Martha Stewart Aims to Return to Her Company’s Board
Under a 2006 settlement of insider trading charges, she is barred from serving as a director or officer in a public company until August.
NEW YORK - Martha Stewart is planning a return to the board of Martha Stewart Living Omnimedia, the company she founded, in the back half of the year, when a five-year period that was part of her settlement over insider trading charges ends, the New York Post reported.
Stewart spent five months in prison after being convicted of lying to investigators about a 2001 sale of Imclone shares. A settlement for a related civil case with the SEC from Aug. 2006 barred her from serving as a board member or officer in a public company for five years.
MSLO chairman Charles Koppelman confirmed to the Post that Stewart is eligible later this year to join the board and carry a corporate officer title.
"She's eligible. She could come on the board, and I'm sure she would want to," said Koppelman. "Why wouldn't she? As Martha would say, 'It's a good thing'." But he signaled she is unlikely to become CEO, saying: "She's indicated she doesn't want to do it. There are no plans for that."
Asked about rumors that he had some friction with Stewart that could lead to his departure, Koppelman told the Post: "Not true. I have a contract for another two years."
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