Christie Hefner to step down from Playboy

December 8, 2008 5:00:13 PM PST
The daughter of founder Hugh Hefner announced her decision on Monday to step down from Playboy after she marked 20 years as the Chicago-based company's CEO. Hefner's decision follows signs of trouble for Playboy Enterprises.

In October, the company said it planned to cut 55 employees and eliminate 25 vacant positions because of the troubled economy.

"But I think at the fundamentals is actually in very healthy shape we have a very strong balance sheet with over 25 million dollars in cash and below market rate interests. we have profitable extensions in television, online, mobile and a huge globalizing licensing business," said Hefner, Chairman & CEO, Playboy Enterprises.

Christie Hefner will stay on as CEO until January 31.