Stewart Resigns From Board Of Company She Founded
Stewart To Stay On In Creative Capacity
POSTED: Monday, March 15, 2004
UPDATED: 12:31 pm EST March 15,
2004
NEW YORK -- Facing sentencing three months from now for her obstruction of justice conviction, Martha Stewart resigned her positions Monday with the company she founded.
In a statement, Martha Stewart Living Omnimedia said Stewart will no longer serve as a director and as chief creative officer of the company. Stewart will stay on at the company in a creative capacity, in the position of founding editorial director. The company also said Stewart is to write two books.Stewart's resignation comes after she was convicted March 5 of lying to federal investigators looking into her sale of ImClone stock. Her sentencing is scheduled for June 17. She plans to appeal.In the statement, Stewart said she resigned because she thinks it's in the company's best interest. "I am heartsick about my personal legal situation -- and deeply sorry for the pain and difficulties it has caused our employees," she said.Jeffrey Ubben, chairman of Martha Stewart Living Omnimedia board of directors, said the company created the new role of founding editorial director for Stewart."The board determined that, notwithstanding the significance of the recent verdict, continuing to have the benefit of Martha's unique creative talents and contributions is in the very best interests of (Martha Stewart Living Omnimedia) and its shareholders," Ubben said in the statement.There has been speculation that the board may opt to change the name of the company to position away from Stewart, but there was no indication of that in Monday's statement. Stewart retains a majority of the company's shares and more than 90 percent of its voting power.The board of Martha Stewart Living Omnimedia met last week to discuss Stewart's role in the future of the company, but the meeting ended without a public statement.This is the latest of several repercussions for the homemaking maven following her conviction. Last week, Viacom pulled her television show, "Martha Stewart Living," from its CBS and UPN stations.The New York Times syndicate, which distributes her column "Ask Martha," hasn't yet decided what it will do with the column. Scripps Networks said it would continue airing Stewart's cooking show, "From Martha's Kitchen."
U.S. V. Stewart, Bacanovic
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Previous Stories:
- March 9, 2004: Kmart Expected To Keep Martha Stewart Brand
- March 8, 2004: Viacom Takes 'Martha Stewart Living' Off The Air
- March 6, 2004: CBS Flagship Station Cancels Martha Stewart
- March 6, 2004: Martha Stewart Found Guilty In Stock-Fraud Trial
- March 4, 2004: Stewart Jury Focuses On Perjury Count
- March 3, 2004: Jury In Stewart Case Finishes Day 1 Of Deliberations
- March 2, 2004: Closing Arguments Winding Down In Stewart Trial
- March 1, 2004: Stewart Defense: Government's Case Has 'No Foundation'
Distributed by Internet Broadcasting Systems, Inc. The Associated Press contributed to this report. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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