Comment I bet she wished she had one of these! (Score 0) 264
Martha Stewart may get new CEO
N.Y. Times reports search under way due to trading scandal
NEW YORK, Sept. 4 -- Martha Stewart Living Omnimedia is looking to replace its namesake CEO, who is embroiled in an insider trading investigation, the New York Times reported Wednesday.
PEOPLE WHO have been briefed on the search said they were looking for someone to replace Stewart, whose company's stock has plummeted since questions arose about her trading of stock in New York biotech firm ImClone Systems Inc., the newspaper reported.
It was not clear whether Stewart would continue as chairwoman of the board if she is replaced as chief executive, it said.
Stewart is under investigation by the U.S. House Energy and Commerce Committee, which is probing whether she had insider information when she sold ImClone shares.
Aside from the insider trading investigation, Martha Stewart Living shareholders filed lawsuits last month alleging the home styling maven and other company insiders illegally sold Omnimedia stock.
The market value of Martha Stewart's company has plummeted since early June, when questions arose about Stewart's trading of ImClone. ImClone announced negative news that sent its stock tumbling the day after Stewart sold her stake in the firm.
Last month Stewart's legal team turned over more than 1,000 pages of documents demanded by the U.S. House panel.
No one was immediately available for comment at Martha Stewart Living.
Martha Stewart Living shares climbed 2.68 percent on Tuesday to $7.65, bucking a Wall Street tumble that wiped four percent of the Dow Jones Industrial Average.
N.Y. Times reports search under way due to trading scandal
NEW YORK, Sept. 4 -- Martha Stewart Living Omnimedia is looking to replace its namesake CEO, who is embroiled in an insider trading investigation, the New York Times reported Wednesday.
PEOPLE WHO have been briefed on the search said they were looking for someone to replace Stewart, whose company's stock has plummeted since questions arose about her trading of stock in New York biotech firm ImClone Systems Inc., the newspaper reported.
It was not clear whether Stewart would continue as chairwoman of the board if she is replaced as chief executive, it said.
Stewart is under investigation by the U.S. House Energy and Commerce Committee, which is probing whether she had insider information when she sold ImClone shares.
Aside from the insider trading investigation, Martha Stewart Living shareholders filed lawsuits last month alleging the home styling maven and other company insiders illegally sold Omnimedia stock.
The market value of Martha Stewart's company has plummeted since early June, when questions arose about Stewart's trading of ImClone. ImClone announced negative news that sent its stock tumbling the day after Stewart sold her stake in the firm.
Last month Stewart's legal team turned over more than 1,000 pages of documents demanded by the U.S. House panel.
No one was immediately available for comment at Martha Stewart Living.
Martha Stewart Living shares climbed 2.68 percent on Tuesday to $7.65, bucking a Wall Street tumble that wiped four percent of the Dow Jones Industrial Average.
