Martha Stewart Living Omnimedia
announced plans to nearly double the size of its board, naming four new director candidates after the close Thursday.
If approved by shareholders, the four new candidates would join the company's current five-member board. Investors will have a chance to vote on the proposed and current board members at the company's annual meeting on June 21.
The proposed directors include: Rick Boyko, the managing director of theVirginia Commonwealth University Adcenter; Michael Goldstein, the former chairman andCEO of
Toys R Us
; Susan Lyne, the former president of ABC Entertainment; and Wenda Harris Millard,
chief sales officer.
The company's disgraced founder, Martha Stewart, helped pick the candidates, the company said. Stewart, who controls more than 90% of Martha Stewart Living's voting power, holds the title of founding editorial director, but no longer holds a seat on the company's board.
The move would mark only the latest revamping of Martha Stewart Living's board. Stewart
resigned her position on the board in March after being
convicted of lying to prosecutors and obstructing their probe into a suspect stock sale.
Last year, board members Darla Moore and Naomi Seligman resigned and were replaced by Bradley Singer and Thomas Siekman, respectively. Their departures followed Stewart's decision last summer to
step down as the company's chairman and CEO.
Despite the recent upheaval, all of the company's current directors are standing for re-election.
Shares of Martha Stewart Living fell 2 cents, or 0.2%, to $9.41 Thursday, and were recently down another penny in after-hours trading.