Stephen Duggan resigned his post as CEO of Alpha Media group, the parent of lad mag Maxim. His last day was Friday, and an interim CEO will be named shortly, an AMG rep told paidContent. The news, first reported by the NY Post, comes two months after AMG announced a recapitalization, which left a group of the company’s creditors, including but not limited to Cerberus, in control. A new board of directors was installed, and PE firm Quadrangle no longer is an equity owner in the publisher, which also turned music mag Blender into an online-only pub last spring.
Last year, Quadrangle, the investment fund co-founded by Steve Rattner, defaulted on the debt it used to buy Alpha, setting the stage for the publisher to be transferred to its creditors. Meanwhile, despite widespread speculation that the creditors would seek a quick selloff of AMG’s assets, that hasn’t turned out to be the case. Like most general interest magazines, Maxim has struggled through the first half of the year. According to the Publisher’s Information Bureau, the magazine saw ad pages sink 35.8 percent. In all, magazine ad pages were down 28 percent in the first half of the year.