Will Martha Stewart put her company’s extravagant good-bye gift to Executive Chairman Charles Koppelman in a tasteful gift box with a bow? The former EMI Music chief — who was a fixture on NBC’s The Apprentice: Martha Stewart in 2005 — will leave by year’s end, Martha Stewart Living Omnimedia disclosed in an SEC filing today. His departure was moved up a year to open running room for MSLO’s new COO Lisa Gersh, who co-founded and ran Oxygen Media until NBCUniversal bought it in 2007. She’s been reporting to Koppelman but will report directly to the board when he leaves. But he shouldn’t complain: His exit package includes a $1.47M severance payment and up to $35,000 for the attorneys who worked on his new arrangement. The filing says he’ll remain on the MSLO board as “Non-Executive Chairman, Vice Chairman or Special Committee Chairman.” That will entitle him to an initial $50,000 in stock rights as well as rights to 100,000 shares. (Stewart, who was convicted of obstruction of justice in connection with an insider trading investigation in 2004, plans to rejoin the board before October.) Don’t let Koppelman’s sweet deal fool you into thinking that the publishing, TV, and merchandise firm’s doing well: MSLO shares lost about 20% of their value over the last 12 months. In May, it hired Blackstone Advisory Partners to see if anyone might want to invest in or buy MSLO. On Tuesday, the company said that its 2Q net loss grew 135% vs the same period last year to $2.9M on revenues of $54.9M, down 7.9%.

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