NEW YORK-Martha Stewart has been elected non-executive chairman of Martha Stewart Living Omnimedia (MSLO), the company she founded in 1997.
She succeeds Charles Koppelman, who had served as chairman since 2005. An MSLO proxy statement in early April said Koppelman, along with directors Claudia Slacik and Todd Slotkin, were not being renominated to their positions because of the board’s decision to reduce the number of directors from 12 to nine.
In an MSLO statement, Stewart said she is looking forward to working closely with the directors and the management team “as we focus on the future, capitalizing on the strength of our brand and our amazing customer connection to continue building our business so that it realizes its full and considerable potential.”
Stewart had served as MSLO’s chairman and CEO until 2003, when she resigned during the investigation of her role in the ImClone insider-trading case. She was subsequently convicted of conspiracy, obstruction of justice and making false statements to federal investigators. As part of the settlement of the related civil case with the U.S. Securities and Exchange Commission in 2006, Stewart agreed not to serve as a director or executive with MSLO for five years. She rejoined the board in September 2011.