Longtime Playboy executive Richard Rosenzweig will start his new role as a senior advisor for Hugh Hefner‘s enterprises starting on Sept. 30.

The 76-year-old Rosenzweig is currently the executive vice president of Playboy Enterprises, a member of the company’s board of directors and chairman of Alta Loma Productions, Playboy‘s mainstream production company. He’s been at Playboy since 1958 and wanted a reduced role with the company.

“Dick’s decision is bittersweet for all of us at Playboy and for me in particular,” Hefner said in a statement. “Dick has worked with me since the early days of the magazine in Chicago, and since that time he has been my trusted advisor and business partner.  I understand and applaud Dick’s desire to devote more energy to his many philanthropic and civic interests as well as to spend more time with his wife Judy Henning, and I am pleased that he has agreed to continue providing insight and strategic counsel to me and the company on a part-time basis.”

Rosenzweig will remain on the board of directors and keep his role as executive producer of NBC’s The Playboy Club.