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Lyne to Helm Martha Stewart Omnimedia

Susan Lyne has been named president and CEO of Martha Stewart Omnimedia, replacing the exiting Sharon Patrick.

The industry had been looking for where Lyne would land next after she was ousted from ABC last April, where she had been in charge of prime time entertainment programming for the struggling network.

Ironically, two shows developed under her watch, Lost and Desperate Housewives have become the network's biggest hits since Millionaire and are primarily responsible for its ratings revival this season.

Lyne has been a director of Martha Stewart Omnimedia since June.She now faces the task of helping rebuild the company's businesses and image after Stewart's much-publicized imprisonment for lying to the government about a stock trade. Stewart has pledged to return and grow the company once she has done her time.

Stewart is still appealing the conviction.