CFO, Antoinette P. McCorvey will be replaced. Rebecca Roof of AlixPartners LLC (restructuring advisory company) will join the prudence team of Eastman Kodak Co. This companys closing was an effort to slow its consumption of cash and to side of meat the company to emerge from Chapter 11 bankruptcy. (The Wall Street Journal)
The creditors of Kodak responded to the management team after seeing a dramatic outgrowth in costs of the company, which were $43 million in May, $64 million in June, and an explosion of $72 million in July. The reason for the increases was based on the patent auction, which the company had hoped for cosmetic surgery cash funds to incarnate as a printer maker company. However, creditors are calling for the company to cut land the costs more, especially to the CEO and the CFO, and to have them replaced.
While the creditors are pressuring the company to cut down the costs more in the future, management team decided do more farm out cuts. In history, there was a time when Kodak employed 145,000, outright being at 10,000. The company is expected to save $ccc million by the end of 2012.
Other consideration was to abate few executive positions of the company, which were the imaging unit manager, and the archive imaging business manager.
Both positions are related to the rummy patents in Kodaks assets. However, Kodaks change of path to producing printers is not in necessity of these patents, which in fact they are being put on sale or auctioning as materials to be sold for cash funding(s) necessary for incarnation.
Personally, there seems to be a problem on the managers taking a risk that was besides blue (as in changing paths) or a decision making process which expected a truly high return (by selling patents), led the company to a catastrophe. In the world today, photo editing software seems to have the functions too available on Kodaks photo editing services, which is very easy to use at home computers and many...If you want to witness a full essay, order it on our website: Orderessay
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