiating the right for the PI and DI businesses to continue to use the iconic Kodak brand and trade name; and, perhaps most importantly, delivering a secure future for PI and DI with an owner who clearly recognizes the value of the businesses and intends to help them grow and succeed.

“We are extremely grateful to Laura. Her talent has been critical to Kodak's restructuring progress, and Personalized Imaging has been positioned for success under her leadership.”

“I am proud of the tremendous progress we have made during our restructuring, and how our consumer-facing businesses have been positioned to thrive, under new ownership, still with iconic Kodak branding,” said Quatela. “I look forward to completing the work of transitioning the businesses, and then turning to new challenges. I carry deep admiration for the business teams I have worked with, and wish them every success under KPP ownership.”

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CAUTIONARY STATEMENT PURSUANT TO SAFE HARBOR PROVISIONS OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995

This document includes “forward-looking statements” as that term is defined under the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements concerning the Company’s plans, objectives, goals, strategies, future events, future revenue or performance, capital expenditures, liquidity, financing needs, business trends, and other information that is not historical information. When used in this document, the words “estimates,” “expects,” “anticipates,” “projects,” “plans,” “intends,” “believes,” “predicts,” “forecasts,” or future or conditional verbs, such as “will,” “should,” “could,” or “may,” and variations of such words or similar expressions are intended to identify forward-looking statements. All forward-looking statements, including, without limitation, management’s examination of historical operating trends and data are based upon the Company’s expectations and various assumptions. Future events or results may differ from those anticipated or expressed in these forward-looking statements. Important factors that could cause actual events or results to differ materially from these forward-looking statements include, among others, the risks and uncertainties described in more detail in the Company’s most recent Annual Report on Form 10-K for the year ended December 31, 2012, under the headings “Business,” “Risk Factors,” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations–Liquidity and Capital Resources,” and those described in filings made by the Company with the U.S. Bankruptcy Court for the Southern District of New York and in other filings the Company makes with the SEC from time to time, as well as the following: the Company’s ability to successfully emerge from Chapter 11 as a profitable sustainable company; the ability of the Company and its subsidiaries to develop, secure approval of and consummate one or more plans of reorganization with respect to the Chapter 11 cases; the Company’s ability to improve its operating structure, financial results and profitability; the ability of the Company to achieve cash forecasts, financial projections, and projected growth; our ability to raise sufficient proceeds from the sale of businesses and non-core assets; the businesses the Company expects to emerge from Chapter 11; the ability of the company to discontinue certain businesses or operations; the ability of the Company to continue as a going concern; the Company’s ability to comply with the Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) covenants in its debtor-in-possession credit agreements; our ability to secure investments and financing, including satisfying the conditions to our exit financing; the potential adverse effects of the Chapter 11 proceedings on the Company’s liquidity, results of operations, brand or business prospects; the outcome of our intellectual property patent litigation matters; the Company’s ability to generate or raise cash and maintain a cash balance sufficient to comply with the minimum liquidity covenants in its debtor-in-possession credit agreements and to fund continued investments, capital needs, restructuring payments and service its debt; our ability to fairly resolve legacy liabilities; the resolution of claims against the Company; the Company’s ability to retain key executives, managers and employees; the Company’s ability to maintain product reliability and quality and growth in relevant markets; our ability to effectively anticipate technology trends and develop and market new products, solutions and technologies; and the impact of the global economic environment on the Company. There may be other factors that may cause the Company’s actual results to differ materially from the forward-looking statements. All forward-looking statements attributable to the Company or persons acting on its behalf apply only as of the date of this document, and are expressly qualified in their entirety by the cautionary statements included in this report. The Company undertakes no obligation to update or revise forward-looking statements to reflect events or circumstances that arise after the date made or to reflect the occurrence of unanticipated events.

2013