Martha Stewart Living Omnimedia (MSO) has promoted chief operating officer and co-founder, Lisa Gersh, to chief executive, and extended by five years an employment agreement with Martha Stewart.
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Stewart will continue to serve as non-executive chairman of the board and will become chief creative officer at least through June 30, 2017. Gersh, who has been COO and a member of the board since 2011, will continue to report to the board.
“I look forward to continuing our drive towards sustainable profitability,” Gersh said, noting the company is focused on elevating the iconic Martha Stewart brand and expanding its reach both domestically and abroad.
MSLO and Stewart have agreed to discuss modifications to the terms of her agreement in the coming year, with any changes becoming effective in 2013.