Charter Places Its COO on Paid Leave

Charter Communications Inc. placed Chief Operating Officer David G. Barford on paid leave as a federal grand jury investigates the cable company’s accounting practices.

Charter President and Chief Executive Carl Vogel has assumed Barford’s responsibilities on an interim basis. It is not clear what role Barford has in the grand jury’s investigation and a second company statement on the matter did not elaborate.

The St. Louis-based company, the nation’s fourth-largest cable operator, said in August that the subpoena sought documents related to how the company accounts for costs for current and former cable subscribers.

Charter said the release Tuesday was prompted by “the close scrutiny and speculation” resulting from the news.

Charter’s shares fell 55 cents, or 31%, to close at $1.20 on Nasdaq.