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."
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 This material may not be published, broadcast, rewritten or redistributed.
Former Fox 2 broadcaster Fanchon Stinger told Local 4 last year that her convicted felon ex-boyfriend, Rayford Jackson, cost her everything, but now he may have just cost her a little more.
Check out photos of Michelle "Bombshell" McGee, the tattooed woman Sandra Bullock's husband Jesse James has allegedly been having an affair with. Plus, see images from the Motor City Tattoo Expo.
There are a few simple rules to follow when pulled over. It doesn't have to be any more unpleasant than it already is -- considering that it's likely you will come away with a fat ticket.
Have you ever exited a supermarket and wondered why you couldn't find your car? Chances are you suffered from something all of us have at some point: cars tend to look a lot alike these days. But, why?
It's a valid question, especially when gas prices fluctuate overnight for no apparent reason. A reasonable person has a right to wonder what's going on.
Road trip games, those boredom-battling tests of concentration and quick vision meant to speed the hours. We thought we'd take a look at five in-car games that have been handed down since the dawn of the car itself.
Next time you're on an interview, keep in mind that the interviewer may be drawing conclusions about you before you've even gotten to the real interview.
Interviewing is a learned skill, and there are no second chances to make a great first impression. So study these 10 strategies to enhance your interview IQ.
No matter where you live, you shouldn’t have to pay too much for health insurance. Your zip code is all you need and we’ll do the rest to find you great insurance rates.
What would happen to your family if you were suddenly gone? Don’t leave their future to chance and find top quality life insurance before it’s too late.
Clutter makes a home look smaller and less valuable. Learn how to maximize your space with the top five storage and organization projects that can increase your home's value.