NEW YORK—Martha Stewart is back at the helm of her namesake company, Martha Stewart Living Omnimedia Inc., the media, lifestyle, and merchandising company she founded.
Stewart was elected nonexecutive chairman of the board, the New York-based company announced on Wednesday. She rejoined the board last September at the end of a five-year ban from serving on a board of public companies, as agreed upon with federal regulators after her insider trading trial.
Stewart had been chairman of the company from 1996 to 2003. She resigned in 2003 after she was charged with insider trading related to her share sale of biotech company ImClone, a day before the U.S. Food and Drug Administration’s decision on an ImClone drug. She was convicted in 2004 and served five months in prison.
In a settlement with the Securities and Exchange Commission in 2006 related to a separate civil suit, Stewart agreed to pay a sum of money as well as refrain from serving on the board of any public company for five years.
“I look forward to working closely with our directors and our management team as we focus on the future, capitalizing on the strength of our brand and our amazing customer connection to continue building our business so that it realizes its full and considerable potential,” Stewart said in a statement on Wednesday.
Martha Stewart, the company, has merchandising deals with several department stores including Macy’s, Kmart, and J.C. Penney. The company publishes Martha Stewart Living magazine and owns a slew of television and radio properties, as well as licensing deals.
Stewart replaces Charles Koppelman as chairman of the board.
