Big Company News!
Martha Stewart Living Omnimedia, Inc. Names Lisa Gersh President and COO, Martha Stewart Expected to Rejoin MSLO's Board of Directors, Blackstone Retained to Explore Strategic Partnerships, Martha Stewart Living Omnimedia, Inc. Announces Patsy Pollack to Lead Merchandising Business
NEW YORK, May 25, 2011 /PRNewswire/ -- Martha Stewart Living Omnimedia, Inc. (NYSE: MSO) announced today that Lisa Gersh will be joining the Company as President and Chief Operating Officer effective June 6, 2011. In this new role, Ms. Gersh will be responsible for MSLO's day-to-day operations and will oversee the Company's businesses. With this move, MSLO has created a succession plan which anticipates that Ms. Gersh will become CEO within 12-20 months, and it is expected that she will join the Company's Board of Directors in the near future. Ms. Gersh will report to Executive Chairman and Principal Executive Officer Charles Koppelman, who will continue to focus on identifying and pursuing opportunities to further drive brand and enterprise value. Ms. Gersh is a highly accomplished executive with more than 15 years of leadership experience in the media and entertainment industries. Ms. Gersh was a co-founder of Oxygen Media and served as its President and Chief Operating Officer from 1998 until 2007 when Oxygen was acquired by NBC Universal. Following the acquisition, Ms. Gersh served in a number of important roles for NBC, most recently as President, Strategic Initiatives, where she was responsible for the creation of NBC's successful Education Nation initiative. Earlier in her tenure at NBC, she also served as Managing Director and CEO of TheWeather Channel Companies. Ms. Gersh currently serves on the board of directors of Hasbro, Inc.
Ms. Gersh said, "MSLO is a company I've watched closely as a fan, a partner and even a competitor during my career, and I know first-hand that Martha Stewart is a powerful, growing and enduring brand. 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, and I look forward to lending my skills and experience as the Company moves forward on an exciting path."
Founder Martha 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."
"With Lisa's demonstrated operating expertise, strategic leadership and focus on results, we're confident in her ability to lead MSLO and drive the Company's long-term success," commented Executive Chairman and Principal Executive Officer Charles Koppelman. "We couldn't be more pleased to have her join us, and I look forward to working with her."
Martha Stewart Expected to Rejoin MSLO's Board of Directors
The Company also announced today it is expected that Martha Stewart will rejoin MSLO's Board of Directors in the third quarter of this year.
Martha Stewart commented, "I'm very excited by the prospect of rejoining the Board, and I look forward to working with Lisa as well as the entire Board on all of the compelling businesses of MSLO."
Blackstone Retained to Explore Strategic Partnerships
The Company also announced today that Blackstone Advisory Partners, a leading global investment and advisory firm, has been retained to review and respond to various parties that have expressed interest in potentially partnering with or investing in the Company, as well as exploring other opportunities.
With respect to the retention of Blackstone Advisory Partners, Martha Stewart stated, "As the founder and largest stockholder, I fully support this initiative to take our business and iconic brand to the next level."
There is no assurance that the exploration of strategic partnerships and other opportunities will result in a partnership or transaction. The Company does not expect to make further public comment regarding these matters while its exploration process continues.
Martha Stewart Living Omnimedia, Inc. Announces Patsy Pollack to Lead Merchandising Business
Robin Marino Departs as President and CEO of Merchandising
NEW YORK, May 25, 2011 /PRNewswire/ -- Martha Stewart Living Omnimedia, Inc. (NYSE: MSO) today announced that Patsy Pollack is head of the Company's Merchandising business. In her new expanded role as Senior Executive Vice President, Patsy will be responsible for all merchandising initiatives and will report directly to Lisa Gersh, MSLO's new President and Chief Operating Officer. Robin Marino is stepping down as the Company's President and CEO of Merchandising to pursue a new opportunity.
"I want to thank Robin for the formative role she has played in the important transformation of our Merchandising business," said Executive Chairman and Principal Executive Officer Charles Koppelman. "MSLO has a dynamic portfolio of retail partnerships and product categories designed and created by an accomplished Merchandising team. I have the utmost confidence that our business will continue to expand and thrive under Patsy's leadership."
An accomplished retail executive with vast experience in the lifestyle designer category, Ms. Pollack joined MSLO in August 2008. She has been responsible for overseeing the Martha Stewart Living line of home-improvement products at The Home Depot and the Martha Stewart Collection exclusively at Macy's. Before joining MSLO, she served as Chief Executive Officer of Donna Karan Home and, prior to that, she was President of Calvin Klein Home for which she directed the launch in 1995.
Ms. Pollack stated, "Over the past several years, our Merchandising portfolio has grown and evolved and today enjoys tremendous potential. Leading this dedicated team is an exciting opportunity, and I'm looking forward to continuing to drive results for MSLO and for our terrific group of merchandising partners."