Stewart Says She Misses Job

Martha Stewart told shareholders Monday that she missed her old position at her namesake company and hoped the domestic empire that she founded was functioning as usual while she dealt with her legal woes.

“I miss my old job terribly,” said Stewart, who resigned as chief creative officer and a director at Martha Stewart Living Omnimedia Inc. in March after she was convicted of lying about a stock sale.

But Stewart, who now has the title of founding editorial director and remains the majority shareholder, said she was still involved in the multimedia company she created.

Addressing about 100 shareholders, Stewart declined to talk specifically about her legal problems, given what she described as her “delicate, somewhat fragile” situation. She did say the last year had been “fraught with real sorrow.”

Stewart, who has asked for a new trial, is scheduled to be sentenced July 8. She is expected to get 10 to 16 months in prison.

Stewart signed autographs and chatted with shareholders after a meeting that was full of supporters. But the overall advertising and business climate has been less forgiving.

Martha Stewart Living, which has been struggling with losses, disappointing sales and a battered stock for the last two years, last month reported a wider-than-expected loss for the first quarter. It also said advertiser defections probably would push losses for the second quarter beyond Wall Street’s expectations.

Shares in Martha Stewart Living fell 8 cents to $8.97 on the New York Stock Exchange.

Struggling with the fallout from Stewart’s conviction, the company moved to bolster its management. Shareholders elected four new executives to the board Monday, giving the board nine members. The new directors are: Rick Boyko, former co-president and chief creative officer of Ogilvy & Mather; Michael Goldstein, former chairman and chief executive of Toys R Us; Susan Lyne, former president of ABC Entertainment; and Wenda Harris Millard, chief sales officer of Yahoo Inc.