Adam Clammer, Herald Chen Resign From Kodak Board

Two Eastman Kodak directors resigned from the board last week, the struggling photography company said in a filing with U.S. regulators on Tuesday.

Both directors - Adam Clammer and Herald Chen - were representatives of private equity firm KKR & Co on Kodak's board. Kodak said Clammer and Chen notified the company of their resignations on December 21.

Kodak did not give any further details as to why the directors resigned, and a spokesman was not immediately available for comment.

Kodak earlier this year drew down on its revolving credit facility and on November 3 told investors that it may need to issue new debt or complete a multibillion-dollar patent sale to survive the next year.

Kodak has hired Jones Day, a law firm known for restructuring cases, as well as restructuring firm FTI Consulting, but has denied that it intends to file for bankruptcy. It has been struggling to cope with the collapse of its film business.

(Reporting By Michael Erman, Additional reporting by Greg Roumeliotis; Editing by Gary Hill)

Copyright 2011 Thomson Reuters. Click for Restrictions.

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Comments

[Reality now]

01:36 PM on 12/28/2011

So a couple of board members, who no doubt sit on numerous boards, resigned. So what? What is the Board doing about management? In today's technological environment maximizing profit by trying to milk the business cycle to the last drop is thinking from the last century. A good way to get run over and left with the dinosaurs.

[robodawa]

09:39 AM on 12/28/2011

If they don't have one, I suggest getting a board member who is a post-production specialist with ASC creds. And an archivist with MLS creds would be good. A lot of boards are packed with bean counters and legals. Companies with creative products need creative types on the board.

[atexasdem]

05:37 AM on 12/28/2011

The purpose of a Board of Directors is to determine policy and direction of a company. The Kodak board has failed completely in their job. Kodak has to completely change their perspective from being a "photography" company to an "Imaging" company. Kodak failed or ignored the fundamental shift from film to digital imagery. They then made a half hearted attempt quite late in the game to play catch up which of coarse failed. Kodak, like so many giant companys had two basic faults,arrogance and complacency. In many ways they could be compared to GM. Bell telephone did the same thing thinking they were in the "telephone" business rather than the "communication" business. Kodak "owned" the film industry from the smallest camera to the movie and sophisticated machine imagery industries. They were very comfortable in that position and worked hard to ignore the total shift away from film. It's called denial. Instead of leading the shift or even participating in the shift they denied the shift even existed. Whether this late in the game they can survive is an excellent question but at least a new, more aware and enlightened board of directors will be mandatory.

[rdk70816]

04:25 PM on 12/28/2011

Nothing can stop Kodak's steady march toward oblivion. Such a shame.

[FreewheelinFranklin]

02:15 AM on 12/28/2011

"Please don't take my Kodachrome away"
(oops, too late)

[Flight]

10:50 PM on 12/27/2011

It really will be tough to see another iconic American brand go under if they can't 'fix' their problems. It used to be this name meant 'photography.' Just think if they had been the one to come up with the early digital mania products.