Dec 19 Media and merchandising company Martha
Stewart Living Omnimedia Inc said Chief Executive Lisa
Gersh will step down and the company is searching for a
Shares of the company were down 9 percent at $2.35 on the
New York Stock Exchange on Wednesday.
Martha Stewart Living said Gersh will step down after a
transition period, and expects the leadership transition to
drive the company's strategy of expanding its merchandising
Merchandising brought in 22 percent of the company's revenue
last year, while publishing accounted for 64 percent and media
businesses the rest.
Gersh, who was previously with NBC Universal, joined Martha
Stewart in June last year.
The company, which has been undergoing restructuring, said
last month it will cut an undisclosed number of publishing jobs,
convert "Everyday Food" magazine to digital and exit "Whole
The company expects the restructuring to result in
annualized cost savings of $45 million to $47 million.
The company, which has posted a profit only twice in the
last eight quarters, has seen its share value nearly halve in
the last year.