Martha May Keep a Role in Her Company

03/12/2004 AT 02:41 PM EST

While Martha Stewart will not learn until June 17 how she will be sentenced for her recent conviction, she may soon find out her future role in the company she founded and which bears her name, Martha Stewart Living Omnimedia Inc.

The New York Times and New York Post speculate that Stewart will remain as the chief creative force at her namesake -- still picking the colors for the sheets and the like -- but will have to resign from her position on the board of directors.

The Times, however, points out that should Stewart be permitted to continue as "creative director," the decision would still have to be approved to the stockholders in the company as well as her business partners, consumers and securities regulators -- and all that may be difficult to come by.

Stewart, 62, is not only the founder and guiding force of her company, but her face is emblazoned on many of its offshoots (magazines and TV shows) and she is its largest shareholder. She reportedly owns 61 percent of the business, meaning she has the best interest of the company at hand -- and veto power over the board.

The Post, meanwhile, adds that the company has a cash surplus, so no monies are owed and there's no immediate pressure to shove Stewart out the door, despite her perceived fall from grace after her conviction on charges of lying to investigators about a stock trade.

Still, the Post does go on to say that Living Omnimedia is looking for someone to replace Stewart on its six-person board, with one possible candidate being Alexis Stewart, Martha's 38-year-old daughter, who rallied to her once-estranged mother's side during the course of the famous trial.

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