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ROCHESTER, N.Y. (AP) - Eastman Kodak Co. is boosting Philip Faraci's annual salary by 15 percent to $600,000 from $520,000 to reflect his extra role focused on reducing the photography company's administrative costs.
In March, Kodak established a chief operating office, headed by Faraci and James Langley, aimed at streamlining management and pushing forward its digital transformation. Faraci, 51, is president of Kodak's consumer digital imaging group and Langley, 56, leads its graphic communications group.
In a regulatory filing Friday, Kodak said it is also sweetening Faraci's bonus program, enabling him to earn up to $450,000 a year on top of his salary and other compensation. Langley, whose salary was $498,258 last year, had his target bonus raised in March to a maximum payout of $300,000.
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