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Martha Stewart takes a pay cut

Stewart takes a pay cut

Martha Stewart has agreed to have her annual pay cut by 10 percent as the company she created struggles to curtail losses amid a shift from publishing and TV. Martha Stewart Living Omnimedia Inc. changed the compensation to $1.8 million for its 71-year-old chairman as part of an option in a July 2012 agreement that extended her employment until 2017, according to a filing Wednesday. Her annual license fee was also trimmed, and the board replaced an old expense policy that reimbursed her for chauffeur, Internet, and home-security services. In the past year, the New York-based company has suffered from slumping advertising sales at its magazines and declining broadcasting revenue following the cancellation of ‘‘The Martha Stewart Show.’’ (Bloomberg)

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