Martha Stewart Announces CEO Exit

13 June 2008

NEW YORK: Ceo of Martha Stewart Living Omnimedia ceo Susan Lyne (pictured), who rebuilt the empire following the style guru's run-in with the law, has stepped down from the job, now to be split between two other company executives.

Lyne, who took on the ceo role in 2004, will be succeeded by Wenda Harris Millard, currently president of media, and Robin Marino, president of merchandising. Both will report to chairman Charles Koppelman.

The management suite shuffle comes as the company endures a tough economic climate in which consumers are less willing and financially able to buy into Martha Stewart's gracious living ethos.

The company's revenue was flat in the first quarter, at $67.8 million (€43.9m; £24.8m) and it reported a slight profit loss.

No reason has been given for Lyne's departure, about which all involved are tight-lipped.

Data sourced from New York Times; additional content by WARC staff