Kodak is cutting more jobs. President and CFO stepping down.

Discussion in 'Industry News' started by kbrede, Sep 10, 2012.

  1. kbrede

    kbrede Member

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    http://news.cnet.com/8301-1001_3-57509485-92/kodak-to-cut-1000-more-jobs-to-save-$330-million/
     
  2. Hatchetman

    Hatchetman Subscriber

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    Holy cats, Perez will be the last one standing. Never good when the CFO quits.
     
  3. Ken Nadvornick

    Ken Nadvornick Subscriber

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    Given that a bankrupcy is, by definition, a financial emergency, I would think not.

    Ken
     
  4. Jeff Kubach

    Jeff Kubach Member

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    Hate to here that. Losing your job ain't fun.

    Jeff
     
  5. Thomas Bertilsson

    Thomas Bertilsson Subscriber

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    I feel very sad for the employees at Kodak that are getting their jobs cut.

    The interesting aspect of it is that 1,000 employees together make 330,000,000 dollars. That's an average of $ 330,000 per year in compensation and benefits. No wonder their costs are too high.
     
  6. MattKing

    MattKing Subscriber

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    There are probably associated cuts in rent and office/plant expenses and supplies as well.
     
  7. Trasselblad

    Trasselblad Member

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    Can that figure be right? Not a zero too much or wrongly positioned comma?

    If it is correct then yes. Just close the whole thing. Sell off the tools and patents and be done with it. Guess how many high-skilled people (I deliberately don't refer to them as "workers") one of those salaries would get in an emerging economy country? Heck, since moving back to Sweden, I hardly make more than a tenth of that per year!

    No tears for Kodak by me from now on...
     
  8. Prof_Pixel

    Prof_Pixel Member

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    It is my understanding that the $330,000,000 figure applies to the total of 3,700 employees being cut in 2012 - that comes out to about $89,000 per employee being cut.
     
  9. Two23

    Two23 Member

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    They keep firing the wrong guy.


    Kent in SD
     
  10. Sirius Glass

    Sirius Glass Subscriber

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    You can say that again.
     
  11. lxdude

    lxdude Member

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    Maybe there are no just more Financials to Officer.
     
  12. lxdude

    lxdude Member

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    Bizarre, isn't it?
     
  13. Thomas Bertilsson

    Thomas Bertilsson Subscriber

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    You said it. Isn't it pathetic?

    But then again, it just occurred to me: what kind of a CEO would they be likely to find who would be willing to run this ship in its current condition? Of course, it would be a hell of an accomplishment to actually straighten it out and do something creative and worthwhile out of Kodak while they at least still have some assets that are tangible and useful in today's market.
     
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  15. Poisson Du Jour

    Poisson Du Jour Member

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    My brother in law, with a background in economics and financial management, just said to me that "the CFO going is a death knell". Something very obviously hasn't worked out at Kodak now. I would have thought the man in the gilt-lined chair, what's his name — Perez? He should go first? What seems to be the delay? Or is it a case of wise men, as well as monkeys, desert a sinking ship?? :pouty:
     
  16. Photo Engineer

    Photo Engineer Subscriber

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    Generally, as an average, a given office space cost = the office occupant's pay.

    PE
     
  17. Prof_Pixel

    Prof_Pixel Member

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  18. BrianShaw

    BrianShaw Member

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    From what I know, your brother-in-law knows what he's talking about. What a sad situation this could blossom into.
     
  19. lxdude

    lxdude Member

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    Imagine being on Kodak's Board of Directors. Perez is Chairman as well as CEO. How much straight talk can there be?

    I cannot understand why the man who "led" them into bankruptcy and their shares into near-worthlessness is still there, expecting a bonus for "guiding" them through the bankruptcy! Although the bankruptcy has been very hard on Perez. He had to give up both corporate jets. It's a bitch to have to fly first class commercial on vacations to his hometown in Spain, you know.

    To reference a currently popular political topic, Perez can declare "I didn't build this".
     
    Last edited by a moderator: Sep 10, 2012
  20. lxdude

    lxdude Member

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    It's not surprising Faraci went. He was Co-President and Co-Chief Operating Officer. Why the hell would they need two?
     
  21. lxdude

    lxdude Member

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    They should stick Perez in the basement, and pay him accordingly.
     
  22. RattyMouse

    RattyMouse Subscriber

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    How long can it take for Kodak to sell off the film division? I cant be alone in waiting for the rest of this company to just go away.
     
  23. Prof_Pixel

    Prof_Pixel Member

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    Since they didn't do very well with the patent auction and Lucky and Fuji appear to be getting out of the film business, just what makes you think there is a buyer out there for Kodak's film business?
     
  24. Ektagraphic

    Ektagraphic Member

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    C'mon Kodak......If they can't sell it, then what? Will they exit the business?
     
  25. Prof_Pixel

    Prof_Pixel Member

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    Given the cuts they have made, I don't see how they can continue to maintain the sales of professional/consumer film.
     
  26. Photo Engineer

    Photo Engineer Subscriber

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    I keep wondering if Perez/ IQ is bigger than his shoe size!

    PE