Martha Stewart has quit as chairman and chief executive of her company hours after she was indicted on obstruction of justice charges.
The American celebrity entrepreneur 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.
Martha Stewart Living Omnimedia said board member Mr Jeffrey Ubben, head of a private investment firm and the largest shareholder after Ms Stewart, will serve as chairman, and company president Ms Sharon Patrick will become CEO.
Earlier yesterday, Ms Stewart and her former stockbroker were charged with interfering with a government investigation into the timing of the sale of ImClone Systems stock a day before the company's cancer drug Erbitux received a devastating ruling from the US Food and Drug Administration.
Ms Stewart and the broker, Mr Peter Bacanovic, both pleaded not guilty to all charges against them.
The US Securities and Exchange Commission also filed civil fraud charges against Ms Stewart and her former stockbroker.