Today it was announced that Susan Lyne, CEO and president of Martha Stewart Living Onmimedia (NYSE:MSO), will be stepping down in her role at the company. She'll stay on as an advisor and director for 30 days to help during the transitional period.
Stepping up into the roles of co-CEOs will be Robin Marino and Wenda Harris Millard. Marion is the president of merchandising, while Millard is president of media at the company.
It seems what is happening here is Martha Stewart Living is not willing to make a decision on having one CEO, so they will go with two. The obvious reason for this is they know they'll lose one of the women if they choose the other. I still think it's the wrong decision.
While it's obvious that the two will be over different aspects of the company with their background, the schizophrenic idea of co-CEOs rarely works, and in my opinion, has far too many shortfalls to be a legitimate way of running a business.
I think they'll be sorry they made this decision, and will end up losing one of these people anyway. There are very few business leaders willing to remain in this type of situation, and even less that are able to make it work. This is a big mistake to me. What do you say?
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