(Source: Associated Press/AP Online)
NEW YORK - Martha Stewart Living Omnimedia Inc. said Tuesday that Wenda Harris Millard, co-chief executive in charge of media, will be leaving the company to join the New York public relations firm Media Link LLC.
The move comes less than a year after Harris Millard was named co-CEO. She joined the company as president of media in July 2007. The company said she will not be replaced.
Founder Martha Stewart will be taking over all creative and editorial oversight, the company said.
Executive Chairman Charles Koppelman will oversee the media segment, which includes publishing, Internet and broadcast operations.
In an interview, Koppelman said Harris Millard's departure was voluntary. He called the step a plus for both sides.
"The real change is that we'll have a simpler organizational chart that really reflects more the size of our business," he said. "We don't need a lot of layers."
The company is made up of merchandising - headed by co-CEO Robin Marino - and media. Until Harris Millard's departure, the heads of both segments reported to Koppelman.
The company posted a fourth-quarter loss of $8 million in February, caused mainly by a write-down in the value of its publishing unit and the closing of its relationship with Kmart. Publishing, Internet and broadcast operations all saw year-over-year revenue declines.
A service of YellowBrix, Inc.
