Palm Beach, FL 12/16/11 (StreetBeat) -- Cablevision (NYSE: CVC) fell 14% in morning trading after Chief Operating Officer Tom Rutledge said late on Thursday that he would resign from the company. Rutledge’s departure is a big loss for the cable company, and he will be difficult to replace, some analysts said. Bernstein Research analyst Craig Moffett called it a “staggering loss” for Cablevision, because he thinks Rutledge is the “hand-down-best executive in the cable business.”In a release about the departure, Rutledge does not give a reason for leaving; the company said it has begun a search for his replacement.
“Cablevision indicated that it has an experienced senior management team in place overseeing cable and its other businesses, and that it has commenced a search for an executive with responsibility for oversight of the cable operations.”
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