New York: The third director in a week has resigned from Eastman Kodak Co as the former film giant struggles to survive the dominance of digital photography.
Laura Tyson, a professor and White House advisor, told Kodak on Thursday she was resigning from its board, the company said on Friday in a Securities and Exchange filing.
She has also served as a member of President Barack Obama’s Economic Recovery Advisory Board and in the 1990s advised the Clinton administration on the economy.
Chen and Clammer are both associated with investment firm KKR and joined the Kodak board in 2009, “after KKR bought $300 million of Kodak’s senior secured notes and warrants to buy 40 million of the company’s shares,” according to Reuters.
The resignations come as Kodak “struggles to raise new financing and sell part of its patent portfolio,” which an unnamed source told the Wall Street Journal has “stumbled in recent weeks.”
