She'll need them both. A former consultant at McKinsey & Co. with both an MBA and a master of science from

the Massachusetts Institute of Technology, Bolotin joined Polaroid in 1997 as director of strategy in its

new business group.

Bolotin says she remains intrigued by the "vision for re-energizing the company" that CEO Gary DiCamillo

first presented to her and is excited about arranging financing with banks and strategic partners for

development of new digital products. Most recently, Polaroid introduced its first digital camera, the PDC

640 Modem.

Engineering Divestitures

But her priorities for the moment are elsewhere. The

$1.9 billion-revenue, Cambridge, Mass.-based company has suspended its dividend, is trimming 11% of its

9,274-person workforce and since February has been negotiating with its banks for relief from several interest

ratio coverage and earnings covenants. Last month it received a two-month extension from providers of a

$375 million bank line.

Polaroid, which lost $38 million in this year's first quarter and saw revenues plummet 18% from the

year-earlier period, also has announced plans to sell $150 million of "non-core assets" by yearend. It

recently sold two properties for about $105.7 million.

Bolotin, a vice president who retains her position as head of mergers and acquisitions, is

coordinating the divestitures even as she focuses on refinancing the bank line and, possibly, $150 million of bonds due in

January.

Polaroid, whose senior unsecured debt was downgraded three notches by Standard & Poor's and Moody's

Investors Service in March (to B- and B3, respectively), finished the 2000 fiscal year with $364 million of

outstanding short-term debt, up from $259 million a year earlier. The company must refinance by yearend.

Bank Negotiator

Polaroid is counting on Bolotin, who also has done a stint as controller of the company's worldwide sales

and marketing division, to use her analytical skills and broad business knowledge as a negotiator with the

company's lenders.

"You have to sell the business plan," she explains.

"Then you have to negotiate a satisfactory set of agreements that meet everyone's needs."

Bolotin, who grew up in Connecticut and received an undergraduate degree from Rensselaer Polytechnic

Institute, took the reins of the 12-person treasury team from Carl Lueders, who became acting chief financial

officer in January. He replaced Judith Boynton, who left the company for personal reasons.

Bolotin seems surprised when asked how she is handling the stress of the new job.

"You don't have time to think about the stress," she says. "It's going to be a tough year. The only thing you can do

is deliver." –Lauren Weber