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The additional job-cuts and management changes are an effort to accelerate Eastman Kodak's cost reduction-program.
A local financial advisor, says while today's announcement is long overdue it is a move in the the right direction.
"If Kodak is going to survive this type of thing is just the tip of the iceberg."
Under the new management structure, Co-President Philip Faraci and Chief Financial Officer Antoinette McCorvey will leave the company. Kodak Co-President Laura Quatela will assume the additional role as president of personalized imaging to lead that business through its sale process.
Brennan Redmon, Brighton Securities CFA, said, "Interestingly the one management turnover that we do not see is Perez, who has been the one who has lead this company down from a profitable mutli-billion dollar company years and years ago to something far less, and it is my opinion that it didn't have to be as bad as it is and Perez is primarily to blame for that, so the question then becomes, where is the board when it comes to their responsibility for the strategic leadership of Kodak."
Kodak says it's reduced its world-wide work force by about 2,700 employees since the beginning of 2012. It plans to cut an additional 1,000 jobs by the end of the year.
The company expects to save about $330 million a year from the head-count reductions, including compensation and benefits.
Whether this move comes to little to late will be decided next month when Kodak presents its restructuring strategy in bankruptcy court.
October 15th is also the day when Citigroup has the ability to pull the its Debtor-in-Possession financing and make the nearly $700 million immediately due in payable.