Maxim Editor-in-Chief Joe Levy, who piloted the laddie mag for the past two and a half years, is leaving and will be replaced by his former No. 2, Executive Editor Dan Bova.
While Levy said the parting was a “mutual decision,” the move has all the earmarks of a forced exit, as Levy is staying to help with the “transition” only through the end of the week.
“I’m going to take a look around and see what is out there in the content world in print, digital and TV,” said Levy.
The company is controlled by Cerberus Capital, which assumed ownership in 2009 after Maxim’s publisher, Quadrangle-backed Alpha Media, defaulted on a $240 million loan it took out to acquire the company from founder Felix Dennis.
It has been a bumpy ride for the company that was once clearing over $50 million a year in profit and is now believed to be marginally profitable at best.
The company has seen its ad pages slide for the past four years. As of September, the magazine was 8.6 percent in ad pages to 353, according to the Publishers Information Bureau.