Jeff Clarke is to take the reins at Kodak, while maintaining roles at Orbitz, Red Hat and Compuware.

The company has announced his election as chief executive and board member, replacing Antonio Perez who becomes a “special adviser”.

Clarke (52) was a managing partner of technology-orientated private investment firm Augusta Columbia Capital, which co-founded in 2012, and previously chairman and chief executive of travel technology firm Travelport, sold to Blackstone Group for $4.3 billion in 2006. During this time, Travelport launched an IPO for Orbitz.

He was also chief operating officer of enterprise software company CA from 2004-2006, and an executive vice president at Hewlett-Packard from 2002-2003, and chief financial officer of Compaq Computer, where he co-led HP's merger integration. At DEC from 1985-1998, he served in international operations, finance and manufacturing management.

Kodak says he will continue as chairman of online travel agency Orbitz Worldwide, and on the boards of Red Hat and Compuware Corporation, an enterprise software company.

Kodak chairman James Continenza says Clarke is “the right person” to lead the company forward: “His combination of strengths and experience in technology, transformation, finance, operations, and international business is precisely what we set out to find in the next leader.

“His past leadership positions have included businesses selling hardware, software and services, and printing – with B2B customers as well as consumers,” he says.

He thanked Perez for “excellent leadership” through the complex and successful restructuring, “and for solidifying our relationships with our valued customers since that time”.

Perez describes Clarke as “a talented and proven executive well qualified to lead Kodak through our next era, which I believe will be one of innovation and growth”.