Martha Stewart Living (MSO) CEO Susan Lyne was asked to leave the table today. Two other executives at the company replaced here. The market did not like the news and pushed the stock down over 3%.
Odd, MSO shares have outperformed Time Warner (TWX), News Corp (NWS), CBS (CBS), and Meredith (MDP) over the last three months. They have done almost as well year-to-date.
Neither of the people replacing Lynn has done a terribly good job. Wenda Harris Millard runs the media group. In the last quarter, advertising was flat at $40.7 million. Robin Marino who runs merchandising turned in equally dismal results with the revenue in her group slightly down at $13 million.
Anyway, always nice to get a raise.
Douglas A. McIntyre