Kodak makes organizational changes, appoints interim CFO
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The company will report three business segments: Digital Printing and Enterprise; Graphics, Entertainment and Commercial Films; and a new segment led by Laura Quatela that includes the two businesses for sale, Personalized Imaging and Document Imaging.
Under the new management structure Philip J. Faraci, President, is leaving the company.
Mr. Faraci was named President, Eastman Kodak Company, in September 2007. As President, his current responsibilities focus on the Digital Printing and Enterprise Group. From January 2012 to July 2012, Mr. Faraci was responsible for the Commercial Segment and the company's sales and regional operations. In September 2007, he was named President and Chief Operating Officer.
From September 2007 to December 2011, he was responsible for the day-to-day management of Kodak’s three major digital businesses: the Consumer Digital Imaging Group (CDG), the Graphic Communications Group (GCG), and the Film, Photofinishing and Entertainment Group (FPEG). He joined Kodak as Director, Inkjet Systems Program in December 2004. In February 2005, he was elected a Senior Vice President of the company. In June 2005, he was also named Director, Corporate Strategy & Business Development.
Prior to Kodak, Mr. Faraci served as Chief Operating Officer of Phogenix Imaging and President and General Manager of Gemplus Corporation’s Telecom Business Unit. Prior to these roles, he spent 22 years at Hewlett-Packard, where he served as Vice President and General Manager of the Consumer Business Organization and Senior Vice President and General Manager for the Inkjet Imaging Solutions Group.
Mr. Faraci holds a BA in applied mechanics from the University of California, San Diego, and is a graduate of the University’s Executive Program for Scientists and Engineers.
Chief Financial Officer Antoinette P. McCorvey has decided to leave the company.
Ms. McCorvey was elected Chief Financial Officer and Senior Vice President, Eastman Kodak Company, effective November 5, 2010. Ms. McCorvey is responsible for worldwide financial operations, including Corporate Financial Planning and Analysis, Treasury, Audit, Controllership, Tax, Investor Relations, Corporate Business Development, and Global Purchasing.
Ms. McCorvey joined Kodak in December 1999 as Director, Finance, Imaging Materials Manufacturing. She has held assignments of increasing responsibility including Director, Finance, Global Manufacturing and Logistics; Director, Finance, Corporate Financial Planning and Analysis; and Director, Finance and Vice President, Consumer Digital Imaging Group. In March 2007, she was appointed Director & Vice President of Investor Relations. The Board of Directors elected her a corporate vice president in December 2007.
Prior to Kodak, Ms. McCorvey had a 20-year career with Monsanto/Solutia. Her last assignment at Solutia, Inc. (the former Chemical Company of Monsanto) was Vice President/General Manager of Nylon, Plastics, Polymers and Industrial Fibers. Ms. McCorvey earned a degree in Finance and Accounting and an MBA from the University of West Florida in Pensacola. She is a Certified Management Accountant and served on the Board of Directors of the Information Technology Industry Council (ITI) for 2009-2010.
Currently, Ms. McCorvey is a Board Member of ESL Federal Credit Union and Past Chairman of the Association for the Blind and Visually Impaired – Goodwill Industries of Greater Rochester, Inc., (ABVI). In addition, Ms. McCorvey was selected as the Distinguished Co-Minett Professor for 2010-2011 at Rochester Institute of Technology (RIT).
Rebecca A. Roof, a managing director of AlixPartners, the company’s restructuring advisory firm, will become Chief Financial Officer on an interim basis.
Ms. Roof has served in similar capacities for other companies that have successfully emerged from Chapter 11 restructurings, and she has deep experience in scaling overhead costs, implementing cost reduction programs, managing liquidity and raising capital, and executing asset sales – all critical areas of focus for Kodak as the company concludes its restructuring.
Ms. Roof most recently advised a Tier 2 automotive supplier in the development of a near-term business plan, cash forecast, and restructuring of its lender terms and covenants. She recently served as CAO and CRO at Taro Pharmaceutical Industries, an international generic drug manufacturer. She has also served as CRO and interim CFO at Anchor Glass, where she led the company’s emergence from bankruptcy.
Ms. Roof also was the CRO and CFO at Atkins Nutritionals, a diet and nutritional packaged foods company, where she managed the parallel tracks of a capital restructuring, significant downsizing, and brand repositioning. Previously, she served as interim CFO at Fleming Companies, Inc., a supplier of consumer package goods and she also led the AlixPartners team advising The Alamo and National car rental companies, focusing on operational consolidations and brand combinations.
She served as interim CFO at United Companies Financial Corporation, a subprime mortgage lender and as CFO of APS Holding Corporation, a NYSE-listed auto parts distribution company, in its orderly liquidation and wind-down. Prior to that assignment, she served as CFO of Allegheny General Hospital in Pittsburgh, where she led the effort to develop a business planning and cash management model.
Prior to joining AlixPartners, Ms. Roof was a director in the corporate finance; regeneration and disputes practice for PricewaterhouseCoopers. Previously, she provided litigation support and corporate recovery consulting services for Ernst & Young LLP. Before joining Ernst & Young, she served as the CFO and Treasurer of an oilfield services company and Director of Special Projects for an oil & gas exploration company.
Ms. Roof is frequent industry speaker and lecturer at various universities. She is on the Executive and Management Committees of the American Bankruptcy Institute, was one of the founders of the Texas Chapter for the Turnaround Management Association and is a former board member, is on the Advisory Board for Texas Women on Wall Street, and is a member of the American Institute of Certified Public Accountants.
She is a Certified Management Accountant, a Certified Insolvency & Restructuring Advisor, and a CPA (licensed in Texas). Ms. Roof earned a Bachelor of Science degree in business administration and Bachelor of Arts degree in geology from Trinity University, where she was a university scholar. ■