KKR representatives resign from Kodak's board
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.