Struggling Kodak reorganises management

Eastman Kodak Co on Tuesday announced a new management structure as the once-iconic photography company tries to refocus as a digital company to help fend off financial difficulties.

The company will create two business segments. Phillip Faraci will head the commercial segment, while Laura Quatela will head the consumer segment. Both executives will have the title of co-president and chief operating officer and will report to Chairman and Chief Executive Antonio Perez.

The Wall Street Journal reported last week that Kodak is preparing a Chapter 11 bankruptcy protection filing in case it is unable to sell its digital patents to raise capital. Also last week, Kodak warned investors it may be kicked off the New York Stock Exchange if it cannot boost its share price over the next six months.