Business Context and Reporting Period
This Form 8-K Current Report was filed by Eastman Kodak Company on June 27, 2017. The filing addresses corporate governance changes, specifically the appointment of a new director to the Board of Directors.
Financial Metrics
The filing text does not provide a clear value for revenue, profit, cash flow, margins, debt, or liquidity. This report focuses exclusively on personnel and governance matters rather than financial performance.
Material Changes
The Board of Directors fixed the number of directors at nine and appointed Richard Todd Bradley as a director for a term expiring at the 2018 Annual Meeting of Shareholders. Mr. Bradley was appointed to fill a vacancy created when Mr. Craig Rogerson withdrew his nomination due to a conflict. Mr. Bradley will serve on the Corporate Governance and Nominating Committee and the Executive Compensation Committee.
Guidance, Outlook, and Risks
The appointment of Mr. Bradley was made pursuant to a Purchase Agreement dated November 7, 2016, with Southeastern Asset Management, Inc. and related funds (the "Purchasers"). Under this agreement, Purchasers holding 5.50% Series A Convertible Preferred Stock have the right to nominate board members proportional to their ownership. The filing notes no related-person transactions or family relationships requiring disclosure for Mr. Bradley.
Key Facts for Investor Verification
- Richard Todd Bradley was appointed to the Board on June 27, 2017, replacing a withdrawn nominee.
- The appointment satisfies the board nomination rights of Southeastern Asset Management and affiliated funds under a 2016 Purchase Agreement.
- Mr. Bradley brings executive experience from Mozido, LLC, TIBCO Software, Inc., and Hewlett-Packard Company.
- Mr. Bradley will serve on the Governance Committee and the Executive Compensation Committee.
- No financial data or operational guidance is included in this specific filing.