Kodak on Tuesday announced their leadership plan after hopefuly emerging soon from Chapter 11 bankruptcy. The good news is that CEO Antonio Perez's days at the former film giant are numbered. The bad news is that unlike many of the tens of thousands of former Kodak employees who lost their job the day or week after they were told they were being "down-sized", Perez gets to stay on for up to 4 years. Yes, 4 years at a company he has helped to destroy in 10 years of his management! Many words can sum up my feelings about this "plan": unbelievable! OUTRAGEOUS! RIDICULOUS! Incomprehensible!
Here's the idea: Perez will stay on for up to 1 year from the time Kodak reemerges from bankruptcy, expected in the 3rd quarter of 2013. A hearing on Aug. 20 will determine the timing of the end of Chapter 11. Perez will help to pick his successor...do you believe that? Then, the failed Perez will stay on for another year to train and advise his successor. And, he will be a special advisor and part of the Board of Directors team for 3 years. So, if he takes his sweet time to pick the next CEO, he will be on the company tab for up to 4 more freakin' years. And we have yet to see his severance/retirement package, which we all know he certainly deserves for destroying the reputation of one of the world's best brand names in consumer business history.
I'm livid, but can't even pretend to know how much this hurts the people affected the most by this outrageous "plan": the retirees, laid off ex-employees and former hard working people who lost their health insurance, pension and stock on Perez's watch. The board or whomever came up with this idea should be ashamed for slapping these people in the face one more time. Perez should be even more ashamed and embarassed, but we all know how these corporate thieves go about their business. All while socking to to those who earned the right to retire with pride. Excuse me while I go get sick. I wonder if Perez and his goons on the board will let me use the golden bathroom on top of the Kodak HQ on State St. Wish we could flush this plan down that toilet!