Martha Stewart Living Omnimedia (NYSE: MSO ) announced today that Chief Executive Officer Lisa Gersh is planning to resign from her position. A search for a replacement has already begun, and Gersh says she will remain president and CEO, and remain on the board of directors, during a transition period.
Gersh joined the company in June 2011. Before joining MSLO, she served as president of strategic initiatives at NBC and managing director of the Weather Channel Companies for NBC Universal. She co-founded Oxygen Media and served as its president and CEO.
MSLO recently reported a 17% decline in third-quarter revenues and a widening of pre-tax losses. The company is currently in the process of restructuring by laying off workers and halting print publication of its Everyday Food magazine, and potentially the Whole Living magazine as well.
The company said it hopes the restructuring moves will save it between $45 million and $47 million annually. At the same time, MSLO said it expects merchandising revenue to rise 15% in Q4, with additional revenue gains to come from the "brand building benefits of its agreement with J.C. Penney (NYSE: JCP ) " in early 2013.