Charter Places Operating Chief on Paid Leave
St. Louis, MO – Shares of Charter Communications lost about a third of their value today after the cable T-V company announced it had placed it's chief operating officer on paid leave.
The company gave no reason for the action. Charter president and chief executive officer Carl Vogel has assumed David Barford's responsibilities on an interim basis.
Calls to the company, which is controlled by Microsoft co-founder Paul Allen, were not returned.
Charter's stock fell 55 cents, or better than 31 percent, to close at a dollar-20 on the Nasdaq Stock Market. In mid-2001, stock in the nation's fourth-largest cable television provider peaked at 22 dollars per share.