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Perez to see Kodak through bankruptcy
Rochester, N.Y. - Tom Brust has worked at Kodak for 29 years. He's not surprised to learn that CEO Antonio Perez will step down a year after the company emerges from bankruptcy. But like many others, he wonders why it doesn't happen sooner.
Financial analyst Michael Francis from Brighton Securities blames the company's board of directors for not removing Perez when stocks plummeted and the company was bloated because of bad acquisitions.
But Francis said Perez will be helpful as a new CEO is named and transitioned into the job.
Perez will stay on for a year after company emerges from bankruptcy. That is supposed to happen September 3, after which he could still earn over $6 million with the company, according to bankruptcy paperwork.
Perez will be a consultant for two years as the company continues to transition.
Francis said with the right leadership and focus in commercial printing and packaging, Kodak can become viable again, and believes Kodak will stay in Rochester and maintain its headquarters here.