NEW YORK, Sept. 28 -- Eastman Kodak Co. is announcing a structural change to its consumer photography division, aimed at giving its digital business a chance to grow, according to the Rochester, N.Y., Democrat & Chronicle.
In a statement announcing an investor's meeting in New York City this morning, Kodak executives reported that the company's changeover from film to digital imaging markets is taking place faster than expected, or even ahead of schedule.
Kodak said that, beginning in January, it will split its consumer photography business into two parts: one covering digital cameras, home printers and related items; the other encompassing film, paper and other products from Kodak’s history in chemical-based imaging.
Bernard Masson, 57, president of digital and film imaging systems, has decided to retire effective Jan.1. Heading the new divisions will be Philip J. Faraci, 50, named president of the new consumer digital imaging group, and Mary Jane Hellyar, 52, named president of film imaging systems.
"We are moving aggressively to boost revenue, generate cash, increase earnings and extend our leading position in the digital markets that we serve," said Antonio M. Perez, CEO and president, Eastman Kodak Co. "By the middle of 2007, we will have largely completed the restructuring of our traditional business and achieved the cost model necessary for sustained success in digital markets."
For more information, visit: www.kodak.com