MSLO Reorganizes; Millard Out as Co-CEO
Martha Stewart to oversee editorial and creative functions.
Martha Stewart Living Omnimedia today announced a reorganization of its media division. As a result, Wenda Harris Millard is stepping down from her post as co-CEO.
MSLO does not have plans to replace Millard or name a new co-CEO, the company said.
As part of the reorganization, MSLO founder Martha Stewart will oversee editorial and creative functions while chairman Charles Koppelman will head the companyâ€™s media division.
Robin Marino, who serves as co-CEO and oversees merchandising, will take on the added responsibility of media division president and CEO, the company said. Marino is expected to join MSLOâ€™s board of directors.
â€śI am very proud of the contributions Iâ€™ve made to MSLO over the past five years, first as a board member and most recently as President of Media and co-CEO,â€ť Millard said in a statement. â€śWe've built an agile team and a strong foundation for future growth."
MSLO reported a year-end operating loss of $10.8 million in 2008, compared to a $7.7 million income for 2007. The companyâ€™s year-end revenues were $284.3 million, down more than 13 percent from $327.9 million the prior year.
Its publishing segment, which includes a books division, reported a $4.5 million operating loss for the fourth quarter 2008, down from a $1.1 million loss during the same period in 2007.
MSLO is expected to announce its first quarter 2009 financial results next week.