Domestic doyenne Martha Stewart is out as chairman/CEO of Martha Stewart Living Omnimedia, the media empire she founded. Stewart, of course, has been charged with several counts in connection with an alleged insider-trading deal. The company’s holdings include Martha Stewart the Catalog for Living.
Sharon Patrick, formerly the president/chief operating officer, has been appointed as the new CEO. Stewart will continue to serve as founder and chief creative officer, as well as a member of its board of directors.
In addition, Jeffrey Ubben, founder/managing partner ValueAct Capital Partners, an investment partnership that owns 22% of the company’s class A stock, has been elected chairman of the board. Arthur Martinez, a director and former chairman/CEO of Sears, Roebuck, and Co., has been named lead director and will preside over all meetings of independent directors of the board.