25 September 2007 — Rochester (NY): Eastman Kodak has promoted Philip Faraci to the position of president and COO.
Before his promotion Faraci was serving as president of CDG and as a senior VP. He will be responsible for the day-to-day management of Kodak’s two major digital businesses – the consumer digital imaging group (CDG) and the graphic communications group (GCG). He assumes responsibility for GCG from James Langley, who remains a senior VP until his departure from the company at the end of the year.
"Phil has made enormous contributions to the progress of Kodak’s digital transformation. He drove the recent introduction of our revolutionary consumer inkjet printers, improved the earnings of our digital capture business, and created a more profitable go-to-market model for our consumer digital business," said Kodak chairman and CEO, Antonio Perez.
The management changes are part of Kodak’s effort to create an organisation geared for sustained, profitable growth in digital markets. In a statement the company said: "As Kodak nears the conclusion of its four-year restructuring effort, these moves position the company for the next phase of its transformation, during which it will build bigger digital businesses and continue the effective management of its traditional business."
Perez added: "This new structure will allow us to better capitalise on the opportunities before us. With a single leader for the digital businesses, we will be able to leverage our technology across product lines more effectively, while keeping independent business models and go-to-market strategies for both CDG and GCG."