The digital revolution caught the 114-year-old photographic business napping. Kodak vastly underestimated the demand for digital cameras around the world and is now working to speed its change from film supplier to digital imagery business. Undergoing a big restructuring, it recently declared 10,000 redundancies on top of the 15,000 announced last year (600 jobs will go in the UK). Strategy enforcer Antonio Perez, formerly of Hewlett-Packard, stepped up to the plate in June, after CEO Dan Carp, a Kodak lifer, unexpectedly resigned.
Carp (now Kodak chairman) recently told the Chief Executives' Club of Boston: 'When you have a leading position in a growing, highly profitable business, changing prematurely leaves a lot of money on the table ... But it was in late 2002, when digital cameras were coming on strong, that we knew film wouldn't bounce back. The realisation was one of the most liberating moments of my career. I knew it was coming for 35 years. So when it came time to act, I was energised to help transform Kodak for the digital world.'