Martha Stewart Living Omnimedia (NYSE: MSO) finally has a new CFO: Time Warner (NYSE: TWX) vet Kelli Turner. Before joining MSLO, Turner was SVP for operations in the Office of the Chairman and CEO at Time Warner; she previously held positions at New Line Cinema as well as investment banks Allen and Company and Salomon Smith Barney. Turner will report to MSLO Executive Chairman Charles Koppelman and takes over for Allison Jacques, the controller who has been serving as interim CFO. Interestingly, Turner will not report to Co-CEOs Wenda Harris Millard (media) and Robin Marino (merchandising), which would usually be the case under most corporate structures.
Turner takes over for Howard Hochhauser who left in December 2008, and comes to a company that has been stung by the weak economy. In its fourth quarter earnings release, the company said its print and broadcast revenue dropped sharply due to the economy and a shift to more online spending (which was up at the company). The end of contractual minimums from retailer KMart also drove a big decrease in revenue during the quarter – causing the company to lose $35 million it otherwise would have earned under the previous minimum royalties.