Playboy CEO to Resign

CEO's biographies, gossips, job ratings, including Steve Ballmer, Dov Charney, Carlos Ghosn, Richard Branson and more... Playboy Enterprises CEO Christie Hefner will step down next year after two decades at the helm of the magazine company her father founded, the adult entertainment company announced Monday.

Hefner, 56, the daughter of Hugh Hefner, will resign January 31 but remain on the company board until a replacement is found. Playboy shares jumped over 14 percent Monday on the news.

"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 said in a statement, according to Reuters.

Jerome Kern will serve as interim chairman while Playboy searches for a permanent replacement.

For years, the company has lost adult entertainment readers to free online sites. Playboy reported a third-quarter loss of $5.2 million, while its stock has plummeted 81 percent this year.

In October, Playboy announced it was abandoning the DVD market while it simultaneously said it would fire 55 people as it sought $12 million in savings, according to Bloomberg News.

Hefner on Monday CNBC she would not be stepping down if Playboy were not in strong shape, adding that the election of Barack Obama had inspired her to become involved in public service.

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