Thomas Siekman Appointed Lead Director
NEW YORK, June 17, 2005 /PRNewswire-FirstCall via COMTEX/ -- Martha Stewart Living
Omnimedia, Inc. (NYSE: MSO) today announced that Charles Koppelman, Vice
Chairman and consultant to MSLO, has been named Chairman of the Board,
succeeding Thomas C. Siekman, who has been named Lead Director.
"MSLO is a remarkably vital company with abundant opportunities for the
future, and I am honored to serve as Chairman," stated Mr. Koppelman. "Susan
Lyne is an incredibly talented business executive with a clear vision for
MSLO. I am eager to continue our productive and collaborative working
relationship, and to help Martha Stewart and MSLO's management team grow the
business and create long-term shareholder value."
Mr. Koppelman added: "We all thank Tom for his contributions to MSLO
during this period. His expertise and wise perspective have been highly
beneficial to the Board and the company. I look forward to working with him in
his new position as Lead Director."
Stated Susan Lyne, MSLO President, Chief Executive Officer and a Director:
"In his capacity as a consultant to MSLO and Vice Chairman of the Board,
Charles has developed a keen understanding of the company and its businesses .
I am delighted that he has agreed to serve as Chairman, and look forward to
working with him even more closely. Charles has already made significant
contributions to our business development and strategic planning. I know that
his experience and good counsel will help drive our momentum going forward."
Ms. Lyne continued, "I want to add my thanks to Tom, who gave up many
weeks at home to offer valuable guidance and support during a critical year
for the company."
Stated Martha Stewart: "As Founder of this company, I have been greatly
impressed with Charles' extensive background and expertise in branding,
licensing, and corporate positioning. His work these past months with Susan
Lyne has given the company a broader, renewed focus on business development
and strategic issues. This has lifted morale for all of us who care about
MSLO. I am pleased he has been selected to chair our board. Charles will take
over a position that has been well managed by Tom. Everyone at MSLO is
grateful to both for their service."
Mr. Koppelman will continue to serve as a consultant to MSLO, addressing
strategic business opportunities. As Lead Director, Mr. Siekman will preside
over all meetings of the independent directors of the Board.
In addition to his on-going role at MSLO, Mr. Koppelman serves as Chairman
and Chief Executive Officer of CAK Entertainment Co., a music and
entertainment business. From 1990 to 1994, he served first as Chairman and
Chief Executive Officer of EMI Music Publishing and then from 1994 to 1997 as
Chairman and Chief Executive Officer of EMI Records Group, North America. Mr.
Koppelman was also a former director of Steve Madden Ltd., and served as
Chairman of the Board of that company from 2000 to May 2004.
The make-up of MSLO's board remains the same. Existing board member
Michael Goldstein, former CEO and Chairman of the Board of Toys "R" Us, Inc,
will lead MSLO's Compensation committee. Bradley E. Singer, Chief Financial
Officer and Treasurer of American Tower Corporation, remains head of MSLO's
Audit committee, while Mr. Siekman, formerly Of Counsel to Skadden, Arps,
Slate, Meagher & Flom LLP and former Senior Vice President and General Counsel
of Compaq Computer Corporation, remains head of the Governance and Nominating
committee. MSLO's other board members are Rick Boyko, Managing Director of the
Virginia Commonwealth University Adcenter and former Co-President and Chief
Creative Officer of Ogilvy & Mather, and Wenda Harris Millard, Chief Sales
Officer of Yahoo! Inc.
MSLO has recently announced a number of important strategic business
transactions and executive management hires. In April, MSLO teamed with SIRIUS
Satellite Radio in an exclusive four-year agreement to create and launch a
Martha Stewart-branded satellite radio channel. The channel, the first of its
kind, will provide original programming specifically designed for women
listeners and their families, 24-hours-a-day, seven days-a-week. In the same
month, MSLO announced an exclusive multi-year agreement with Warner Home
Video, Inc. to create a new line of home video releases based on MSLO's
extensive television programming library due to launch by fourth quarter 2005.
In April, MSLO named Cyndi Stivers, formerly president and editorial director
of Time Out New York, an Executive Vice President focusing on new business
development; she is currently spear-heading the Sirius radio launch. Last
month, MSLO named former President and Chief Operating Officer of Kate Spade,
Inc., Robin Marino, to oversee the company's merchandising business segment,
managing the company's current merchandising programs and developing new
opportunities in the lifestyle category.
Martha Stewart Living Omnimedia, Inc. (MSLO) is a leading provider of
original "how-to" information, inspiring and engaging consumers with unique
lifestyle content and high-quality products. MSLO is organized into four
business segments: Publishing, Television, Merchandising, and Internet/Direct
Commerce. Martha Stewart Living Omnimedia, Inc. is listed on the New York
Stock Exchange under the ticker symbol MSO.
We have included in this press release certain "forward-looking
statements," as that term is defined in the Private Securities Litigation
Reform Act of 1995. These forward-looking statements are not historical facts
but instead represent only our current beliefs regarding future events, many
of which, by their nature, are inherently uncertain and outside of our
control. These statements can be identified by terminology such as "may,"
"will," "should," "could", "expects," "intends," "plans," "anticipates,"
"believes," "estimates," "potential" or "continue" or the negative of these
terms or other comparable terminology. The Company's actual results may differ
materially from those projected in these statements, and factors that could
cause such differences include: adverse reactions to publicity relating to
Martha Stewart by consumers, advertisers and business partners; an adverse
resolution to the pending SEC enforcement proceeding against Ms. Stewart
arising from her personal sale of non-Company stock; adverse resolution of
some or all of the Company's ongoing litigation; downturns in national and/or
local economies; shifts in our business strategies; a loss of the services of
Ms. Stewart; a loss of the services of other key personnel; a softening of the
domestic advertising market; changes in consumer reading, purchasing and/or
television viewing patterns; unanticipated increases in paper, postage or
printing costs; operational or financial problems at any of our contractual
business partners; the receptivity of consumers to our new product
introductions; and changes in government regulations affecting the Company's
industries. Certain of these and other factors are discussed in more detail in
the Company's filings with the Securities and Exchange Commission, especially
under the heading "Management's Discussion and Analysis of Financial Condition
and Results of Operations", which may be accessed through the SEC's World Wide
Web site at http://www.sec.gov. The Company is under no obligation to update
any forward-looking statements after the date of this release.
SOURCE: Martha Stewart Living Omnimedia, Inc.
Investors - Howard Hochhauser, VP Finance and Investor Relations, +1-212-827-8530,
Media - Elizabeth Estroff, AVP, Corporate Communications, +1-212-827-8281, both of
Martha Stewart Living Omnimedia, Inc.