Radio One Inc. (ROIAK), the owner of stations serving African-American audiences, named Peter D. Thompson as chief financial officer, replacing Scott Royster, who left the company at the end of December. The shares surged.
The appointment is effective immediately, the Washington- based company said today in a statement.
Thompson joined Radio One last year as executive vice president of business development after working for the company as a consultant since 2006. Previously, he was chief financial officer of Universal Music Group's U.K. unit.
Radio One rose 10 cents, or 6.4 percent, to $1.66 at 4 p.m. New York time in Nasdaq Stock Market trading, its biggest gain since Nov. 23. The stock has fallen 78 percent in the past year.
The company owns or operates 54 stations in the U.S.
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