Monday, September 26, 2011
Martha Stewart Out of the Naughty Chair
Martha was banned from serving as a director of any public company following the 2006 settlement with the Securities and Exchange Commission. In 2004, Martha was convicted of obstruction of justice following an ill-timed sale of Imclone stock. The SEC settlement prevented Martha from sitting on the board of her own or any other public company for a five year period. MSLO did announce a short time ago the anticipated return of the Founder (and major stockholder of the company) to a board position sometime in the third quarter following the expiration of the SEC ban.
In the company press release, Martha said, "I am very excited to rejoin the Board, and I look forward to working with the management of Martha Stewart Living Omnimedia and the members of the Board as the company develops and grows our exceptional businesses for today's consumers and those of tomorrow."
Most agree, that Martha continued to have a major influence in the day to day operations of the company, from the SEC naughty chair. The conclusion of this ban now puts all of the "rediculousness" behind her and behind MSLO.