UPDATE 1-Playboy board member Russ Pillar resigns

* Cites inability to devote time to Playboy

* Resignation not related to disagreement with company

NEW YORK, July 16 (Reuters) - Playboy Enterprises Inc PLA.N said on Friday said board member Russ Pillar has resigned, citing time constraints.

Playboy, the adult entertainment company that is being pursued separately by founder Hugh Hefner and Penthouse publisher FriendFinder Networks, said Pillar's decision was not a result of a disagreement with the company.

"Mr. Pillar noted in his resignation that he is no longer able to make the time commitment he believes is needed to adequately serve the company's interests," the company said in a filing with the U.S. Securities and Exchange Commission.

Pillar, formerly a senior executive at Viacom Inc VIAb.N and Richard Branson's Virgin Entertainment Group, is managing director of The 5850 Group, an investor in consumer branded media-based businesses. He also serves as president of the Los Angeles Marathon.

FriendFinder on Friday Thursday offered to buy rival Playboy for $210 million, making a bid that was 13 percent above the buyout proposal from Playboy's iconic founder Hugh Hefner earlier this week. [ID:nN15194116] (Reporting by Franklin Paul, editing by Gerald E. McCormick)