Cablevision’s chief operating officer resigns

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BETHPAGE, N.Y. (AP) — Cablevision Systems Corp. said Thursday that its chief operating officer told the company he will resign this month.

In a press release the company gave no reason for Tom Rutledge’s departure, and a spokesman said the company would not comment.

Cablevision has begun a search for an executive to oversee the cable operations.

Rutledge, 58, joined Cablevision in 2002 as president of cable and communications and became COO in 2004. In that job he had responsibilities for Rainbow Media, which is now a separate company called AMC Networks, and for Local Media properties including Newsday.

Cablevision sells cable television, Internet, and voice services in the New York area. Its Optimum West subsidiary serves four western states.

In October the company reported that third-quarter net income fell 65 percent and it continued to lose video subscribers, although at a slower pace than analysts expected.

Shares fell 7 cents to close at $13.93. They hit a 52-week low of $13.91 during the day and are down 59 percent this year.