Kodak CEO’s compensation dips slightly in 2016

Eastman Kodak Co. CEO Jeffrey Clarke saw his total compensation dip slightly in 2016, a company filing this week with the Securities and Exchange Commission shows.

Clarke, who became the firm’s chief executive in March 2014, received $2.18 million in total compensation last year, down from $2.22 million in 2015. His salary dipped below $1 million in 2016, at $996,516, compared with just over $1 million a year earlier. His 2016 compensation included $1 million in option awards and $164,855 in other compensation.

Brad Kruchten, president of Print Systems Division, received total compensation of $2.3 million, up from $1.4 million in 2015. His compensation included $463,380 in salary, $840,012 in stock awards and $840,010 in option awards. His compensation also reflected a change of $127,718 in pension value.

Philip Cullimore, president of Enterprise Inkjet Systems Division and of Micro 3D Printing and Packaging, received total compensation of $813,433, down from $854,412. His 2016 pay included a salary of $548,434. Last week Kodak announced Cullimore was leaving the company.

Chief Financial Officer David Bullwinkle received $954,019, including a base salary of $331,840, stock awards of $300,000 and option awards of $300,000. He was named CFO on June 14, 2016, and the filing did not include prior-year compensation information.

Eric-Yves Mahe, president of Software and Solutions Division, received $912,901 in 2016, down from $954,988. His 2016 compensation included a salary of $434,844.

The list of named executives also includes former CFO John McMullen, who left the company June 30, 2016. He received $480,982 in total compensation compared with $1.9 million in 2015.

The executive compensation was provided as part of the annual proxy statement filed with SEC. The filing also outlined that Kodak is slated to hold its annual meeting of shareholders on May 23 in New York City.

Shareholders are to vote on the election of nine directors for a term of one year. The slate has seven seeking re-election, including Clarke.

The board of directors has nominated Craig Rogerson and Jeffrey Engelberg as directors, the filing states. They are nominees designated in connection with the purchase agreement in November among Kodak, Southeastern Asset Management Inc. and Longleaf Partners Small-Cap Fund, C2W Partners Master Fund Ltd. and Deseret Mutual Pension Trust, which are investment funds managed by Southeastern.

The agreement gave the purchasers the right to nominate board members proportional to the purchasers’ share ownership.

The Tennessee-based Southeastern has the largest stake in the company, with 22.5 percent of common shares. New York City-based Blackstone Holdings I/II GP Inc. has 21.1 percent. BlueMountain Capital Management LLC has 17.1 percent, and Moses Marx owns 12.6 percent. Both BlueMountain and Marx are in New York City.

Engelberg is a co-founder and managing member of Additive Advisory and Capital LLC in Memphis, Tenn. Rogerson has served as the chairman, president and CEO of Chemtura Corp., a global, specialty chemicals company based in Philadelphia, since December 2008.

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