April 21, 2009 / 12:42 PM / 11 years ago

UPDATE 1-Co-CEO of Martha Stewart leaving in reorganization

NEW YORK, April 21 (Reuters) - Martha Stewart Living Omnimedia MSO.N said on Tuesday that co-Chief Executive Wenda Harris Millard was stepping down to join an advisory firm, less than a year after being promoted to the position at the lifestyle brand.

The other co-chief executive, Robin Marino, will no longer hold that title, but will continue to oversee the merchandising business. The company said it expected her to be recommended for a seat on its board.

With the restructuring, Charles Koppelman, who is chairman and the company’s so-called principal executive officer, will run day-to-day operations. The company said it had no immediate plans to appoint anybody to the title of chief executive.

Millard, a former Yahoo Inc YHOO.O executive, was appointed to the co-chief executive role along with Marino last June. Upon leaving, Millard is joining advisory firm Media Link LLC as president.

Martha Stewart, meanwhile, oversees all editorial and creative functions at the company she founded. Stewart, however, has been barred from serving as a corporate officer with financial reporting and other duties for five years under a 2006 settlement with U.S. securities regulators. (Reporting by Paul Thomasch; Editing by Lisa Von Ahn)

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