Martha Stewart Living CEO Quits
Susan Lyne has stepped down from her post as president and CEO of Martha Stewart Living Omnimedia (MSLO), the company announced this week. Wenda Harris Millard, MSLO’s president of media, and Robin Marino, president of merchandising, have been promoted to co-CEOs.
“While there is never a perfect time to depart, the company is on sound footing and we expect the transition to be very smooth,” said Lyne, who will stay on in an advisory role for a period of time to help with the transition. “Wenda and Robin share Martha’s vision of the company’s future, they understand our businesses and have earned the trust of our partners. I couldn’t be more pleased that the Board has selected them to succeed me as co-CEOs”
The company’s first-quarter revenue was up about $1 million ($67.8 million) over the same period of 2007. MSLO stock (MSO) fell $0.48 (or 6.02%) on Wednesday, the day of the announcement.