Thomas Siekman, a lawyer and former executive for Compaq Computer, was named the chairman of Martha Stewart Living Omnimedia Inc. after Jeffrey Ubben stepped down, according to wire-service reports.
Ubben, whose firm ValueAct Capital is the largest investor in the company after Martha Stewart herself, according to Reuters, assumed the chair last summer; he will remain on the board. Siekman has served on the board since August 2003.
The company has “weathered a most difficult period associated with Martha Stewart’s personal legal situation,” said Ubben, reported the Associated Press. He added that he wanted to turn the chairmanship over to “someone who has the skills and, most importantly, sufficient time available to guide the board and the company forward from this point.”
In addition, the company announced the resignation from the board of Arthur C. Martinez, former chairman and chief executive of Sears Roebuck. Martinez had been serving as lead director, a position that will not be filled. Martinez had been on the board since 2001. No reason was given for his departure, reported the AP.
Martinez will be succeeded on the board by Charles A. Koppelman, chairman and chief executive of CAK Entertainment, a music and entertainment business. Koppelman was proposed by Stewart, the company said, according to the AP.