In what one analyst is calling a "staggering loss," a top cable executive has announced that he will depart later this month for undisclosed reasons, reports Bloomberg.
The executive is the well-known, well-respected and well-liked Tom Rutledge, the chief operating officer at Long Island, NY-based Cablevision Systems.
He has been with the company since 2002 and took on his current role in 2004, the story notes.
Sanford C. Bernstein analyst Craig Moffett called the move "a staggering loss," adding, "Tom Rutledge is the hands-down-best executive in the cable business," according to the piece.
Says the article, "Rutledge transformed Cablevision into a cable infrastructure-focused company after it spun off Madison Square Garden Co. and AMC Networks Inc. in the last two years. Cablevision, the fifth-largest U.S. cable operator by subscribers, added assets with the $1.37 billion purchase last year of Bresnan Communications LLC."
Another analyst lowered his price target for the company’s shares, noting that investors will be unhappy while there’s uncertainty about who will replace Rutledge, the story adds.