Martha Stewart Living Omnimedia has extended its namesake founder's contract for another five years. Martha Stewart, who rejoined her company’s board last September after resigning as chairman in 2003, will have the titles of founder and chief creative officer. She will also remain MSLO’s non-executive chairman, a title she took earlier this summer.
As expected, president and COO Lisa Gersh has also been bumped up to CEO. Gersh, a co-founder of Oxygen Media, joined MSLO last June . At the time, the company said that Gersh was on track to become CEO within 20 months.
According to The Wall Street Journal , an SEC filing with details of Stewart’s contract extension said that MSLO has until the end of June 2013 to continue negotiating the terms of Stewart’s employment agreement; otherwise, the company can either keep the existing agreement through 2017 or let it lapse. The new contract also lacks any additional compensation for new programming unless it would require Stewart to put in more time than she did as host of the recently cancelled Martha Stewart Show, the WSJ reported.