Continenza, 56, has led the company's efforts to improve its capital structure, execute strategic M&A transactions and drive investment in growth engines.
"I am thrilled to build upon our Board's strategic vision and become an integral part of day-to-day operations as the company continues to execute on its previously announced initiatives," Continenza said. "Importantly, I look forward to helping Kodak build long-term value for shareholders as we continue to deleverage our balance sheet, increase operational efficiencies, and maximize the potential of our key growth drivers. I'd like to thank Jeff for his strong leadership and I'm optimistic about the future of Kodak given our team, our assets and the opportunities ahead."
Kodak's leadership team and board will continue to focus on the company's current strategic initiatives, including:
- Executing on the sale of the Flexographic Packaging Division, a business that has demonstrated high growth;
- Completing efficiency actions expected to result in $40 million of annualized savings and improved liquidity;
- Driving Kodak's key growth areas of SONORA Process-Free Plates, enterprise inkjet, workflow software and brand licensing, while continuing to maximize value in print systems, film and advanced materials; and
- Commitment to growth in Motion Picture film, having seen 32 Oscar nominations for films shot on film in 2019.
"It was a privilege to lead Kodak during a time of transition and am pleased to leave the company in a position of strength after the execution of the agreement to sell our flexographic packaging division," Clarke said. "The board and I mutually agreed that now is the time to hand the reins to new leadership, and I am confident that Jim is the right leader to take the company to the next phase of its transformation."
Continenza currently serves as chairman of the board of Merrill Corporation, LLC and Sorenson Communications LLC.
Clarke's seat on the board will be filled by Phillippe D. Katz, newly appointed director of Kodak.