Economy
9:02 pm
Tue July 30, 2013

Kodak's Perez To Leave CEO Job Soon After The Company Emerges From Bankruptcy

Credit Eastman Kodak

Plans have just been announced for Kodak’s management after it emerges from Chapter 11 bankruptcy.

And CEO Antonio Perez won’t be part of it for much longer after that.

The company on Tuesday night outlined its post-emergence executive leadership plans, and it says that Perez will agree to be CEO for one year after the company emerges from Chapter 11, or until the Board of Directors elects his successor, whichever is sooner.

Perez will be actively involved in helping the board pick his replacement. After that person is named, Perez would work as a full-time advisor to the board for up to a year after Kodak gets out of bankruptcy. He has also agreed to serve Kodak in a consulting capacity for up to another two years after that.

Perez joined Kodak as President  in 2003, after a long stint at Hewlett Packard. He was named CEO in 2005 and then also became Chairman of the Board.

In a statement on Tuesday, Perez said the company looks to emerge from Chapter 11 “later in the third quarter” of this year.