Martha not out of Omnimedia
By Steve McClellan -- Broadcasting & Cable, 9/5/2002 4:00:00 AM
The board of directors of Martha Stewart's Omnimedia Inc. issued a statement Wednesday to 'categorically deny' a New York Times report that a search was under way to replace Stewart as CEO of the company.
The company's stock rose 15 cents Wednesday (to $7.80 per share) after the Times report came out in its Wednesday-morning edition.
Stewart, who has been embroiled in an insider-stock-trading scandal since December, also holds the title of chairman.
The company's stock price has fallen about two-thirds since it became known that Stewart was under investigation for selling 4,000 shares of ImClone Systems Inc. days before it became public that the Food and Drug Administration had denied its application to market a new cancer drug.
In its statement, the board also said it continued to 'actively monitor' both the business needs of the company, as well as 'investigations involving Martha Stewart personally.'
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