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KKR representatives resign from Kodak's board

December 27, 2011
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NEW YORK—Eastman Kodak Co. said Tuesday that Adam Clammer and Herald Chen have resigned from the company's board of directors.

The two 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 struggling 131-year-old corporate icon said in a regulatory filing Tuesday that Clammer and Chen stepped down last week. It did not say why the two had resigned, but The Wall Street Journal, citing a person familiar with the matter, said they had had grown frustrated with the pace of Kodak's turnaround.

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

Shares in Kodak, which is based in Rochester, N.Y., dipped a penny to 68 cents in aftermarket trading. They ended the regular session unchanged.

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