Kodak’s top exec sees $200 million windfall on stock frenzy
published 30.07.2020 02:29
Legal experts warn that his stock purchases could raise eyebrows given that Kodak’s price pop is both eye-popping and based on a negotiated deal with the government.
As of Monday, Continenza’s 650,000 Kodak shares were worth just $1.3 million — not counting the millions in vested stock options he holds in the company.
James Continenza, Kodak’s executive chairman and de facto CEO, was sitting pretty as the company’s largest individual shareholder — with 650,000 shares — when it emerged on Tuesday that Kodak would be launching a new pharmaceutical arm with help from the Trump administration.
The net worth of Kodak’s top executive has skyrocketed on the company’s transformation from an ailing camera maker to cutting-edge pharmaceutical start-up — thanks in part to some timely share purchases.
Continenza, a former telecom executive, is also sitting on a potential gold mine in the form of roughly 2.5 million stock options in Kodak that vest at prices between $3.03 and $12 a share in 2026.