Martha Stewart Extends Employment Agreement With MSLO for an Additional Five Years
Lisa Gersh Named Chief Executive Officer
NEW YORK, July 10, 2012—Martha Stewart Living Omnimedia, Inc. (NYSE: MSO) today announced that Martha Stewart has extended her employment agreement with the Company until June 30, 2017. The agreement names Stewart Founder and Chief Creative Officer. Stewart continues to serve as Non-Executive Chairman of the Board.
Lisa Gersh, President and Chief Operating Officer and a member of the Board of Directors since 2011, has been named Chief Executive Officer. Gersh will continue to report to the Board of Directors.
“I am excited by the many phenomenal projects we have underway at Martha Stewart Living Omnimedia,” said Stewart. “I look forward to continuing my work with Lisa, our executive management and creative teams and our strategic partners to continue growing our strong and far reaching brand both domestically and abroad.”
“I look forward to continuing our drive towards sustainable profitability,” said Gersh. “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.”
Over the past year, MSLO has bolstered its corporate management team and creative talent, and is seeking to strategically reinvent its media businesses for the digital era and launching a new TV show, ‘Martha Stewart’s Cooking School’ (debuting on PBS in October). The company also entered into strategic partnership with J.C. Penney while continuing to grow and innovate with other merchandising partners.
MSLO and Ms. Stewart agreed to discuss modifications to the terms of her agreement in the coming year, with any agreed upon changes becoming effective in 2013 and remaining in effect through the remainder of the term of the agreement. For greater detail about the terms of Martha Stewart’s employment extension, please refer to the Form 8-K filed today with the Securities and Exchange Commission.
About Martha Stewart Living Omnimedia, Inc.
Martha Stewart Living Omnimedia, Inc. (NYSE: MSO) is a diversified media and merchandising company, inspiring and engaging approximately 66 million consumers a month across all media platforms with unique lifestyle content, and has a growing retail presence with 8,500 products in thousands of retail locations. MSLO's four magazine brands—Martha Stewart Living, Martha Stewart Weddings, Everyday Food and Whole Living—are available in print, digital and App formats and also makes special issues, books and utility Apps available. The Company’s television and video programming includes the new “Martha Stewart’s Cooking School” series, slated for debut in Fall 2012, in addition to a vast library of how-to video available online. Martha Stewart Living Radio is available on SIRIUS XM Channel 110. MSLO also designs high-quality Martha Stewart products in a range of lifestyle categories available through select retailers, including The HomeDepot, Macy's, Staples (together with Avery), PetSmart, Michaels and Jo-Ann Fabric & Craft Stores.