Martha Stewart's 2011 Compensation Drops 6.9 Percent to $5.5 Million
New president Lisa Gersh earned $3.75 million last year as the company continues to negotiate a new contract with Stewart.
LONDON - Founder Martha Stewart remained the highest-paid executive at Martha Stewart Living Omnimedia last year, even though her compensation declined 6.9 percent to $5.50 million, according to a regulatory filing on Monday
That compared to the $5.91 million she had made in 2010 and $9.78 million in 2009. Stewart's salary stayed unchanged at $2 million in 2011, according to the filing from the lifestyle media company, but option awards came in lower than in 2010.
The company also said it extended Stewart's contract through June 30 just before it expired on March 31 as it continues to negotiate a new contract with its founder.
The domestic doyenne's "other compensation" climbed slightly to $3.24 million, consisting of $2.1 million in "fees and expenses, for which we are responsible under the intangible asset license agreement," the company said in the regulatory filing. It also cited such costs here as $289,653 of union required and other fees earned by Stewart as a talent on the firm's TV shows, $612,249 for security services, $83,327 "for the portion of personnel costs for individuals performing work for Ms. Stewart for which we were not reimbursed" and $73,230 for a weekend driver.
MSLO president and COO Lisa Gersh's compensation package in her first year with the company amounted to $3.75 million, including a $403,846 salary and option and stock awards.
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