Christie Heffner steps down as Playboy chair and will leave as CEO

Christie Heffner is stepping down as chair of Playboy Enterprises today and as CEO at the end of January, and planning to leave the board altogether when a replacement CEO is found, according to a posting on PaidContent.org. It's the end of two decades wrestling the financial difficulties of her father Hugh's iconic magazine and soft porn empire, founded in 1953.

Playboy has had significant financial difficulties recently, posting a net loss in Q3 and losses totalling $1.1 million year to date. Wall Street has apparently indicated its approval of Ms Heffner's departure by bidding up the stock by 17 per cent.

There will be no tag days for her. According to SEC filings, the least she will receive upon leaving the company will be more than $3 million.