Wanted to share some magazine news. No matter what magazine you are submitting to, you should keep track of who is working where. And whose not.
Playboy Chief Christie Hefner to Step Down Next Month
By James Callan
Dec. 8 (Bloomberg) -- Playboy Enterprises Inc. Chief Executive Officer Christie Hefner will resign next month after two decades running the magazine company her father founded.
Hefner, 56, will remain on the board until her replacement is found, the Chicago-based company said today in a statement. 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 men’s magazine publisher 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.
In an appearance on CNBC today, Hefner said she “wouldn’t be able to step down if the company weren’t in such strong shape.” The election of Barack Obama also inspired her to become involved in public service, Hefner told the business channel, which is owned by General Electric Co.
In October, Playboy quit the declining DVD market and announced plans to increase Internet programming. It said it was seeking annual savings of $12 million and announced plans to fire 55 people. The company also suspended profit-sharing payments for management
Playboy, founded by Hugh Hefner in 1953, rose 19 cents to $1.94 at 10:19 a.m. in New York Stock Exchange composite trading. The shares had plunged 81 percent this year before today.