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Kodak loses third board member in 2 weeks

Kodak loses third board member in 2 weeks

By Associated Press | Updated: 5 June 2012 01:20 IST

Highlights

Eastman Kodak Co. says another member of its board of directors has resigned - the third director to exit the struggling company in the past two weeks.

Eastman Kodak Co. says another member of its board of directors has resigned - the third director to exit the struggling company in the past two weeks.

The latest director to relinquish the post is Laura D. Tyson, according to a company filing with the Securities and Exchange Commission on Friday. Kodak didn't say why Tyson resigned.
Tyson is a professor of global management at the University of California, Berkeley's Walter A. Haas School of Business.

On Tuesday, Kodak disclosed that Adam Clammer and Herald Chen resigned from the board last week. Clammer and Chen had represented private equity fund Kohlberg Kravis Roberts & Co. on Kodak's board.

KKR gained the seats in 2009 after investing $300 million in Kodak. The company paid KKR back last year, ahead of schedule.

The resignations come after the photography-products pioneer warned in November that its survival over the next year hinges on an ability to sell its potentially lucrative digital-imaging patents or raise extra funds by borrowing. It said it is seeking to raise an additional $500 million in financing.

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