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Eastman Kodak Co. said Thursday that Laura Quatela, company president and president of Personalized Imaging, will leave Kodak’s consumer segment once the company completes its spinoff of Personalized Imaging and Document Imaging businesses to the U.K. Kodak Pension Plan.
Last week, Kodak received approval from the U.S. Bankruptcy Court of the Southern District of New York for a settlement agreement with the pension plan, which is the largest single creditor in regards to Kodak’s Chapter 11 Bankruptcy reorganization plan.
The agreement is expected to be completed in September, officials said, and would settle $2.8 billion in U.K. Kodak Pension Plan claims. Kodak is also to receive cash and non-cash consideration of $650 million.
Quatela was elected company president on Jan. 1, 2012, and served as co-chief operating officer for the first half of the year managing the Consumer Group of businesses and Kodak's Intellectual Property business. On Sept. 10, 2012, she assumed the additional role as head of Personalized Imaging.
“To help accomplish Kodak's objectives in its Chapter 11 restructuring, we asked Kodak President Laura Quatela to serve as the business leader responsible for the sale of non-strategic assets and to directly manage the consumer businesses until their transfer to new ownership,” explained Antonio Perez, Kodak chairman and CEO, in a memo to employees. “Now that this work is nearly complete, Laura is considering what her next challenge will be, while wanting to provide the future owner, KPP, the opportunity to select the senior executive who will carry the Personalized Imaging and Document Imaging businesses forward.”
Last September Kodak said Quatela was expected to remain with Kodak until the sale of Personalized Imaging is completed. A Kodak spokesman said Thursday that whether Quatela would stay at Kodak in some other capacity has not been determined yet.
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