Eastman Kodak Company annouced this morning that Philip J. Faraci has been promoted to the position of President and Chief Operating Officer. Faraci had been President of of Kodak's Consumer Digital Imaging Group and a Senior Vice President of the company

Faraci will be responsible for the the Consumer Digital Imaging Group and the Graphic Communications Group. Faraci assumes the Graphic Communications Grou role from James Langley, President of Graphic Communications Group who will depart the company at the end of the year.

“Kodak’s promising future reflects in large part the great business that Jim built for us,” Perez said. “I cannot thank him enough for coming out of retirement to help establish Kodak as a leading participant in the graphic communications industry. Jim has completed the work he came to do, and the result is that the position of GCG president is no longer necessary in this new structure. I wish Jim all the best upon his return to his private life, and I thank him for all of his many contributions.”

Perez hopes the new business structure will help Kodak's performance:

“This new structure will allow us to better capitalize on the opportunities before us,” Perez said. “With a single leader for the digital businesses, we will be able to leverage our technology across product lines more effectively, while keeping independent business models and go-to-market strategies for both CDG and GCG. At the same time, it's important that we continue to pursue strategies that extend the strong cash generation of our FPG [Film Products Group] business. The new structure provides the necessary differentiated focus between our digital and our traditional businesses.”