Parachute Woman: Christie Hefner’s Severance Package

Playboy Enterprises (NYSE: PLA) released an SEC filing highlighting Christie Hefner’s severance package. Hefner stepped down as CEO of the beleaguered adult media company in December 2008 after 20 years:

–$2 million severance payment.
–One-time grant of 30,000 shares of non-voting stock.
–12 month non-compete agreement.

Playboy is searching for a new CEO; Jerome Kern, a consultant and former head of On Command Corp., is the interim CEO.

Staci adds: This is fairly small given Hefner’s time with the company and earlier published terms about severance. She was eligible for a $2.2 million voluntary severance in 2007 based on vested amounts of deferred compensation plus accrued and unpaid vacation — and for more than $7.5 million in the event of a change of control.

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