Martha
Stewart Living Omnimedia announced on Wednesday that Lisa Gersh has
been named president and chief operating officer, and that Martha
Stewart is expected to rejoin the board of directors.
Effective
on June 6, Gersh will oversee day-to-day operations and report to
executive chairman and principal executive officer Charles Koppelman.
The move also creates a succession flan for Gersh that anticipates her
becoming CEO within 20 months, and join the board of directors as well.
Stewart
stated, "MSLO has so much opportunity to expand, grow and prosper, and I
believe Lisa's entrepreneurial spirit and operational acumen will be
invaluable to the entire organization." Stewart is expected to rejoin
the board of directors in the third quarter of this year.
Gersh
was the co-founder of Oxygen Media, and served as president and COO
from its inception until 2007, when it was bought by NBCU. She continued
with NBC, most recently as president of strategic initiatives.
"MSLO
is a company I've watched closely as a fan, a partner and even a
competitor during my career," said Gersh. "I'm thrilled to be joining
Martha now as the company moves towards a strategic transformation that I
believe sets the stage for significant growth in the years ahead."
MSLO
also announced Wednesday that global investment/advisory firm
Blackstone Advisory Partners will be retained to look into partnerships
and other opportunities.
