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.
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