How Kodak's CEO Plans To Keep The Business Alive After Over 100 Years

TL;DR

Kodak CEO Jim Continenza is reviving the 130-year-old company by cutting $400M in debt, refocusing on film and chemicals, and riding a Hollywood nostalgia wave.

Key Points

• 1.Kodak's turnaround is led by a self-described specialist. CEO Jim Continenza, who took charge in 2020, has served on over 30 boards as director, CEO, or chairman and brought a team with him that has worked together for nearly 30 years.
• 2.Hollywood nostalgia is a key revenue driver. Christopher Nolan personally called Continenza in 2019 to prevent closure of Kodak's acetate factory; recent Oscar-winning films including *One Battle After Another* and *Sinners* were shot on Kodak film.
• 3.Debt reduction and balance sheet discipline define the financial recovery. Kodak entered with over $1 billion in debt, has since paid off more than $400M through three refinancings, and now holds roughly equal cash to remaining debt; stock is up ~100% over the past year, with the company valued around $1 billion.