Martha Stewart said on Wednesday she was quitting as chairman and chief executive of her company, hours after she was indicted on obstruction of justice charges.
She will remain on the company’s board of directors and has been named to the position of chief creative officer. The changes are effective immediately, the company said.
“I am stepping aside as chairman and CEO because it is the right thing to do,” Stewart said in a statement.
Her company, Martha Stewart Living Omnimedia Inc. MSO.N , said board member Jeffrey Ubben, head of a private investment firm and the largest shareholder after Stewart herself, will serve as chairman, and company President Sharon Patrick will become CEO.
Earlier on Wednesday, Stewart and her former stockbroker were charged with interfering with a government investigation into her suspiciously timed sale of ImClone Systems Inc. IMCL.O stock a day before the company’s cancer drug Erbitux received a devastating ruling from the U.S. Food and Drug Administration.
Click the link below for Marta’s indictment: