Imaging technology products company Eastman Kodak Co. (EK) said its board amended the employment agreement with Chairman and Chief Executive Officer Antonio Perez, to provide for him to remain in his current position through December 31, 2013. Perez's employment agreement, which has no expiration date, included terms that are scheduled to expire in December 2010.
In a statement, Presiding Director of Kodak's Board, Richard Braddock said, "Antonio has led Kodak through a historic transformation that has created powerful new digital businesses along with a solid balance sheet. He and his team are taking the right actions to guide Kodak through this very challenging economic climate and to position the company to emerge as a stronger enterprise."
"All of us on the Board are pleased to be able to demonstrate our confidence in Antonio by amending his employment agreement in a manner that encourages continued operational improvement and future value creation," Braddock added.
Perez, who joined Kodak April 2003, has led the worldwide transformation of Kodak to a business based primarily on digital technologies from one that was based on film only in the past six years.
While joining Kodak, Perez brought with him an experience of a 25-year career at Hewlett-Packard Co. (HPQ). Most recently at HP, Perez served as corporate vice president and a member of the company's Executive Council. Perez also served as president of HP's Consumer Business, after serving for five years as president and chief executive officer of HP's inkjet imaging business.
After serving at HP, Perez was president and chief executive officer of Gemplus International, where he led the effort to take the company public. While at Gemplus, Perez transformed the company into the leading Smart Card-based solution provider in the fast-growing wireless and financial markets. Perez is also a member of the board of directors of Schering-Plough Corp. (SGP).
On the agreement amendment, Perez said, "I am honored and humbled to be given the privilege of leading the great people of Kodak to a new and brighter future. The past six years at Kodak have been among the most energizing of my career. Kodak is a wonderful company, with innovative products and services, a powerful brand, and talented employees around the world."
EK closed Tuesday's regular trading session at $4.95, down $0.01 on a volume of 8.81 million shares, lower than the three-month average volume of 9.0 million shares.
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