EXHIBIT 99.1




MEDIA CONTACT:                                    INVESTOR CONTACT:
Skip Colcord                                      Phil Ruddick
(781) 386-6624                                    (781) 386-6638
colcors@polaroid.com                              ruddicp@polaroid.com





                  POLAROID APPOINTS NEW CHIEF FINANCIAL OFFICER


         CAMBRIDGE, MASS., -- JUNE 7, 2001 -- Polaroid Corporation (NYSE: PRD)
today named William L. Flaherty executive vice president and chief financial
officer of the company, effective immediately. He reports to Gary T. DiCamillo,
chairman and chief executive officer, and is responsible for finance, treasury,
internal audit, tax and investor relations.

         Flaherty, 53, is a seasoned finance professional with extensive
experience, especially in dealing with companies in transition. He served as
chief financial officer at Avid Technology, Inc., a world leader in digital
imaging systems for editing film, video and audio, where he played a leadership
role in restoring the technology company to profitability. Flaherty also served
as chief financial officer of Gibson Greetings, Inc., a leading manufacturer and
marketer of greeting cards, where he orchestrated a cost-reduction program,
uncovered and resolved significant inventory and derivatives issues, and sold an
underperforming subsidiary.

         "Bill's financial experience coupled with his knowledge of both
consumer products and digital imaging technology will be of great value to
Polaroid," said DiCamillo. "Bill is results-oriented and has a track record for
developing and implementing financial strategies with tangible results. He will
be a positive addition to our management team."


                                    - more -




                                                        POLAROID CFO FLAHERTY -2

         In addition to his recent experience, Flaherty served as vice president
and corporate treasurer of FMR Corp. (Fidelity Investments); spent 13 years at
E.I. du Pont de Nemours and Company; served as vice president and treasurer of
the James River Corporation of Virginia, and started his career as an auditor at
Price Waterhouse & Co. Flaherty graduated from Dartmouth College and has an MBA
from Dartmouth's Tuck School of Business Administration. He is also a certified
public accountant.

         Flaherty replaces Carl L. Lueders, who served as acting chief financial
officer for the past four months. Lueders, who will be actively involved in the
transition, has been named vice president - finance.

         Polaroid Corporation, with annual sales of approximately $2 billion, is
the worldwide leader in instant imaging. Polaroid supplies instant photographic
cameras and films; digital imaging hardware, software and media; secure
identification systems; and sunglasses to markets worldwide. Visit the Polaroid
web site at www.polaroid.com.


         "Polaroid" is a registered trademark of Polaroid Corporation,
Cambridge, Mass. 02139

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