Subscribe
Martha Stewart continues to be the come-back kid! Her recent troubles beginning with her stint in jail and her failed version of The Apprentice left some wondering if she was heading towards disaster but, being the hard-working woman that she is, she hasn’t given up and it’s starting to pay off.
Shares of Martha Stewart Living Omnimedia Inc. surged Monday, a day after the multimedia company named a former Yahoo Inc. executive to the new role of president of media.
Wendy Harris (nyse: HRS – news – people ) Millard will join Martha Stewart Living Omnimedia (nyse: MSO – news – people ) on July 16 to oversee its publishing, Internet and broadcasting divisions. She has served on the company’s board for the past three years.
Millard, 52, previously served as chief sales officer at Yahoo (nasdaq: YHOO – news – people ). Prior to that, she served as chief Internet officer at Ziff Davis Media and president of Ziff Davis Internet. She was a founder of Internet marketing company DoubleClick.
Michael Meltz of Bear Stearns (nyse: BSC – news – people ) cheered the news, saying in a client note that Millard’s arrival should boost Martha Stewart Living Omnimedia’s profile with advertisers, investors and potential partners.
“Her extensive print/online experience should fit well with Martha Stewart Living’s ‘Omnimedia’ focus,” he wrote.
The only downside Meltz saw from the announcement was the planned departure of Lauren Stanich. Stanich has served as executive vice president and president of the publishing division at Martha Stewart Living Omnimedia since October 2000 and president of Internet/direct commerce since March 2003, according to Capital IQ.
“She has been at Martha Stewart Living since the early days, and helped build the magazine into a powerhouse,” Meltz said.
Shares of Martha Stewart Living Omnimedia gained 79 cents, or 4.5 percent, to $18.18 in morning trading. The stock has traded in a range of $14.76 to $23.21 for the past 52 weeks.
Tags: martha stewart, martha stewart living, shares, rise