Is Stephen Covey dead?

No. He is not dead. He still does Colbert Reports to the day (July 16, 2009).

no

Stephen Richards Covey

"Steven Covey is very much alive. He lives in Hollywood, California and is pursuing his dream career as a director. He used to be an actor but decided to change his career path."

Yes. He died on the 10th of October, 2009.