Business

More jobs lost as Kodak reorganizes

Kodak participated in the International Consumer Electronics Show in Las Vegas earlier this year.
frederic j. brown/afp/getty images
Kodak participated in the International Consumer Electronics Show in Las Vegas earlier this year.

NEW YORK — Kodak is reshuffling some executives and continuing to cut jobs as the pioneering photography company tries to emerge from bankruptcy protection.

Eastman Kodak Co. said it cut approximately 2,700 employees worldwide since the beginning of the year, and plans to eliminate roughly 1,000 more by 2012’s end. Annual savings from these cuts should reach about $330 million, the company said Monday in a regulatory filing.

Kodak’s workforce peaked in 1988 at nearly 150,000 employees. But the company couldn’t keep up with the shift to digital photo technology over the past decade and with competition from Japanese companies such as Canon.

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The company also said that president Philip J. Faraci and chief financial officer Antoinette P. McCorvey are leaving.

Rebecca A. Roof, a managing director of AlixPartners, the company’s restructuring advisory firm, will become interim CFO.