updated 07:05 pm EST, Fri December 30, 2011
Kodak SEC filing board loses third member
Kodak saw its hopes of bouncing back fade on Friday after it filed twice with the SEC to say three board members had resigned. Adam Clammer and Herald Chen were reported as having left on Tuesday, while Laura Tyson was now known to have left as of the Friday release. Neither release gave an indication as to the reasons for leaving.
The rapid departures are likely to fuel Kodak's own warnings that it may have to shut down without financial help. It has turned to selling its image sensor business and possibly its cloud photo service as it tries to limit itself solely to what profitable businesses it has.
Kodak hasn't had a profitable year since 1997.
Much of the one-time camera legend's drop has been blamed on its distraction from its core business. After struggling to transition from film to digital, it decided that it would depend on patent lawsuits and trade disputes for income rather than overhaul and improve its core products. The gamble failed and now won't see a final decision in its key case against Apple and RIM until August. [via Reuters]