Updated from 4:53 p.m. EST

Martha Stewart Living

(MSO)

President and CEO Sharon Patrick is leaving her position and will be replaced by former

Disney

(DIS) - Get Report

executive Susan Lyne.

Patrick announced her resignation late Thursday, saying she is leaving the company "well-positioned to meet the challenges ahead."

Patrick's departure marks only the latest shake-up at the troubled company. Lyne, for instance,

joined Martha Stewart Living in June as one of four new directors on the company board. Meanwhile, Patrick ascended to her role as CEO last year, when founder Martha Stewart

resigned from the post following her

indictment on charges of obstructing justice and lying to prosecutors. After being

convicted of those charges earlier this year, Stewart

resigned from the company's board. She is now serving her five-month term in a federal prison in West Virginia.

Stewart's company has been reeling since the allegations against Stewart came to light. The company has seen revenue plunge as advertisers and subscribers have fled from its flagship title,

Martha Stewart Living

.

The stock, however, is near its 52-week high and has become a darling this fall among momentum traders looking to capitalize on the stock's low float.

Lyne previously served as president of Disney's ABC Entertainment unit, but was

ousted in April amid ABC's record of poor TV ratings.