Eastman Kodak Co announced a new business structure on Tuesday that eliminates its film group as the once-iconic photography company tries to refocus as a digital company to help fend off financial difficulties.
Its shares jumped after the news and were up 58 percent to 63 cents in early afternoon.
The company will create two business segments out of the current three. Phillip Faraci will head the commercial segment, while Laura Quatela will head the consumer segment. Both executives will have the title of co-president and chief operating officer and will report to Chairman and Chief Executive Antonio Perez.
Kodak said it will make changes to its financial reporting starting in the first quarter to reflect the new structure. It also said that it expects the design to reduce costs and increase productivity.
One analyst was skeptical about the move. ...