Eastman Kodak Co. (NYSE: EK), the 130-year-old camera maker, announced Tuesday Antoinette McCorvey will replace Frank S. Sklarsky as Chief Financial Officer and Senior Vice President effective November 5, 2010.
Currently Director of Investor Relations, McCorvey was promoted to CFO following the resignation of Frank Sklarsky, who is moving to Tyco International (NYSE: TYC). News of Kodak’s internal restructuring boosted shares as much as $0.08, or 1.9%, from Monday’s closing price of $4.22. Before Monday, Kodak shares were unchanged this year.
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Eastman Kodak Co. has experienced decreasing sales over the last four years as the company transitions from traditional film business segments to focus on consumer and commercial printing. Sales have slipped from $14.3 billion in 2005 to $7.6 billion in 2009, with Bloomberg data analysis estimating sales will fall an additional 5 percent this fiscal year.
Additionally, Fitch Ratings announced on Tuesday that it had cut Eastman Kodak Co.’s rating outlook to negative from stable and affirmed its issuer default rating at B-. In a statement regarding the move, Fitch said, “The negative outlook reflects Kodak’s continued struggles to gain traction in its digital business segments as secular declines accelerate in the traditional film business.” About $1.6 billion in debt will be affected by the move.
Alcoa, Inc. (NYSE: AA), the largest U.S. aluminum increased its outlook for global aluminum demand as markets appear to be strengthening, sending its shares up more than 3 percent in after-hours trading on Thursday.