Christie Hefner Steps Down, and Resigns as CEO of Playboy
In a statement, Christie Hefner said to resign as CEO was her decision, but it follows signs of trouble for the Chicago-based publishing and entertainment company. Last month, Playboy said it planned to cut 55 employees and eliminate 25 vacant positions due to the troubled economy. Christie Hefner, daughter of Hugh Fefner, took the position as CEO in 1988.
Jerome Kern will act in the interim as non-executive chairman of Playboy while they search a replacement.
"I’ve always known that I wanted to move on at some point in my career," Hefner said in an interview. "I’ve given a great deal of my life to the company."
The company’s strategy is not likely to change drastically; Hugh Hefner, 82, is still the majority shareholder.
With the rise of free adult content, Play Boy has been hit hard. When the economy is hurt many vices do better, but with a free alternatives the subscription based company is struggling.
Playboy’s stock rose on the news up nearly 19 percent on the day.
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