MAXIM, which once led the super-successful British invasion of “lad” magazines, is now barely hanging on and under yet another new CEO.
Paul Miller will become interim CEO, replacing Stephen Duggan who stepped down from the company in September after only a year. He has been the executive chairman of firearms conglomerate Freedom Group and had leadership roles in telecommunications companies Velocita Wireless and SkyOnline. Before that he worked for Lockheed Martin. He holds a BS degree in Electronic Engineering.
Owner Cerberus Capital Management reluctantly emerged as a principal owner of Alpha when Quadrangle Group last year defaulted on a $125 million loan that had financed a $250 million acquisition in 2007 of what was then a three-magazine group from British publishing entrepreneur Felix Dennis. The company, which once had revenues of more than $120 million, is now estimated to be down to about $60 million, with profits hovering around $5 million.
Is Mr. Miller’s technical background a sign of Maxim going online-only?