Martha Stewart Agrees To 10% Pay Cut
An SEC filing today says the compensation changes in Martha Stewart‘s contract are consistent with her company’s plan to return to profitability. Martha Stewart Living Omnimedia has reduced Stewart’s annual pay to $1.8 million as part of an option in a July 2012 agreement that extended her employment as chairman until 2017, according to the filing reported by Bloomberg. The company has struggled with declining advertising sales at its magazines and lower broadcast revenue following the cancellation of The Martha Stewart Show last year. The company also is seeking a permanent CEO. Martha Stewart Living posted a net loss of $3.27M in the first quarter after losing $56.1M in 2012.
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