Martha Stewart, the queen of home decorating and cookie baking, is back on her namesake company’s board.It could mean a major career turnaround after the whole insider trading ordeal.
“I’m back. Isn’t that nice? I feel wonderful,” she told the Post.
In 2001, Stewart sold $228,000 worth of ImClone biotech stock the day after her friend and founder of ImClone, Sam Waksal, sold his shares and told his family to sell out too.
Stewart resigned from the board in 2003 after being indicted on charges of obstructed justice and lying to investigators in a stock sale, Dow Jones reported.
Stewart was found guilty in 2004. She served a five month prison sentence.
In 2006, as part of a settlement with the regulatory agency, Stewart agreed to a five year ban from serving as a director of a public company and a five year limitation of the scope of her serve as an officer or employee of a public company.
That five year ban has ended and yesterday Martha Stewart Living Omnimedia reinstated her as a board member.
“I am very excited to rejoin the Board, and I look forward to working with the management of Martha Stewart Living Omnimedia and the members of the Board as the company develops and grows our exceptional businesses for today’s consumers and those of tomorrow. We have created an amazingly strong brand and brand loyalty and we intend to make each of our businesses match the strengths of that brand,” Stewart said in a statement.
She had been away from her post for seven-and-a-half years.
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