Kodak Names Jim Continenza Executive Chairman

Technology innovator and current Kodak Board Chairman to succeed
Jeffrey J. Clarke

ROCHESTER, N.Y.–(BUSINESS WIRE)–The Board of Directors of Eastman Kodak Company (NYSE: KODK) (“the
Company” or “Kodak”) today announced the appointment of Jim Continenza
as the company’s new Executive Chairman, effective immediately.
Continenza, who has served as Chairman of Kodak’s Board of Directors
since 2013, will continue as Board Chairman while also assuming the
responsibilities of Jeffrey J. Clarke, who is stepping down after nearly
five years as Chief Executive Officer.

In his role as Board Chairman, Continenza, 56, has led the Company’s
efforts to improve its capital structure, execute strategic M&A
transactions and drive investment in growth engines. He brings robust
experience and a proven track record guiding several leading, innovative
technology companies through transformations.

Continenza said: “I am thrilled to build upon our Board’s strategic
vision and become an integral part of day-to-day operations as the
Company continues to execute on its previously announced initiatives.
Importantly, I look forward to helping Kodak build long-term value for
shareholders as we continue to deleverage our balance sheet, increase
operational efficiencies, and maximize the potential of our key growth
drivers. I’d like to thank Jeff for his strong leadership and I’m
optimistic about the future of Kodak given our team, our assets and the
opportunities ahead.”

Kodak’s leadership team and Board will continue to focus on the
Company’s current strategic initiatives, including:

  • executing on the sale of the Flexographic Packaging Division (FPD), a
    business that has demonstrated high growth;
  • completing efficiency actions expected to result in $40 million of
    annualized savings and improved liquidity;
  • driving Kodak’s key growth areas of SONORA Process-Free Plates,
    enterprise inkjet, workflow software and brand licensing, while
    continuing to maximize value in print systems, film and advanced
    materials; and
  • commitment to growth in Motion Picture film, having seen 32 Oscar
    nominations for films shot on film in 2019.

Former CEO Jeffrey J. Clarke added: “It was a privilege to lead Kodak
during a time of transition and am pleased to leave the Company in a
position of strength after the execution of the agreement to sell our
Flexographic Packaging Division. The Board and I mutually agreed that
now is the time to hand the reins to new leadership, and I am confident
that Jim is the right leader to take the Company to the next phase of
its transformation.”

Clarke will be available to Continenza and the Board to ensure a smooth

Continenza currently serves as Chairman of the Board of Merrill
Corporation, LLC and Sorenson Communications LLC. He also serves on the
Board of Directors of Nextel International, Inc. (NASDAQ: NIHD).
Continenza is also the founder, Chairman and CEO of Vivial Inc., a
privately held marketing technology and communications company.
Continenza was previously Chairman of the Board of Tembec Inc. (TSE:
TMB.CO), Neff Rental, LLC, Aventine Renewable Energy, Inc., Southwest
Georgia Ethanol, LLC, BioFuel Energy Corporation, and Portola Packaging,
Inc. He also previously served on the Board of Directors for Hawkeye
Renewables, Blaze Recycling, LLC, Anchor Glass Container Corporation,
Rath-Gibson Inc., Rural Cellular Corporation, U.S.A. Mobility, Inc.,
MAXIM Crane Works, Inc., Arch Wireless, Inc., Broadview Networks, LLC,
Teligent, Inc. and Microcell Telecommunications, Inc.

Clarke’s seat on the Board will be filled by Phillippe D. Katz, newly
appointed Director of Kodak. Katz has served as Partner at the
investment firm of United Equities Commodities Company since 1996. He
also sits on the Board of Directors of Berkshire Bancorp, Inc. and
several private company boards.

About Kodak

Kodak is a technology company focused on imaging. We provide – directly
and through partnerships with other innovative companies – hardware,
software, consumables and services to customers in graphic arts,
commercial print, publishing, packaging, entertainment and commercial
films, and consumer products markets. With our world-class R&D
capabilities, innovative solutions portfolio and highly trusted brand,
Kodak is helping customers around the globe to sustainably grow their
own businesses and enjoy their lives. For additional information on
Kodak, visit us at kodak.com, follow us on Twitter @Kodak, or like us on
Facebook at Kodak.

Cautionary Statement Regarding Forward-looking Statements

This press release includes “forward-looking statements” as that term is
defined under the Private Securities Litigation Reform Act of 1995.
Forward-looking statements include statements concerning Kodak’s plans,
objectives, goals, strategies, future events, future revenue or
performance, capital expenditures, liquidity, investments, financing
needs and business trends and other information that is not historical
information. When used in this press release, the words “estimates,”
“expects,” “anticipates,” “projects,” “plans,” “intends,” “believes,”
“predicts,” “forecasts,” “strategy,” “continues,” “goals,” “targets” or
future or conditional verbs, such as “will,” “should,” “could,” or
“may,” and similar expressions, as well as statements that do not relate
strictly to historical or current facts, are intended to identify
forward-looking statements. All forward-looking statements, including
management’s examination of historical operating trends and data, are
based upon Kodak’s expectations and various assumptions.

Future events or results may differ from those anticipated or expressed
in the forward-looking statements. Important factors that could cause
actual events or results to differ materially from the forward-looking
statements include, among others, the risks and uncertainties described
in more detail in Kodak’s Annual Report on Form 10-K for the year ended
December 31, 2017 under the headings “Business,” “Risk Factors,” “Legal
Proceedings” and/or “Management’s Discussion and Analysis of Financial
Condition and Results of Operations-Liquidity and Capital Resources,” in
the corresponding sections of Kodak’s Quarterly Reports on Form 10-Q for
the quarters ended March 31, 2018, June 30, 2018 and September 30, 2018,
and in other filings Kodak makes with the U.S. Securities and Exchange
Commission from time to time, as well as the following: Kodak’s ability
to improve and sustain its operating structure, cash flow, profitability
and other financial results; Kodak’s ability to achieve cash forecasts,
financial projections and projected growth; Kodak’s ability to achieve
the financial and operational results contained in its business plans;
Kodak’s ability to comply with the covenants in its various credit
facilities; Kodak’s ability to repay, refinance or extend the maturity
of its outstanding first lien term loans prior to their maturity date of
September 3, 2019 or prior to June 5, 2019, the date on which Kodak’s
revolving credit facility will terminate unless such repayment,
refinancing or extension has occurred or the revolving credit facility
has been amended; Kodak’s ability to discontinue, sell or spin-off
certain businesses or operations, or otherwise monetize assets; Kodak’s
ability to fund continued investments, capital needs and restructuring
payments and service its debt and Series A Preferred Stock; changes in
foreign currency exchange rates, commodity prices and interest rates;
Kodak’s ability to effectively anticipate technology trends and develop
and market new products, solutions and technologies; Kodak’s ability to
effectively compete with large, well-financed industry participants;
continued sufficient availability of borrowings and letters of credit
under Kodak’s revolving credit facility, Kodak’s ability to obtain
additional financing if and as needed and Kodak’s ability to provide or
facilitate financing for its customers; the performance by third parties
of their obligations to supply products, components or services to
Kodak; and the impact of the global economic environment on Kodak.

There may be other factors that may cause Kodak’s actual results to
differ materially from the forward-looking statements. All
forward-looking statements attributable to Kodak or persons acting on
its behalf apply only as of the date of this press release and are
expressly qualified in their entirety by the cautionary statements
included or referenced in this press release. Kodak undertakes no
obligation to update or revise forward-looking statements to reflect
events or circumstances that arise after the date made or to reflect the
occurrence of unanticipated events, except as required by law.


Media Contacts:
Nick Rangel, +1
585-615-0549, [email protected]

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