06/19/2008 05:12 am ET Updated May 25, 2011

Susan Lyne, Martha Stewart Living Omnimedia CEO, Steps Down

Martha Stewart Living Omnimedia Inc. announced Wednesday that President and CEO Susan Lyne has stepped down. The New York Times reports:

Martha Stewart Living Omnimedia announced Wednesday that its chief executive, Susan Lyne, had stepped down.

Ms. Lyne will stay on in an advisory role during the transition and will remain a director during that time, the statement said.

To succeed Ms. Lyne, the company will promote the president of media, Wenda Harris Millard, and the president of merchandising, Robin Marino, to serve as co-chief executives.

In a statement, Ms. Lyne said: "Four years ago when the board asked me to take on this role, our principal goal was to rebuild the company and return it to profitability. We have done that ."

Rumors of Lyne's exit swirled earlier this year, but she emphatically declared in January that she was staying put, saying "I want to address an item that ran in the press while I was away, suggesting I might leave MSLO in the near future. Nothing could be further from my plans. I love this company; more importantly I believe in this company."