Kodak Board Elects Two New Members to Board of Directors
Eastman Kodak Company (NYSE:EK) said today that Douglas R. Lebda, the President and Chief Operating Officer of IAC/InterActiveCorp, and William G. Parrett, the former Chief Executive Officer of Deloitte Touche Tohmatsu, were named to the company’s board of directors, effective November 14, 2007.
Mr. Lebda, 37, became President and COO of IAC at the end of 2005. He joined the company in 2003 after IAC acquired LendingTree, which Mr. Lebda founded in 1996. During his nine-year tenure, he led the company through a successful IPO, five acquisitions, expanded into the consumer real estate category, and grew the business to over $500 million in revenue. At IAC, Mr. Lebda oversees the IAC businesses encompassing more than 60 brands and 20,000 employees. IAC is an interactive conglomerate that owns and operates leading interactive brands, including HSN, Ticketmaster, Match.com, Ask.com, LendingTree.com, Citysearch, Evite, and more.
Mr. Parrett, 62, recently retired from Deloitte as Senior Partner after serving as CEO from 2003 until earlier this year. A 40-year veteran of Deloitte, Mr. Parrett co-founded the firm’s Global Financial Services Industry practice and served as its first chairman. During his career at Deloitte, he served as advisory or leadership partner to many Fortune 500 companies.
“I am pleased to welcome such talented and exceptional individuals to our board as Doug Lebda and Bill Parrett,” said Antonio M. Perez, Kodak’s Chairman and Chief Executive Officer. “Each will bring a depth of experience and expertise to the board’s deliberations for the benefit of our customers and shareholders.
“In LendingTree, Doug built what has become one of the world’s great online brands, and he has continued to nurture new brands and businesses at IAC,” Perez said. “He brings to Kodak an intimate knowledge of digital markets and a fresh perspective on the generational and demographic forces shaping the Internet. As Kodak continues its historic transformation, we will benefit from Doug’s business acumen and his passion for harnessing the Web to revolutionize commerce and drive growth.
“Bill Parrett’s record of achievement is extraordinary,” Perez said. "During Bill’s tenure, Deloitte’s revenue grew by 53%, reaching $23.0 billion in 2007, and worldwide employment grew to 150,000 people in 140 countries. Beyond his success in growing Deloitte, Bill also has become a global advocate for a broader view of corporate governance and business ethics. His seasoned approach to business issues, as well as his extensive understanding of financial matters, makes him an outstanding choice to serve on Kodak’s board.”
Mr. Lebda received his bachelor’s degree in business administration from Bucknell University in 1992, and began his professional career as an auditor and consultant for PriceWaterhouseCoopers. He is currently a member of the Bucknell University Alumni Association Board of Directors and the Board of Trustees for the Darden School Foundation. A recognized entrepreneur and innovator, Mr. Lebda has received numerous honors, including the Ernst & Young Entrepreneur of the Year award, the Council for Entrepreneurial Development’s Trailblazer award, and the Inman Innovator of the Year award.
Mr. Parrett joined Deloitte upon graduation from New York’s St. Francis College in 1967, and served in a series of roles of increasing responsibility. He became Managing Partner of Deloitte & Touche USA in 1999, and was named CEO four years later. Mr. Parrett is chairman of the United Way of America, an executive member of the International Chamber of Commerce, and serves as chairman of the United States Council for International Business.
These elections bring the Kodak board to 11 members, 10 of whom are independent directors, with Antonio Perez serving as the only non-independent director.
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