NEW YORK – Martha Stewart was named as non-executive chairman of the lifestyle, media and merchandising company that she created Wednesday.
Stewart rejoined the board of Martha Stewart Living Omnimedia in September at the end of a five-year ban on serving as a board member or as an executive of a public company as part a settlement with federal regulators related to insider trading.
Stewart was convicted in 2004 on federal criminal charges of lying to prosecutors about selling ImClone shares a day before the Food and Drug Administration announced it declined to review an ImClone application for a cancer drug. She served five months in prison.
In 2006, the Securities Exchange Commission agreed to settle a related civil case against Stewart. Under the agreement, Stewart agreed to pay about $58,000 as well as a civil penalty of about three times the loss she avoided, or about $137,000. She also agreed to a five-year ban from serving on the board or as an officer of a public company