Looks like Jerry Powers is out of the luxury media world once again. The man who practically created the magazine niche of local luxury glossies with Ocean Drive, has resigned as CEO of Plum TV. The resignation comes as Powers is experiencing personal financial struggle.
Powers launched Ocean Drive back in the '80s before selling it to Niche media in 2007. He took over control of Plum TV in 2010, and earlier this year launched a print offshoot, Plum Magazine, that would directly compete with Ocean Drive.
All the while though, stories of Powers' personal money problems undermined his position at Plum.
Powers confirmed his resignation to The Miami Herald. The paper also states Powers is being sued by Jaguar over his car, and back in July, Powers settled millions of dollars in gambling debts to three separate casinos. The Herald also reports that before his resignation, Powers was in danger of getting the pink slip.