BEVERLY HILLS, Calif. — Veteran media exec David Israel, who since joining Playboy Enterprises Inc. in 2012 has been involved in the company's day-to-day operations including its e-commerce and licensing divisions, was named chief financial officer of the company.
As an extension of his existing role as chief operating officer, Israel will oversee the company's strategic planning, corporate and business development and financial operations. Prior to joining Playboy in 2012, Israel had executive stints at Procysive Corp. and Reed Business Information.
Israel replaces Christoph Pachler who departed Playboy to become chief financial officer of Critical Content, a new independent content studio focused on unscripted and scripted content for broadcast, cable and digital platforms.
"I'm excited to take on these new responsibilities at Playboy as we continue to build on the momentum created by our recent relaunches of Playboy.com and Playboy magazine," Israel said. "This progress has created new opportunities in our entertainment, media and licensing verticals, and I look forward to working with the finance team in planning and executing our role in this continuing transformation of Playboy."
The executive personnel move comes as Playboy Enterprises has begun exploring a sale. The storied magazine publisher and brand owner has reportedly hired investment bank Moelis & Co. to advise and auction off the company in a sale that may fetch more than $500 million. The Playboy mansion also is on the block separately for a reported $200 million.
In other Playboy news, founder Hugh Hefner turned 90 on Saturday, which followed a day of sadness for him.
On Friday, Hefner’s brother, Keith, a former Playboy executive and actor, died from cancer. On Twitter, Hefner wrote: "This morning, my dear brother and best friend passed away. I love you, Keith. Rest in peace."
Pictured: David Israel