Martha Stewart Living Omnimedia Promotes COO, Renews Stewart’s Contract

Lisa Gersh will now serve as CEO

Martha Stewart Living Omnimedia promoted COO Lisa Gersh to CEO and renewed Martha Stewart's contract as chief creative officer for another five years.

Stewart, the 70-year-old media magnate, will also continue as non-executive chairwoman of the board. However, a statement from the company said she "agreed to discuss modifications to the terms of her agreement in the coming year."

Any changes to her contract would go into effect next year, the statement said.

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Stewart's company did not immediately respond to requests for clarification.

Gersh, who has served on the board of directors since 2011, will report to the board.

"I look forward to continuing our drive towards sustainable profitability," said Gersh, noting she hopes to continue to grow Stewart's brand.