Martha Stewart isn’t slashing her pay, just trimming it a little.
The domestic diva — long blasted for her lavish compensation even as her company and its stock deepen a multi-year tailspin — has agreed to a 10 percent pay cut.
As non-executive vice chairman of Martha Stewart Living Omnimedia, Stewart has agreed to slightly deflate her salary to $1.8 million, from $2 million, according to a securities filing yesterday.
In a new contract that extends until 2017, Stewart also will cut a licensing fee that she charges her own company for the use of her name to $1.7 million, from $2 million.
Still, Stewart’s total compensation of $3.5 million will remain lavish for a money-losing company whose market value has shrunk to $160 million, from $1.7 billion when it went public in 1999.
No investor has been hit by the drop as hard as Stewart, who owns 41 percent of the company’s common stock and 87 percent of its voting shares.
Nevertheless, Stewart’s addiction to extravagant perks didn’t let up last year, when she was awarded $642,128 for security, $127,955 for her driver and $168,871 for personal fitness, wellness, beauty and wardrobe expenses.
MSLO shares yesterday rose 7 cents, to $2.41.