Hefner to Step Down as Playboy CEO

UPDATE: Playboy Open to Sale Talks

Christie Hefner announced today her plans to step down as chairman and CEO of Playboy Enterprises.

Hefner will stay on as CEO through January 31, 2009, the company said in a statement. Jerome Kern, a member of its board of directors, will serve as interim chairperson while the company searches for a replacement.

“Playboy Enterprises Inc. has literally and figuratively been my life and career for more than 30 years,” Hefner said in a statement. “Last month marked my 20th anniversary as CEO; just as this country is embracing change in the form of new leadership, I have decided that now is the time to make changes in my own life as well.”

Hefner steps down from the top executive post during a challenging time for Playboy. The company—which eliminated 80 staffers company-wide in October  in a cost-cutting effort—reported a net loss of $10.4 million through the first nine months, compared to a $6 million net income during the same period last year. For the third quarter, the company reported a $5.2 million net loss, down from a gain of $2.6 million during the same period last year.

Year-to-date, revenue was down more than 12 percent to $222.3 million. Playboy attributed the overall losses, in part, to a $6.3 million restructuring charge. Excluding the charges, the company reported a net income of $1.1 million.

The company said it expects ad revenue in the publishing division to be down 17 percent in the fourth quarter.

RELATED LINKS

COMMENTS: 12

Post Comment / Discuss This Story - Info/Rules

It's very discouraging to

Submitted by Justin on Mon, 12/08/2008 - 13:21.

It's very discouraging to keep reading about everyone's drop in numbers. Do you think she is resigning from the position to avoid being accountable if things continue this downward trend? Does anyone have any advice for a regional magazine who's feeling the crunch?

I'm Available

Submitted by Mark Andel on Mon, 12/08/2008 - 14:24.

Just wanted to let Playboy Enterprises know that I am ready and available to take the helm at a moment's notice. Just drom me an email and let me know when you need me to fly out and meet with the board. Thanks, Mark Andel markandel@aol.com

Sinking ad revenue

Submitted by Marko on Mon, 12/08/2008 - 16:37.

I think if you can deliver good value and you can prove it, then you ought to be able to bring in the revenue. In my pub we have increased our distribution to the very best segments in our market to guarantee exposure for our advertisers. I believe in co-mongling subscribers with controlled circ.

Interesting

Submitted by Playgirl on Tue, 12/09/2008 - 01:46.

Wow that's interesting. Wasn't expecting that.

free porn on the internet killed playboy

Submitted by Anonymous on Tue, 12/09/2008 - 01:57.

the math is pretty simple.

re:it's very discouraging....

Submitted by steven on Tue, 12/09/2008 - 02:17.

yeah - my advice is to get the hell out of anything in paper print ASAP. no way regional and local newspapers and magazines are going to survive this IMO

Go Digital, Go Green

Submitted by Mrs. S. on Tue, 12/09/2008 - 09:13.

I don't ready playboy, but I think they should offer a digital pub. Bring some of those ads to life, embed video and audio clips to make their readers 'experience' a little more interesting. They of course should still offer the print copy, but a virtual/digital edition might keep them afloat. Just a thought.

Captain Obvious here

Submitted by Anonymous on Tue, 12/09/2008 - 13:14.

Maybe if they stopped airbrushing the girls and started getting more explicit with their photos, they could become competitive again. Plus doing things like others already mentioned such as marking down their CyberClub subcription fees and offering digital versions of the magazines.

Fresh blood that understands today's youth can refocus Playboy

Submitted by Richard Poirier on Tue, 12/09/2008 - 23:25.

It is sad to see Playboy decline. I've appreciated the magazine since the 1960's. However, most of the women in the magazine are too old. Playboy should cater to their original male youth market with more attractive classy explicit women 18 to 24. Their editorial focus is out of touch also. They should publish more interesting nonfiction articles that make the reader think and want to talk about what they read to others. I guess I could refocus the magazine as well as the other entertainment properties if they were looking for a financial/operations executive from the world's largest youth orientated music group of record label22s who also understands magazines to replace Christie. At the end of the day, stock values go up when consumers value your product enough to purchase it. richard.poirier@umusic.com

STAY POSITIVE

Submitted by Donga on Tue, 12/09/2008 - 23:29.

We as a nation are causing the economy to stink. Have you ever heard of "You are what you think?" The same applies here. We must be positive, strong and send out thoughts of abundance instead of defeat. We are better than that!

Economy

Submitted by BoxCar on Fri, 02/20/2009 - 01:30.

Google "The Solar Mortality Theory" a scientific explanation why global economy tanks every 3 generations,like clockwork. Accurately predicted onset of 2nd Great Depression in 2007 Since no one knows this, it might boost readership. Throw in photo shoot of the extremely beautiful women of the CHEROKEE tribe and it'll boost males,err sales The most beautiful PART of a woman is her "Killer Eyes" and Cherokees have it!(Think about it, when a man makes love to a woman he sees her eyes when she becomes enveloped in her orgasm, that's where its at for many men, Killer Eyes.)

free porn on the internet killed playboy????

Submitted by Anonymous on Tue, 06/02/2009 - 12:04.

The magazine’s revenue in 2008 was $292.1 million, down 14 percent from the 2007 figure of $339.8 million. Yea, I would say the math is simple.The country is $10 trillion in debt (Thanks to Bush and his boys) gas prices are at record highs (also thanks to bush and his boys)I would rather put gas in my car so I can drive to work so I can pay my mortage then have a stack of playboys under my bed! Its not just free porn on the net that killed Playboy. Besides, The playboy girls are nothing like the sleeze bags you see on porn sights on the net! Maybe Hef should ask for a bailout!! PLAYBOY is an american icon to! Isnt it?

Your name:

E-mail: *

The content of this field is kept private and will not be shown publicly.

Subject:

Comment: *

CAPTCHA

This question is for testing whether you are a human visitor and to prevent automated spam submissions.

What code is in the image?: *