Move Comes as Company Prepares Post-Conviction Strategy

By Published on .

NEW YORK ( -- Martha Stewart Living Omnimedia nominated four new board members, including well-known names from the advertising and marketing worlds that have relevance to key portions of the company portfolio.

New nominees
The nominees are Rick Boyko, of the Virginia Commonwelath University AdCenter (and a former chief creative officer of ad agency Ogilvy & Mather); Michael Goldstein, a former chairman-CEO of Toys "R" Us; Susan Lyne, a former president of ABC Entertainment; and Wenda Millard, chief sales officer of Yahoo!. Shareholders will vote for the new nominees at the company's upcoming annual stockholders meeting June 21.

The move comes as the media company begins an awkward transition to a post-Martha sensibility after its founder, namesake and guiding spirit, Martha Stewart, was found guilty earlier this year on charges of lying to investigators who were looking into her sale of ImClone stock. Her sentencing is slated for June 17.

Less visible
Last month, in a conference call with stock analysts, company executives said they would shrink Ms. Stewart's name on the cover of its flagship magazine, Martha Stewart Living and remove her letter to readers from the title. Her name is similarly downplayed on newer titles, such as Martha Stewart Kids and Everyday Food. Her syndicated TV show is also leaving the airwaves, at least for now.

A company spokeswoman declined to make executives available for comment.

The nominees would expand the board from five to nine members. Current board members include company CEO Sharon Patrick; Sears Roebuck & Co.'s former chairman-CEO, Arthur C. Martinez; and current MSO Chairman Jeffrey Ubben, all of whom will run for re-election.

Most Popular
In this article: