Tags: Martha | Stewart | Pay | Cut

Hard Times: Martha Stewart Takes 10 Pay Cut

Wednesday, 03 Jul 2013 07:05 PM

 

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Martha Stewart has agreed to take a 10 percent pay cut from her own company, according to an SEC filing Wednesday.

As of July 1, Stewart's annual base salary will be reduced by $200,000, to $1,800,000. Stewart's annual licensing fee will be reduced by $300,000, to $1,700,000, effective September 15, 2013.

A new expense policy was also approved by the company's board of directors.

In the document, the decision is labeled as "consistent with plan to return Martha Stewart Living Omnimedia, Inc. to profitability."

The parties also agreed that Stewart will get two-thirds of any payment for her part in productions not produced by the company, and that the company will get the rest.

As amended, the employment agreement will continue in effect until June 30, 2017 and the license agreement will continue in effect until September 15, 2017.

© 2014 Thomson/Reuters. All rights reserved.

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