Martha Stewart Signs New Five-Year Contract With Company She Founded
Martha Stewart Living Omnimedia has signed a new five-year employment agreement with founder and chief creative officer Martha Stewart.
The deal runs through June 30, 2017.
Stewart also will continue to serve as non-executive chairman of the lifestyle media company's board.
Meanwhile, Lisa Gersh, president and COO since 2011, has been elevated to the CEO role as expected, the company said. Gersh will continue to report to the board.
MSLO and Stewart have been negotiating about a new contract, which they extended for a short period earlier this year, and its terms.
The company said Tuesday that the domestic doyenne agreed to discuss modifications to the terms of her employment agreement in the coming year, with potential changes becoming effective in 2013 and remaining in effect through the remainder of the contract term.
"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."
Gersh said: "I look forward to continuing our drive towards sustainable profitability. 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."