Martha Stewart to Stay at Her Company 5 More Years
NEW YORK (AP) - Martha Stewart will stay at the company she founded, Martha Stewart Living Omnimedia Inc., as chairman and will also be its chief creative officer through June 2017.
The lifestyle, media and merchandising company also said Tuesday that Lisa Gersh is the new CEO. Gersh had been named president and chief operating officer in May 2011 with the expectation that she would assume the CEO role.
Charles Koppelman, the former chairman of the board, had served as CEO during a series of management changes. Stewart took over as non-executive chairman in May. She had rejoined the board in September at the end of a five-year ban on serving as a board member or as an executive of a public company as part a settlement with federal regulators related to insider trading.
"I look forward to continuing our drive towards sustainable profitability," Gersh said in a statement. "We are focused on elevating the iconic Martha Stewart brand to an even higher level and putting our content and products in reach of even more consumers."
The New York company has posted an annual loss for four straight years. It has recently been increasing its merchandising offerings to offset rockiness at its media arm. In May, it reported a smaller first-quarter loss than analysts expected.
Martha Stewart Living shares rose 7 cents to close at $3.57.