Martha Stewart Denies NY Times Report on CEO Search

Martha Stewart Living Omnimedia Inc. disputed a report yesterday in The New York Times that the company is looking for a CEO to replace its founder and largest shareholder.

The Times report citing undisclosed sources about a search for a successor to Martha Stewart was untrue, according to the company, a purveyor of lifestyle magazines, cookbooks and home products.

“While it is in the company's policy not to comment on market rumors or speculation, the board felt it appropriate to categorically deny the report contained in [a Sept. 4] New York Times news story that any search for a new chief executive officer had been initiated,” a prepared statement said.

Stewart, chairman/CEO, herself is under investigation involving alleged insider trading of ImClone Systems stock a day before the biotech firm's application for a cancer remedy was rejected by the Food and Drug Administration.

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