Eastman Kodak climbed steadily on Wall St. yesterday on news that it had a new chief financial officer.
The film and camera giant saw its shares gain almost 8% in value, or $ 3.25, to close at $ 45.
The move added $ 1 billion in Kodak’s market capitalization.
Volume was 3.7 million shares, five times its typical trading range.
Early on Monday, the company announced that Christopher J. Steffen will become its chief financial officer on Feb. 8, succeeding the retiring Paul L. Smith.
Steffen, who recently left his post as executive vice president and chief financial and administrative officer of Honeywell Inc., has been credited with initiating a turnaround at Honeywell, analysts say.
Goldman, Sachs & Co. analyst Jack Kelly says Steffen has a very impressive background, and more importantly, he was picked from outside of Kodak, a company known for promoting from within.