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Benefits December 11, 2008
Kodak Announces Match Suspension, no Exec Comp Increases
December 11, 2008 (PLANSPONSOR.com) - Saying that
"most signs indicate that we may be facing a prolonged global
recession," Antonio M. Perez, Kodak Chairman and Chief
Executive Officer, said the company is taking steps to ensure
its solid position remains until the economic
recovery.
Reported by Rebecca Moore
Among steps the company is taking, Kodak announced that where permissible by law, its executives will not receive a salary increase in 2009, and that it will temporarily suspend for 2009 the company’s U.S. 401(k) match. A report on the Web site of an NBC news station in Albany said that company management also does not expect a payout in 2009 for the executive Leadership Stock program that is based on 2008 performance.
Kodak has withdrawn its full-year 2008 operating profit and sales forecast “because of the deepening global recession and changes in the value of the U.S. dollar,” the news report said.
However, according to Perez, “Kodak is financially strong and we are well positioned to manage through this economic downturn.”