Kodak Launches New Cost Reduction Program, Philip J. Faraci Leaving the Company

Kodak expects to reduce its workforce by approximately an additional 1,000 employees by the end of 2012. The company has reduced its workforce by approximately 2,700 employees worldwide since the beginning of 2012. The annualized savings generated by these headcount reductions, including compensation and benefits, is approximately $330 million. An analysis of further operational and workforce reductions is under way.