During his time as editor Maxim delivered its peak circulation of 328,000 but its sales have been dwindling in recent months. Its current circulation is 243,341, down 3% year-on-year.
Loxley, whose plans are unclear, said: "This market never stops evolving but this year looks like being a watershed. I think it's in the best interests of the magazine that whoever takes Maxim through 2004 is in it for the long haul."
Dennis Publishing is yet to announce a replacement.
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