NEW YORK, June 11 /PRNewswire-FirstCall/ -- Martha Stewart Living
Omnimedia, Inc. (NYSE: MSO) announced today that Susan Lyne has stepped
down from her posts as President and Chief Executive Officer. The company
will promote President of Media Wenda Harris Millard and President of
Merchandising Robin Marino to the positions of Co-CEO, reporting to Charles
Koppelman, Chairman of the Board. Ms. Lyne will stay on in an advisory role
for a period of time to ensure a smooth transition and will remain a
director during that period.
Ms. Lyne stated: "Four years ago when the Board asked me to take on
this role, our principal goal was to rebuild the company and return it to
profitability. We have done that. In the process we've launched some great
new businesses, built an impressive management team and re-affirmed the
enduring power of the Martha Stewart brand. While there is never a perfect
time to depart, the company is on sound footing and we expect the
transition to be very smooth. 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."
Mr. Koppelman stated: "Susan has made tremendous contributions to MSLO
during a critical period for us. We are now profitable, our brand has never
been stronger, and the many partnerships we have forged in recent years
leave us well-positioned for growth. We have a deep bench of executive
talent at MSLO and are pleased to promote Wenda and Robin, two seasoned
executives who have been instrumental in helping us diversify our brand
portfolio and revenue streams. Under their leadership, we'll continue
expanding our media and merchandising businesses into new markets in and
outside the U.S. and will remain focused on creating value for
shareholders."
Martha Stewart, Founder of MSLO, stated: "Our company is strong and
vibrant, and Susan's contributions have been key. Wenda and Robin are
passionate, consumer-oriented leaders with equally passionate teams -- all
committed to providing our customers with fine quality, beautifully
designed products and useful, practical, trusted information that enhances
and improves their everyday lives."
Ms. Millard oversees MSLO's Media businesses, which include Online,
Publishing, and Broadcasting, while Ms. Marino oversees MSLO's
Merchandising businesses, which include numerous licensing partnerships
with retailers including Macy's, Kmart, and 1-800-Flowers, as well as with
manufacturers such as EK Success and Bernhardt.
Wenda Harris Millard
Before joining MSLO in July 2007, Ms. Millard had been Chief Sales
Officer of Yahoo! since 2001. She is recognized for her pivotal role in
introducing marketers to the power of the digital world. She served on
MSLO's Board of Directors for three years. Before joining Yahoo!, Ms.
Millard served as Chief Internet Officer at Ziff Davis Media and President
of Ziff Davis Internet; and Executive Vice President and a founder of
DoubleClick. In publishing, she held a number of senior positions,
including senior vice president and publisher of Family Circle, then the
world's largest-selling women's magazine. She helped build such titles as
Adweek and Working Woman. Ms. Millard currently serves as Chairman of the
Interactive Advertising Bureau and is a member of the Board of Directors of
the Ad Council.
Ms. Millard commented: "We've built an impressive team and
organizational structure that is smart, nimble, and driven to leverage our
unique portfolio of magazine, online, television, and radio properties. The
foundation is solid and we are now well-positioned to accelerate growth
across multiple channels."
Robin Marino
Ms. Marino joined MSLO in May 2005 from Kate Spade, where she was
President and COO of Kate Spade, Inc., overseeing all wholesale, retail and
licensing operations, as well as finance, production and general operations
for the company. She has nearly 30 years of experience in the department
store, wholesale and specialty retail segments of the merchandising
business in which she held key positions at leading companies including
Macy's; Polo Ralph Lauren Handbags and Luggage; and Burberry.
Ms. Marino stated: "We have transformed our Merchandising business from
a handful of licensing arrangements to a diversified portfolio of more than
15 dynamic partnerships. Our team is acutely focused on forging new
relationships while building upon our existing home decorating and
lifestyle programs to grow our business. We have powerful media platforms
and we'll continue to leverage them to make Martha Stewart Living Omnimedia
the most successful company dedicated to the home."
Broadcasting President Sheraton Kalouria will report to Ms. Millard.
Mr. Kalouria, who joined MSLO in 2005, manages the nationally syndicated
program, The Martha Stewart Show, Martha Stewart Living Radio on Sirius
Satellite Radio, the PBS series Everyday Food and Everyday Baking, Martha
Stewart On Demand, as well as international and cable distribution and
original series development.
About Martha Stewart Living Omnimedia, Inc.
Martha Stewart Living Omnimedia, Inc. (NYSE: MSO) is a diversified
media and merchandising company, inspiring and engaging consumers with
unique lifestyle content and distinctive products. The Publishing segment
encompasses four magazines, including the company's flagship publication,
Martha Stewart Living, periodic special issues and books. The
marthastewart.com website provides consumers with instant access to MSLO's
multimedia library, search and find capabilities, recipes, online
workshops, community and personalization, as well as wedding-planning tools
powered by WeddingWire. The Broadcasting segment produces such programming
as the Emmy-winning daily, nationally syndicated television series, "The
Martha Stewart Show," and Martha Stewart Living Radio, channel 112 on
SIRIUS Satellite Radio. In addition to its media properties, MSLO offers
high-quality Martha Stewart products through licensing agreements with
carefully selected companies, including the Martha Stewart Collection
exclusively at Macy's, Martha Stewart Everyday at Kmart, Martha Stewart
Crafts with EK Success, Martha Stewart for 1-800-Flowers.com and a
co-branded food line with Costco. In April 2008, Emeril Lagasse joined the
Martha Stewart family of brands; MSLO acquired the assets related to
Lagasse's media and merchandising business, including television
programming, cookbooks, and emerils.com website and his licensed kitchen
and food products. For additional information about MSLO, visit
http://www.marthastewart.com.
Forward-Looking Statement
MSLO has included in this press release certain "forward-looking
statements," as that term is defined in the Private Securities Litigation
Reform Act of 1995. These forward-looking statements are not historical
facts but instead represent only our current beliefs regarding future
events, many of which, by their nature, are inherently uncertain and
outside of our control. These statements can be identified by terminology
such as "may," "will," "should," "could," "expects," "intends," "plans,"
"anticipates," "believes," "estimates," "potential" or "continue" or the
negative of these terms or other comparable terminology. MSLO's actual
results may differ materially from those projected in these statements, and
factors that could cause such differences include: adverse reactions to
publicity relating to Martha Stewart by consumers, advertisers and business
partners; downturns in national and/or local economies; shifts in our
business strategies; a loss of the services of Ms. Stewart; a loss of the
services of other key personnel; a softening of the domestic advertising
market; changes in consumer reading, purchasing and/or television viewing
patterns; unanticipated increases in paper, postage or printing costs;
operational or financial problems at any of our contractual business
partners; the receptivity of consumers to our new product introductions;
and changes in government regulations affecting MSLO's industries. Certain
of these and other factors are discussed in more detail in MSLO's Quarterly
Report on Form 10-Q filed with the Securities and Exchange Commission,
especially under the heading "Risk Factors", which may be accessed through
the SEC's World Wide Web site at http://www.sec.gov. MSLO is under no
obligation to update any forward- looking statements after the date of this
release.
SOURCE Martha Stewart Living Omnimedia, Inc.
 back to top
Related links:
http://www.marthastewart.com
CONTACT:
Elizabeth Estroff, Corporate Communications,
Martha Stewart Living Omnimedia, +1-212-827-8281,
eestroff@marthastewart.com
|
