PLBY Group, Inc., owner of the Playboy and Honey Birdette brands, announced on Wednesday the appointment of Marc Crossman to the dual role of chief operating officer and chief financial officer.
Crossman joins PLBY from Rizvi Traverse Management, where he was a partner and was responsible for investment sourcing and evaluation of technology venture capital investments.
Prior to that, he served as the chief executive officer of RealD Me (now known as Rain Technology), a consumer electronics company. Before RealD Me, Crossman served as the CFO of Joe’s Jeans Inc. and as its CEO, during which time he built the company into a premium denim brand with distribution in over 30 countries, a base of retail stores across the United States, and a domestic wholesale distribution platform in over 1,000 department and specialty stores.
Earlier in his career, he served as a vice president and equity analyst with J.P. Morgan Securities Inc.
“Marc brings a wealth of operating skills and financial discipline to the team, having been both a CEO in the consumer products and technology sectors and the CFO of a public company,” said said Ben Kohn, chief executive officer of PLBY Group.
“I believe Marc will be able to unlock further cost savings beyond what we have already identified, as we move to a more capital light model with streamlined operations. Marc will hit the ground running as we focus on our profitable growth initiatives.”
Crossman replaces Lance Barton, formerly the company’s chief financial officer. Barton will remain with the company as a strategic advisor to assist with an orderly transition, said PLBY.
In its most recent trading up last week, PLBY announced revenues for the full year 2022 grew 8% to $266.9 million, coinciding with net losses widening for the 12 months ending December 31.
Meanwhile, fourth-quarter revenue fell to $68.5 million, compared to $95.7 million in the prior-year quarter.