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Kodak Realigns Internal Business Structure

Eastman Kodak Company is restructuring its business units reducing the number from three to two: commercial and consumer.

Kodak had previously divided its business into three segments: traditional film & paper products, consumer digital imaging and graphic communications.

The move comes as the company continues to deal with rumors it plans to file for chapter 11 bankruptcy protection in the near future. 

"As we complete Kodak's transformation to a digital company, our future markets will be very different from our past, and we need to organize ourselves in keeping with that evolution," Kodak CEO Antonio Perez said in a press release. "This new structure simplifies the organization, focuses it more precisely on our consumer and commercial customers, and puts the right people in place to capitalize fully on the tremendous technological capabilities of Kodak. These business structure changes also allow us to allocate resources more productively, continue to significantly reduce administrative costs, and improve efficiency."

Both units will report to the new chief operating office, which will be led by COO and President Philip Faraci and by Laura Quatela, who was also recently named as President and COO.

Kodak says it is not announcing job cuts as part of this reorganization.

WXXI Innovation Trail reporter Zack Seward talks to an analyst and looks at how the market reacted.

NPR and the Associated Press include more reporting on today's announcement.

Kodak's press release about the new structure is available online.