The Virtual CFO - Ep 1: Strategic Business Transformation | David Bullwinkle, CFO, Kodak
Join us as we talk business transformation with CFO, David Bullwinkle, of Kodak. Leadership carries a heavier burden due to theΒ ...
Chief Financial Officer & Senior Vice President, Eastman Kodak
Search every verified David Bullwinkle interview, podcast appearance, and on-the-record quote β each transcript cross-checked by AI and human review to confirm speaker identity. David Bullwinkle, CFO and Senior Vice President of Eastman Kodak, discussed the company's ongoing transformation in a September 2021 interview. He described Kodak's shift away from its traditional photographic film business, stating that the company was attempting to "remove ourselves from a hundred plus year product cycle." Bullwinkle noted that Kodak declared Chapter 11 bankruptcy in January 2012, a period he described as "very finance-centric" due to creditor control, and that the company spent over $150 million on related fees. He said Kodak is not seeking to become a pharmaceutical company but rather "a print, advanced materials, and chemicals company that does some pharma," and that it continues to pursue a loan application with the U.S. International Development Finance Corporation (DFC) to utilize its assets at Eastman Business Park. Bullwinkle also addressed the company's financial strategy, including a $100 million investment from Tom Golisano's fund in convertible preferred stock intended for growth in print, advanced materials, and chemicals. He characterized traditional print as declining about four percent annually, while digital print is growing as offset printing converts to digital. Reflecting on his career, Bullwinkle emphasized the importance of hard work and being open to opportunities, advising that a leader should be "real, being transparent with people, being honest" and that one should "become a business expert, not just a financial expert."
“What we were really trying to do was to really remove ourselves from a hundred plus year product cycle and that in and of itself is unusual if not even unheard of for a product that has that much longevity to it.”
“The company didn't really ever make money on the digital devices and I don't think there's many companies that really made money on the digital device until you get up into the high-end space.”
“In January of 2012 we declared chapter 11 bankruptcy. It was a difficult period of time and very finance-centric because you're dealing with creditors who really do have control of the company.”
“We paid and spent in excess of a hundred and fifty million dollars on fees and things like that which speaks volumes in terms of the complexity that exists at Kodak.”
“We intend to continue to pursue the loan application with the government in the DFC and utilize that to use our assets. That's a lot of what we're doing in Eastman Business Park is finding new ways to utilize our assets.”
“The investment from Mr. Golisano's fund is part of a series of transactions that recapitalized the company. The $100 million investment in series C preferred stock is convertible and will be used for growth opportunities in print, advanced materials, and chemicals.”
“Kodak is not trying to become a pharmaceutical company; we will be a print, advanced materials, and chemicals company that does some pharma.”
“A good leader is being real, being transparent with people, being honest. I value somebody who's honest and who shares everything with each other. Practice what you preach.”
“Traditional print reduces about four percent every year, but the digital print side is very exciting with growth as the conversion occurs from offset to digital.”
“Hard work is something you can't replace. There are no shortcuts. You need to put in the work, study the data, and become a business expert, not just a financial expert.”
Join us as we talk business transformation with CFO, David Bullwinkle, of Kodak. Leadership carries a heavier burden due to theΒ ...
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