2. Saving an institution
3. $7.5 Billion in debt
88,000 employees
Poor project management
Few new products
Lethargic matrix management
Shaky morale
Cut-throat competition
Kodak was dying in 1993 Why?
4. Those that do not learn from history are doomed to repeat
it
George Santayana
5. Became CEO of Kodak in 1993
Ph.D. in Applied Mathematics from Brown University 1966
Former CEO Motorola 1988-1993
Industry Rock Star
Enter George M.C. Fisher who is he?
6. Eliminate Debt
Streamline Management
Fast Track Products
Increase Profitability
Reinvent corporate culture
Go slow, let change be absorbed gradually
George had a plan to save Kodak What was it?
7. $6 Million of debt was eliminated through sale of
subsidiaries.
The company was refocused on digital as the future of the
company
Expenses were slashed
Management was held accountable
Did it work?
In some ways, yes, others no
8. Employee ranks were still bloated with analysts calling for cuts
of 10-20%
The dollar got stronger, which made competing against Fuji films
overseas almost impossible.
Fuji slashed the price of its film to thwart Kodaks overseas
bid.
That sounds good, what didnt work?
9. George Fisher stepped down as CEO in 1999 and Chairman in 2000
at age 58.He now sits on several boards but has never been CEO
again.
His Successor Daniel Carp was a 30 year Kodak veteran. (he lasted
five years)
George Perez is now CEO
Ouch, what happened then?
10. And the stock price,whats happened to it?
11. Hard to say but certainly not in its present form.Kodak just
announced job cuts of 4500 while announcing its first quarterly
profit in years.
The stock surged 18% to $6.08.
The stock traded for $90 in 1997
Will Kodak survive?
12. Again hard to say, he could have cut more jobs quicker and
refocused on digital products sooner
In some cases the corporate culture is so ingrained that no CEO can
make his message heard all the way down the org chart.
In Closing, could George have done anything different to turn Kodak
around?
