Martha Stewart, Founder And Chief Creative Officer, Extends Employment Agreement For An Additional Five Years; Lisa Gersh Named Chief Executive Officer
NEW YORK, July 10, 2012 /PRNewswire/ -- Martha Stewart Living Omnimedia, Inc. (NYSE: MSO) today announced that Martha Stewart has extended her employment agreement with the Company until June 30, 2017. The agreement names Stewart Founder and Chief Creative Officer. Stewart continues to serve as Non-Executive Chairman of the Board.
Lisa Gersh, President and Chief Operating Officer and a member of the Board of Directors since 2011, has been named Chief Executive Officer. Gersh will continue to report to the Board of Directors.
"I am excited by the many phenomenal projects we have underway at Martha Stewart Living Omnimedia," said Stewart. "I look forward to continuing my work with Lisa, our executive management and creative teams and our strategic partners to continue growing our strong and far reaching brand both domestically and abroad."
"I look forward to continuing our drive towards sustainable profitability," said Gersh. "We are focused on elevating the iconic Martha Stewart brand to an even higher level and putting our content and products in reach of even more consumers."
Over the past year, MSLO has bolstered its corporate management team and creative talent, and is seeking to strategically reinvent its media businesses for the digital era and launching a new TV show, 'Martha Stewart's Cooking School' (debuting on PBS in October). The company also entered into strategic partnership with J.C. Penney while continuing to grow and innovate with other merchandising partners.
MSLO and Ms. Stewart agreed to discuss modifications to the terms of her agreement in the coming year, with any agreed upon changes becoming effective in 2013 and remaining in effect through the remainder of the term of the agreement. For greater detail about the terms of Martha Stewart's employment extension, please refer to the Form 8-K filed today with the Securities and Exchange Commission.
About Martha Stewart Living Omnimedia, Inc.
Martha Stewart Living Omnimedia, Inc. (NYSE: MSO) is a diversified media and merchandising company, inspiring and engaging approximately 66 million consumers a month across all media platforms with unique lifestyle content, and has a growing retail presence with 8,500 products in thousands of retail locations. MSLO's four magazine brands—Martha Stewart Living, Martha Stewart Weddings, Everyday Food and Whole Living—are available in print, digital and App formats and also makes special issues, books and utility Apps available. The Company's television and video programming includes the new "Martha Stewart's Cooking School" series, slated for debut in Fall 2012, in addition to a vast library of how-to video available online. Martha Stewart Living Radio is available on SIRIUS XM Channel 110. MSLO also designs high-quality Martha Stewart products in a range of lifestyle categories available through select retailers, including The HomeDepot, Macy's, Staples (together with Avery), PetSmart, Michaels and Jo-Ann Fabric & Craft Stores. The Company entered into a strategic alliance with J.C. Penney Company, Inc., in which the two will build distinct Martha Stewart stores in jcpenney department stores, and jointly develop an e-commerce site, for a 2013 launch. The MSLO family of brands also includes Chef Emeril Lagasse's media and merchandising properties. Additional information about MSLO is at www.marthastewart.com.
We have included in this press release certain "forward-looking statements," as that term is defined in the Private Securities Litigation Reform Act of 1995. These forward-looking statements are not historical facts but instead represent only our current beliefs regarding future events, many of which, by their nature, are inherently uncertain and outside of our control. These statements include estimates of future financial performance, potential opportunities, expected product line expansions and additions, future acceptability of our content and our businesses, anticipated growth, including particularly statements with respect to margins, the success of our alliance with J.C. Penney and benefits from aligning our sales and marketing team, and other statements that can be identified by terminology such as "may," "will," "should," "could," "position," "expects," "intends," "plans," "thinks," "believes," "estimates," "potential," "seem," "counting" or "continue" or the negative of these terms or other comparable terminology. The Company's actual results may differ materially from those projected in these statements, and factors that could cause such differences include: adverse reactions to publicity relating to Martha Stewart or Emeril Lagasse by consumers, advertisers and business partners; the failure of national and/or local economies to improve or renewed deterioration of such economies; shifts in our business strategies; a loss of the services of Ms. Stewart or Mr. Lagasse; a loss of the services of other key personnel; a renewed softening of the domestic advertising market; changes in consumer reading, purchasing and/or television viewing patterns to which our offerings are unable to respond; unanticipated increases in paper, postage or printing costs; operational or financial problems at any of our contractual business partners; the receptivity of consumers to our new product introductions; the inability to add to our partnerships or capitalize on existing partnerships; legal actions taken against us; and changes in government regulations affecting the Company's industries.
Certain of these and other factors are discussed in more detail in the Company's most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission, especially under the heading "Risk Factors," which may be accessed through the SEC's World Wide Web site at http://www.sec.gov/. The Company is under no obligation to update any forward-looking statements after the date of this release.
SOURCE Martha Stewart Living Omnimedia, Inc.