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Martha Stewart Living renews contract
with founder
Thu Sep 23, 2004
NEW YORK, Sept 23 (Reuters) - Martha Stewart
Living Omnimedia, Inc. (MSO.N: Quote, Profile, Research) renewed
an employment contract for five years with its soon-to-be
jailed founder, but she will not be paid a penny while she
is incarcerated, according to a filing on Thursday.
Stewart, who parlayed a catering business
into a media and retail empire, is scheduled to report to
jail on Oct. 8 after being convicted of lying to authorities
about a suspicious stock trade.
But when she gets out, Stewart will pick
up where she left off and earn a $900,000 a year salary, not
including bonuses of up to $1.35 million, according to a filing
with the Securities and Exchange Commission.
Getting to work will be facilitated by a
company-provided chauffeur and car. She was also granted an
annual $100,000 "non-accountable" expense account.
Her new beginning will come with a new title:
chief editorial and media director of the company, shedding
her old title of "founding editorial director,"
a non-officer position. She resigned as chairman and chief
executive in June 2003. By March 2004, she resigned as chief
creative officer.
Stewart's company, whose fortunes have been
linked to the fate of its high-profile founder, appears to
be on a strong comeback. Shares of the company surged 17 percent
to their highest level in two years on Thursday, a day after
the company announced a deal with reality show creator Mark
Burnett.
Burnett, creator of "The Apprentice"
and "Survivor," will develop a prime-time television
series featuring Stewart.
The lifestyle guru was paid $200,000 on
Sept. 17, when her new contract went into effect.
She will be paid $500,000 or more and two-thirds
of the talent fees for each edition of her new network TV
show and 10 percent of the gross revenue for reruns.
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