Kodak has named the people selected to serve on the board of directors after the company emerges from Chapter 11 bankruptcy. Most of the members are new, with only three people carrying over from the current 12 person board. CEO Antonio Perez is on the board, but he has already announced plans to step down within a year of the company getting out of bankruptcy.
At Brighton Securities, George Conboy is not surprised most of the new board will consist of new faces.
"Not at all surprising, giving that Kodak became so deeply insolvent and failed so utterly, that you should bring in a new slate to try to lead the company into the future."
Several of the people on the new board are involved with financial services companies and investment firms.
Here is a list of the proposed board members:
• 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, President of STi Prepaid, LLC, a telecommunications company, who formerly served in executive positions with Anchor Glass Container Corp. and Teligent, 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 ofThe 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.
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 ofEvergreen 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.