May 20, 2010, 1:25PM ET
Playboy Enterprises appoints Tao to its board
Media company Playboy Enterprises Inc. has named Kai-Shing Tao as a member of its board.
Tao, 33, is the founder, chairman and chief investment officer of private investment firm Pacific Star Partners, the company said late Wednesday.
Earlier this month, Playboy Enterprises reported a smaller first-quarter loss as restructuring costs and writedowns decreased, but revenue in its print division — especially at its iconic magazine — continued to fall. Shares of Playboy Enterprises fell 26 cents, or 6.5 percent, to $3.73 in afternoon trading. The stock has traded in a 52-week range of $2.30 to $5.22.