Jerry Kern, who took on the role of Playboy (NYSE: PLA) Enterprises’ interim CEO when Christie Hefner said she was leaving the company in December, is relinquishing his seat on the company’s board, Playboy announced. Last month, Kern handed off the CEO title to Scott Flanders, the former head of local newspaper and TV chain Freedom Communications.
Kern joined Playboy’s board in 2002. He remains head of his own consulting firm and Playboy said that he made the decision to “pursue other business opportunities.” During the company’s Q4 earnings call, Kern told analysts that Playboy would be open to a buyout offer, something that wasn’t seriously considered during Hefner’s reign. The company has reportedly been asking for $300 million, but despite a few rumors, no takers have emerged so far. As Flanders gets settled in as CEO, his main focus will rest heavily on getting a deal done.
By David Kaplan