Radio One Finance Chief Royster to Leave; Shares Fall

Radio One Inc. (ROIA), a U.S. broadcaster serving black audiences, said Chief Financial Officer Scott Royster will leave by Dec. 31. The shares (ROIAK) plunged the most in five years.

Royster became Radio One's top finance executive in 1996, the Lanham, Maryland-based company said today in a statement. The company gave no specific reason for Royster's exit and said nothing about plans to replace him.

Radio One restated eight years of results in June to add $9.2 million in costs related to misdated stock-option grants from 1999 through last year. The company is among the more than 200 that have reported internal or regulatory probes of past options grants.

A call to the company for comment wasn't returned.

Shares of Radio One fell 81 cents, or 17 percent, to $4.05 at 4 p.m. New York time in Nasdaq Stock Market composite trading. They have fallen 40 percent this year.

To contact the reporter on this story: Neil Roland in Washington at nroland@bloomberg.net

To contact the editor responsible for this story: JoAnne Norton in Washington at jnorton@bloomberg.net

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