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Resignation Speculation Called 'Categorically Untrue'

By Published on .

NEW YORK (AdAge.com) -- In the brief statement following this afternoon's annual meeting of Martha Stewart Living Omnimedia shareholders, Arthur Martinez, a member of the board of directors, announced to reporters that any
Photo: AP
Martha Stewart will not step down.
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notions that Ms. Stewart would resign as chairman-CEO of the company were "categorically untrue."

Takes no questions
After reading the short statement on the sidewalk, Mr. Martinez declined to answer questions and walked away.

The action in front of the Equitable Building on 7th Avenue capped a frantic day of activity for the beleagured media company and its leader, who is the subject of two separate investigations. In early morning, Omnimedia announced that it was told by the U.S. Attorney's Office that Ms. Stewart is the subject of a federal criminal investigation and would soon be indicted.

Resignation speculation
But later in the morning, as the board and the shareholders of Omnimedia gathered for meetings in the Equitable Building, speculation swirled through press and analysts circles that Ms. Stewart might be planning to relinquish her position at the helm of the company.

By midday, Ms. Stewart's attorney, Robert Morvillo, issued a statement to the press saying that "If Martha Stewart is indicted, she intends to declare her innocence and proceed to trial."

Martha Stewart did not attend
Mr. Martinez and others exiting the corporate gathering said it was a quiet affair and that Ms. Stewart did not attend either the directors' or shareholders' meeting.

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