Playboy CEO to step down
NEW YORK (Bloomberg) — Playboy Enterprises Chief Executive Officer Christie Hefner will resign next month to devote more time to public service after spending two decades running the magazine company her father founded.
Hefner, 56, who is also stepping down as chairwoman, will remain on the board until a replacement CEO is found, the Chicago-based company said Monday. Jerome Kern, who joined Playboy’s board of directors in 2002, will serve as interim non-executive chairman.
Hefner joined Playboy in 1975 and rose to CEO in 1988, shepherding the bunny brand into television, video and the Internet. The recession and a decline in ad spending led the company to a $5.2 million loss in the third quarter. Ad revenue in the magazine unit fell 14 percent to $5.5 million.
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