Aaron Breen: 'ESG works hard to ensure economic “wins” in the short term do not hinder long-term prosperity. It is a way to encourage investment agencies to consider current environmental, social and governance issues while making financial decisions.'
In this Jan. 11, 2012, photo, buyers and industry affiliates pass by the Kodak exhibit at the 2012 International CES trade show in Las Vegas.Please bear with me. I want to discussMore than four decades ago, I graduated from university with an engineering degree. I was hired by the Eastman Kodak Company, and I was excited. At that time, Kodak was a Fortune 500 Company, and it was one of the most profitable enterprises in the world.
Behind that facade, however, dark clouds were forming. Electronic technology was rapidly advancing, and rumors of digital photography abounded. Management at Kodak naively attempted to derail and delay the advancement of this technology. They introduced new film formats . They made cameras smaller and more capable. They introduced one-hour photo kiosks. They reduced costs in an effort to make photographic films and papers more attractive.
These actions failed to deter the growth of digital. So, Kodak further reduced costs by downsizing its workforce. That demoralized employees but failed to slow the advance. In January of 2012, the company ran out of options and declared bankruptcy. Why did Kodak sell this great invention? The answer is simple. Kodak executives recognized that the world would change. But they did not believe it could change rapidly. Digital photography needs large computer memories and high-resolution sensors. Never, in their wildest dreams, did Kodak management foresee a day when the costs of these components would drop through the floor while their capabilities flew through the roof.
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