Martha Stewart Omnimedia Co CEO ‘Stepping Down’

Wenda Millard, co-CEO of MSLO and “President of Media,” is stepping down. The company has no plans to replace her; instead giving her workload to three other MSLO execs—Martha included.
Peter Kafka at MediaMemo says it’s been a long-standing rumor that Millard was unhappy at her position. No word on what she’ll do next.
Release after the jump.

Martha Stewart Living Omnimedia, Inc. today announced a reorganization of its Media business. The Company also announced that Wenda Harris Millard is stepping down from her post as President of Media and Co-CEO. The company has no plans to replace Ms. Millard or name a new co-CEO.
Martha Stewart, MSLO’s Founder, will oversee all editorial and creative functions. MSLO Chairman Charles Koppelman, who in addition to serving as the Company’s Principal Executive Officer, will now oversee MSLO’s Media businesses. Robin Marino will continue to oversee Merchandising, serving as the segment’s President and CEO, and to report to Mr. Koppelman. Ms. Marino is expected to be recommended to join MSLO’s Board of Directors.
Mr. Koppelman stated: “We are grateful to Wenda for all of her work on behalf of MSLO. Wenda has been a champion of Martha’s groundbreaking Omnimedia vision on which this company was built. She has been an effective leader of a very talented team as we’ve expanded our franchises and grown our cross-platform programs.”
“Robin will continue to work with me to identify new opportunities and create synergies across our Media and Merchandising businesses,” Mr. Koppelman added.
Ms. Millard stated: “I am very proud of the contributions I’ve made to MSLO over the past five years, first as a board member and most recently as President of Media and co-CEO. We’ve built an agile team and a strong foundation for future growth.”