David Bullwinkle on business transformation
From The Virtual CFO - Ep 1: Strategic Business Transformation | David Bullwinkle, CFO, Kodak · · ProNexus, LLC
“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.”
On , David Bullwinkle, Chief Financial Officer & Senior Vice President at EASTMAN KODAK CO, spoke about business transformation during The Virtual CFO - Ep 1: Strategic Business Transformation | David Bullwinkle, CFO, Kodak on ProNexus, LLC.
About David Bullwinkle
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."