Colby Howard

Published on October 3, 2025


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PLBY: CEO Kohn’s Deal Skills Are Unable to Offset M&A Risk and Turnaround Needs

Last Updated: October 3, 2025

Analyzing Management

Leadership at public companies serves as a crucial variable for hedge funds and asset managers during both initial due diligence and continuous risk assessment. ManagementTrack offers a consistent, systematic approach that filters out distractions—highlighting distinct strengths and weaknesses, identifying warning signs and positive indicators, and establishing a clear connection between CEO actions and financial performance.

CEO Kohn’s deal skills are unable to offset M&A risk and turnaround needs.

Analysis of Playboy CEO Ben Kohn

Despite proven skill in executing large licensing deals, past M&A and partnership failures create execution risk, leaving him poorly aligned with the company’s current operational and legal turnaround needs.

Management evaluated Ben Kohn’s track record and skillset against the following key factors for PLBY:

  • Resolving litigation to remove drag on EBITDA.
  • Rebuilding China licensing after partner collapse.
  • Sustaining Honey Birdette turnaround against tough comps.
  • Executing Byborg deal to anchor asset-light pivot.

Ben Kohn’s Track Record & Key Open Questions to Research

ManagementTrack provides track record analysis, career playbooks, strengths, and weaknesses for every CEO. It allows investors to dig deeper to uncover hard to find data to answer the most pressing questions.

Reach out to sales@paragonintel.com or visit https://paragonintel.com/access-now/ for more information.

Question #1

Given the history of value-destructive M&A, does Kohn’s decisiveness in capital allocation represent a disciplined willingness to take calculated risks, or does it reflect a tendency to prioritize deal-making speed over thorough due diligence and integration planning?

Question #2

When pursuing a bold strategic vision, how does Kohn differentiate between the conviction needed to see it through and the need to acknowledge contradictory data that signals a flawed execution or a failing strategy?

Question #3

How does Kohn balance his focus between executing large, transformative deals, like the Byborg agreement, and ensuring the rigorous operational discipline required to manage the underlying business?

Why Do Investors Use ManagementTrack?

How does ManagementTrack assess Ben Kohn’s leadership at PLBY?

ManagementTrack’s analysis of Ben Kohn involves a deep dive into his career history and confidential interviews with former associates to build a profile of his track record, core competencies, and notable weaknesses. This profile is then measured against PLBY’s critical challenges, including the need to resolve litigation impacting EBITDA, rebuild the China licensing business following a partner’s collapse, sustain the Honey Birdette turnaround amid difficult comparisons, and successfully execute the Byborg transaction to solidify the company’s asset-light strategy.

What additional methods does ManagementTrack employ to forecast company performance based on its C-suite?

ManagementTrack utilizes proprietary models to identify executive evasion during earnings call Q&A and assesses whether that behavior is abnormal. Additionally, it examines all insider trading activity to pinpoint outlier transactions that may forecast future over or underperformance. When combined with the ManagementTrack Rating, a forward-looking 1-10 score assigned to every executive, these tools give investors a definitive view on the likely impact of management’s ability on future company performance.

What is the scope of ManagementTrack’s coverage?

ManagementTrack provides real-time analysis on the C-suite of every publicly traded company.

How to Learn More

Reach out to sales@paragonintel.com or visit https://paragonintel.com/access-now/ to see our deep dive analysis on any executive.

 

Author

Colby Howard is the co-founder and President of Paragon Intel. Paragon Intel’s ManagementTrack is the premier executive analysis platform for hedge funds, asset managers, corporations, boards, and recruiters. Our proprietary data, built over a decade of analysis, allows us to analyze each public company executive to understand their fit and ability to execute at their company. We leverage our proprietary data – key quantitative research on an executive’s career plus interviews with their former colleagues – with public documents, including SEC filings (10-K, 10-Q), investor presentations, press releases, and earnings call transcripts. to build a holistic, evidence-based view of an executive’s capabilities and playbook.

Sources

  • Verified Career History by ManagementTrack for Ben Kohn
  • Analysis of Capital Allocation, Performance, and Fundamentals across career by ManagementTrack
  • Playboy, Inc. 10Q
  • Playboy, Inc. 10K
  • Playboy, Inc. Earnings Calls
  • Playboy, Inc. Press Releases

 

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