Martha Stewart Living Omnimedia (MSO) announced that its CEO is stepping down after less than a year on the job, sending shares tumbling to a multiyear low.
The company is now setting out to find a replacement for Lisa Gersh, who will leave the company after an unspecified transition period.
Gersh was hired in May 2011 as president and COO and she replaced Charles Koppelman as CEO in July 2012.
The shakeup comes as the company, founded by lifestyle and home guru Martha Stewart, struggles to boost profits at its publishing and broadcast divisions and improve merchandising revenue.
The company said last month that it would downsize its magazines, and cut publishing jobs to focus on online video and other digital content. Martha Stewart will stop putting out its monthly Everyday Food magazine as a stand-alone publication, instead periodically wrapping it into the company’s flagship Martha Stewart Living magazine. It will make Everyday Food content available on the company’s website, a YouTube channel and through a daily video newsletter…”
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