Kodak to cut 1,000 more jobs by year's end

NEW YORK (AP) - Kodak is reshuffling some executives and continuing to cut jobs as the pioneering photography company tries to emerge from bankruptcy protection.

Eastman Kodak Co. said it has cut about 2,700 employees worldwide since the beginning of the year, and it plans to eliminate roughly 1,000 more by year-end. Annual savings from the cuts should reach about $330 million, the company said Monday in a regulatory filing.

Kodak's workforce peaked in 1988 at nearly 150,000 employees. But the company couldn't keep up with the shift from digital photo technology over the past decade and with competition from Japanese companies such as Canon.

"We recognize that we must significantly and expeditiously reduce our current cost structure, which is designed for a much larger, more diversified set of businesses," Chairman and CEO Antonio Perez said in a statement.

The company also said Monday that President Philip J. Faraci and Chief Financial Officer Antoinette P. McCorvey are leaving their posts.

Rebecca A. Roof, a managing director of AlixPartners, the company's restructuring advisory firm, will become interim CFO.