Eastman Kodak Co. CEO and chairman Antonio Perez saw his 2011 pay reduced leading up to the company’s Chapter 11 filing in January, according to the Rochester Democrat and Chronicle.
“For the 12 months leading up to Kodak filing for Chapter 11 bankruptcy protection, Perez received salary and cash bonuses totaling $1.47 million and $396,000 worth of stock,” writes reporter Matt Daneman. “During calendar 2010, the corresponding figures were $2 million in salary and bonuses and $1.7 million worth of stock.”
Co-president Philip Faraci received $817,000 in salary and bonuses — identical to what he got in 2010 — and $130,000 worth of stock, compared to no stock compensation in 2010; and co-president Laura Quatela received $580,000 in salary and bonuses and $93,000 worth of stock in the 12 months before Kodak’s filing for bankruptcy on Jan. 19.
Kodak earlier this month filed a motion with U.S. Bankruptcy Court seeking approval for a set of retention bonuses to be paid to executives deemed particularly important to keeping the company going. None of Kodak’s top officials, such as Perez, is eligible for those bonuses, according to the article