Seven Top Polaroid Executives Take Early Retirement Offer
CAMBRIDGE, Mass. (AP) _ Polaroid Corp. said Monday it will restructure its operations into three business groups in an effort make the company more responsive to consumers and improve profits.
Seven top executives _ including Joseph R. Oldfield, executive vice president for photographic imaging _ will leave as part of the restructuring, the company said.
The instant camera pioneer and digital imaging equipment maker said it will break its operations into three autonomous core businesses: consumer, commercial and new business.
Each business group will set its own strategy, develop product lines and market its products, the company said. Each also will be accountable for its profits and losses.
``By shifting to a market-oriented structure, our goal is to better understand customer requirements, move more quickly to meet their needs, and provide more timely results measurement,″ said Gary T. DiCamillo, the company’s chairman and chief executive officer.
DiCamillo, who took over the company in December, will be temporary head of the Consumer Group. Henry Ancona, previously executive vice president for electronic imaging systems, was named executive vice president of the Commercial Group. Robert Delahunt, formerly senior vice president for photographic imaging, was named senior vice president of the New Business Group.
The company, which lost $140 million last year on revenues of $2.2 billion in sales, cut about 2,500 jobs in the last year.
The seven executives who are leaving in the restructuring are taking early retirement. They are: Oldfield, who is leaving March 31; Lee Brewer, senior vice president for Europe, Middle East, and Africa; Richard deLima, vice president and general counsel; Gerry Dicker, vice president and assistant secretary; Graham Brown, vice president and treasurer; Roger Clapp, vice president and program fellow; and Jack Driscoll, senior executive for corporate strategic planning.