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View Full Version : Martha to quit her company


Casshew
03-09-2004, 08:04 AM
NEW YORK (CNN/Money) -- Martha Stewart will leave the board of directors of her company Martha Stewart Living Omnimedia but it has yet to be determined whether she will resign her position or simply not run for re-election, a person with knowledge of the board's activities told CNNfn.

"There's no issue she's going to leave the board," said the source. "It would be inappropriate to be a board member. She would like to stay involved with the creative side of the business."

The company's board met earlier Monday at the offices of law firm Fried Frank for several hours, but concluded its discussions without making any public statement. There may be an announcement this week, according to the source.

"It's a delicate situation and somewhat unprecedented," the person said.

The board of Martha Stewart Living is up for re-election at the company's annual meeting, likely to be scheduled in May.

One complication is Martha Stewart Living's contract with K-Mart requires Stewart to appear on behalf of the retailer 15-20 days each year. If the company fired her, they would be in violation of their contract with K-Mart, according to the source.

The board may be waiting to learn how much damage the Martha Stewart brand has suffered as a result of the domestic entrepreneur's conviction on four criminal counts. NEW YORK (CNN/Money) -- Martha Stewart will leave the board of directors of her company Martha Stewart Living Omnimedia but it has yet to be determined whether she will resign her position or simply not run for re-election, a person with knowledge of the board's activities told CNNfn.

"There's no issue she's going to leave the board," said the source. "It would be inappropriate to be a board member. She would like to stay involved with the creative side of the business."

The company's board met earlier Monday at the offices of law firm Fried Frank for several hours, but concluded its discussions without making any public statement. There may be an announcement this week, according to the source.

"It's a delicate situation and somewhat unprecedented," the person said.

The board of Martha Stewart Living is up for re-election at the company's annual meeting, likely to be scheduled in May.

One complication is Martha Stewart Living's contract with K-Mart requires Stewart to appear on behalf of the retailer 15-20 days each year. If the company fired her, they would be in violation of their contract with K-Mart, according to the source.

The board may be waiting to learn how much damage the Martha Stewart brand has suffered as a result of the domestic entrepreneur's conviction on four criminal counts.

http://edition.cnn.com/2004/BUSINESS/03/08/martha.trial/index.html

Sprocket
03-09-2004, 11:00 AM
One complication is Martha Stewart Living's contract with K-Mart requires Stewart to appear on behalf of the retailer 15-20 days each year.
Maybe she can do some taped/televised community service spots, as well as her appearances for K-Mart, from the prison commisarry. (sp?)

LP Moderator
03-09-2004, 11:14 AM
Well she can't legally be the head of a publicly traded company anymore, so she's pretty much screwed on the "boards" thing. I'm also pretty sure that she'll be sued by the stockholders of this company as well for putting their stock in the dumper. :loser: :loser: :loser: :loser: :loser:

Sprocket
03-09-2004, 01:35 PM
I'm quite disappointed in Dominick Dunne's stead fast support of her. I always enjoy reading his articles, .....I mean, gossip column...... in VF, but for him (and many other well known personas) to actually stand up for her publicly in this way, just means (imho of course) they "condone" her lying behavior.

In a way, it's kind of ironic, that Dunne, ...who had made a career of chronicling (sp?) the crimes of the rich and famous.... to suddenly turn his eyes away from the fact that his rich and famous good buddy Martha, LIED to the Feds, and will probably be charged by the SEC for insider trading. Guess you never really get those "stars" out of your eyes, when you trapse around in that jet set life.

LP Moderator
03-10-2004, 03:28 PM
Well Bill Cosby and Rosie O'Donnell showed up in court to show their support. They just don't understand that they're people just like the rest of us and they CAN get into trouble.