CHICAGO, Il., Dec.8 (TOTI) --
Christie Hefner, the 56 year old daughter of Hugh Hefner, has just announced that she's ending her tenure as Chief Executive with Playboy
after working for the publication since she graduated from college.

The magazine was founded by her father, Hugh Hefner, 82, in 1953. Christie was appointed Chairman of the Board and CEO in 1988.

Over recent years, Playboy has struggled to stay competitive in the publishing business and has suffered decreased circulation and lower stock values. It was recently announced that Hefner began using ticket sales from his high profile Playboy mansion parties to offset cash flow problems in the publishing business.

Playboy has also laid off workers and eliminated non-performing divisions to help stabilize the company.

Christie Hefner said she wants to focus on non-profit and public service work and has the blessing of her father to leave the work she's focused on for so long.

In a statement, Hugh Hefner said, "I asked Christie to step up as president when the company faced serious financial difficulties more than two decades ago. She has worked tirelessly to expand the company's franchise, and, as a result of her efforts, the company today has more consumers and fans than at any time in our history. Of course, as her father, my first priority is Christie's happiness. While I will miss her leadership here, I believe that she will go on to achieve even greater personal success."

She intends to remain Playboy's CEO until January 31 and will stay on the board of directors until her replacement is found. Playboy director Jerome Kern will serve as interim non-executive chairman while the company seeks a new CEO.

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