NEW YORK ? Bob Guccione, the flamboyant founder of Penthouse magazine, resigned as chief executive of its parent company but will remain publisher and editor as the magazine struggles to emerge from bankruptcy.

Guccione, 72, was replaced as acting CEO of Penthouse International by 90-year-old Milton Polland, who is head of a California communications company.

Guccione is stepping down as CEO just three months after its publishing subsidiary entered Chapter 11 bankruptcy reorganization. The bankruptcy occurred after Penthouse's circulation tumbled from nearly 1 million in 1998 to 565,700 last year ? a slide that coincided with the emergence of Internet porn sites.

Guccione will keep his positions as editor in chief and publisher and also retain his dual titles of chairman and CEO of the subsidiary, General Media Inc.

"Nothing has changed as far as we're concerned," said Lainie Speiser, spokeswoman for Penthouse.

Guccione, through Speiser, wouldn't comment. Charles Samel, who also quit his position as executive vice president with Penthouse International, declined to provide any details about the resignations.

Penthouse International Inc. also announced Friday that it had entered a stock-for-land swap that secured a $107 million oceanfront property in Mexico. The land will be developed into a Penthouse-themed resort.