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Kodak taps Lucent vet
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April 11, 2001: 11:01 a.m. ET
Patricia Russo named president, chief operating officer of photography leader
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NEW YORK (CNNfn) - Eastman Kodak Co. appointed Patricia Russo, a former Lucent Technologies Inc. executive, as its president and chief operating officer Wednesday.
Kodak said Russo will oversee day-to-day operations of the operating units of the world's largest photography company. She previously served as president of the business communications systems division of AT&T Corp. (T: up $0.06 to $21.78, Research, Estimates) and Lucent (LU: up $0.26 to $7.48, Research, Estimates) from 1993 through 1997.
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Patricia Russo
New Kodak president is one of highest ranking women in corporate America. (Courtesy: Kodak) |
Kodak said she drove a successful turnaround of a $6 billion business in that job. Prior to her departure from Lucent in August of last year, Russo headed the $24 billion service provider networks group. She left Lucent when the company announced a reorganization that compressed the structure of that division and the search for a COO there.
Russo will report to Chairman and CEO Daniel Carp, who previously held the title of president as well. Carp became CEO in January 2000 and chairman at the beginning of this year. He's been leading a restructuring of Kodak's businesses in the face of declining profits.
"Pat's broad management experience in improving operational performance in large global businesses and in generating growth from existing and new markets will serve Kodak well in our transition to the digital age," Carp said.
 The move comes as Rochester, N.Y.-based Kodak is struggling to redefine itself with huge investments in digital and online photography. The company also has come under pressure from slowing economic growth in the United States, which has hit profits.
As a result, investors have become increasingly impatient with management's ability to improve Kodak's performance. Kodak's (EK: up $0.13 to $42.90, Research, Estimates) shares recently have languished nearer to their year-low of $35.51 than their 52-week high of $65.69.
Kodak said Russo would bring her breadth of technology knowledge to the company, which would help transform the company's digital operations. Her experience in technology mirrors Kodak's plans for its own investments.
Her appointment makes Russo the second-highest ranking female executive among the 30 companies that make up the Dow Jones industrial average, behind only Carly Fiorina, another Lucent veteran who is the chairman, president and CEO of Hewlett-Packard Co. (HWP: up $0.68 to $30.51, Research, Estimates) Russo was named one of the 50 most powerful women in American business by Fortune in both 1998 and 1999.
-- from staff and wire reports 
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