Kodak loses third board member in 2 weeks

Jan 01, 2012

(AP) -- Eastman Kodak Co. says another member of its board of directors has resigned - the third director to exit the struggling company in the past two weeks.

The latest director to relinquish the post is Laura D. Tyson, according to a filing with the on Friday. Kodak didn't say why Tyson resigned.

Tyson is a professor of global management at the University of California, Berkeley's Walter A. Haas School of Business.

On Tuesday, Kodak disclosed that Adam Clammer and Herald Chen resigned from the board last week. Clammer and Chen had represented private equity fund Kohlberg Kravis Roberts & Co. on Kodak's board.

KKR gained the seats in 2009 after investing $300 million in Kodak. The company paid KKR back last year, ahead of schedule.

The resignations come after the photography-products pioneer warned in November that its survival over the next year hinges on an ability to sell its potentially lucrative digital-imaging patents or raise extra funds by borrowing. It said it is seeking to raise an additional $500 million in financing.

Explore further: Comcast wins more Internet customers, ad sales up

not rated yet
add to favorites email to friend print save as pdf

Related Stories

Kodak tries to quash bankruptcy fears; shares jump

Oct 03, 2011

(AP) -- Eastman Kodak Co. shares soared more than 57 percent Monday after the photo company tried to quash investor fears of a bankruptcy, which had caused shares to lose more than half their value on Friday.

Kodak patent ruling delayed amid cash worries

Dec 20, 2011

A U.S. arbiter for trade disputes is delaying a ruling on Eastman Kodak Co.'s high-stakes patent-infringement claim against smartphone makers Apple Inc. and Research in Motion Ltd.

Recommended for you

Comcast wins more Internet customers, ad sales up

2 hours ago

Comcast Corp.'s third-quarter net income jumped 50 percent in the third quarter, helped by a one-time tax settlement, growth in Internet subscribers and fewer defectors from its cable service.

Netflix to stream new online TV series, 'Bloodline'

2 hours ago

Fresh from commercial and critical success with hit shows "House of Cards" and "Orange is the New Black," Netflix on Thursday announced a new online series, "Bloodline," set for release in March.

Yahoo CEO defends strategy in face of criticism

10 hours ago

Signaling her reign has reached a pivotal juncture, Yahoo CEO Marissa Mayer is trying to convince restless shareholders that the long-struggling Internet company is heading in the right direction.

Sk Hynix logs all-time high Q3 earnings

11 hours ago

SK Hynix, the world's second-largest memory chip maker, reported Thursday a record high quarterly net profit for the three months to September on strong sales and currency earnings.

User comments : 5

Adjust slider to filter visible comments by rank

Display comments: newest first

epsi00
not rated yet Jan 01, 2012
The proverbial rats are jumping ship...no loyalty?
Vendicar_Decarian
0.3 / 5 (36) Jan 01, 2012
There is no loyalty in Capitalism.

No one in their right mind would give Kodak a dime. That company will not survive the next 2 years and has nothing to sell but it's office furniture.

tarheelchief
not rated yet Jan 01, 2012
Here is a great opportunity for an alert American computer hardware firm to step up and take over.
Dell could combine these companies and make them work together to produce a customer friendly and easily gain a foothold into their distribution network and much more importantly create a viable alternative to Apple.
Philosoweed
not rated yet Jan 02, 2012
Sorry wrong area
packrat
not rated yet Jan 02, 2012
There is no loyalty in Capitalism.

No one in their right mind would give Kodak a dime. That company will not survive the next 2 years and has nothing to sell but it's office furniture.


They still have a bunch of patents they could sell but after that.... like you said the office furniture.