Guccione remains Penthouse editor

From Reuters

Penthouse International Inc. said Friday that founder Bob Guccione remains editor in chief of the adult magazine despite having resigned the day before as chairman and chief executive officer of its parent company.

Guccione, 72, started Penthouse in 1965 and ranks as one of the world's most famous publishers of adult magazines, along with Playboy's Hugh Hefner and Hustler's Larry Flynt. But the monthly publication has struggled with a sales decline as Internet pornography lured away its readers -- from a onetime circulation of about 5 million to just 530,000 copies last December, according to published reports.

The job of running the company now goes to 90-year-old Milton Polland, who was appointed chairman and acting CEO.

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