Martha Stewart Extends Employment Agreement With MSLO
Tuesday July 10th, 2012 - 10:59AM
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It seems as if Martha stays Martha long enough to launch at J.C. Penney, and even beyond. Today, Martha Stewart Living Omnimedia, Inc. announced that founder Martha Stewart has extended her employment agreement with the company until June 30, 2017.
The agreement gives Stewart a formal founder title and includes the designation chief creative officer. She continues to serve as non-executive chairman of the board.
Lisa Gersh, president, COO and a member of the board since 2011, has been named CEO.
“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.”
“I look forward to continuing our drive towards sustainable profitability,” said Gersh. “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.”
Over the past year, MSLO has bolstered its corporate management team and creative talent, the company stated, and is seeking to strategically reinvent its money-losing media businesses for the digital era. The company is launching a new TV show, “Martha Stewart’s Cooking School,” which will debut on PBS in October.
On the merchandising side of the business, MSLO, as has been widely noted, is entering into strategic partnership with J.C. Penney while continuing to work with other merchandising partners including Home Depot. Merchandising, as its consumer products business is called in house, was the only division to generate a profit for the company in the first quarter.
MSLO generated sales of $49.8 million in the first quarter, the last completed, and lost $4.2 million versus sales of $52.7 million and a loss of $6.8 million in the period a year earlier.
Tags: Housewares Cookware & Bakeware Home Décor Organization & Cleaning Tabletop Gadgets & Kitchen Tools Retail
Dissecting what Ron Johnson got wrong during his brief, calamitous term at the helm of J.C. Penney is sure to be the focal point of retail strategy and tactics lessons for years to come. But Penney’s future could still hinge to some extent on what he got right.