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Martha Stewart Living Omnimedia stock fell 7 cents to close at $10 Stewart resigned as chief executive and chairwoman of the company she founded on June 4, 2003, after she was indicted on charges that she lied to federal investigators about a private stock transaction Martha Stewart Omnimedia Names Chairman Jul 27, 3:39 PM EST Venture capitalist Jeffrey Ubben stepped down as chairman of Martha Stewart Living Omnimedia Inc 1, 2003 com 93 Tuesday on the New York Stock Exchange Ubben took over as chairman, while Sharon Patrick became president and CEO Stewart was sentenced July 16 to five months in prison and five months of house arrest Stewart remains the majority shareholder in the company, and despite lacking a board seat, she maintains considerable clout Siekman has served on the MSO board since Aug Koppelman was proposed by Stewart herself, the company said A source close to the matter told The Associated Press that the move was an attempt to move the company beyond Stewart's legal woes to focus on growing the company's media properties and improving its brand image She was allowed to remain free while appealing the verdict Stewart resigned her board seat on March 15 after she was convicted She remains on the payroll as founding editorial director Martinez had been on the MSO board since 2001 The company has "weathered a most difficult period associated with Martha Stewart's personal legal situation," Ubben said in a news release, adding that he wanted to turn the chairmanship over to "someone who has the skills and, most importantly, sufficient time available to guide the board and the company forward from this point In addition, the company announced the resignation Arthur Martinez, former chairman and chief executive of Sears Roebuck & Co Martinez will be replaced on the board by Charles Koppelman, chairman and CEO of CAK Entertainment Co Ubben, whose company, ValueAct Capital, is a primary investor in Martha Stewart Living Omnimedia, will remain on the board â€â€?â€â€?â€â€? On the Net: Martha Stewart Living Omnimedia: http://www marthastewart , the company said Tuesday, ending his 14-month tenure as chairman in the wake of Stewart's stock trading scandal The board felt the timing was "natural" after Stewart's sentencing earlier this month, the source said Martinez had been serving as lead director, a position that will no longer be filled , from the company's board , a music and entertainment business No reason was given for his departure " Thomas Siekman, a lawyer and former Compaq Computer executive, was named as his successor Donaldson's ABC radio program will originate from the Persian Gulf in upcoming weeks, and the 68-year-old will be available to ABC television broadcasts if hostilities break out, ABC News spokesman Jeffrey Schneider said Sam Donaldson Staying Put at ABC Feb 28, 10:49 AM EST Sam Donaldson is staying put "We're delighted that Sam will be staying with the ABC News family," Schneider said The veteran ABC newsman was in talks with MSNBC about a prime-time talk show, but those negotiations have ended without a deal, network representatives said Friday Struggling MSNBC still has its eyes open for a new prime-time host, following this week's firing of Phil Donahue |
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