Updated from 9:24 a.m. EST
announced Friday the appointment of a new chief financial officer, Timothy Stoklosa.
Stoklosa was previously the Princeton, N.J.-based company's treasurer and replaces Bruce Godfrey, who will leave the company "to pursue other interests," the company said.
Stoklosa has worked alongside Godfrey and David McCourt, chairman and chief executive, since 1994, when he joined
, the company which preceded RCN. Before that, he worked at
Kiewit Diversified Group
, a subsidiary of closely held
Peter Kiewit Sons'
later spun off and renamed
Level 3 Communications
"For some time now, Tim has been the go-to guy for information," said analyst Frank Murphy of
First Union Securities
. "For the past two months, there's been a changing of the guard and this announcement just formalizes it." Murphy rates RCN a buy and his firm participated in the company's secondary offering of shares last May.
Godfrey's resignation will take effect after the close of
co-founder Paul Allen's $1.65 billion stake in RCN through his investment vehicle,
. The investment was announced in early October and is expected to close at the end of February.
It's speculated that Godfrey is leaving because his expertise is the raising of capital. Now, with the Vulcan investment, RCN is fully funded to 2003 and will focus more on the company's operations, which is Stoklosa's forte.
Allen's investment vehicle is making the investment through the purchase of mandatorily convertible preferred stock, which will be converted into RCN common stock no later than seven years after issue. The preferred stock is convertible into RCN stock at a price of $62 a share.
RCN, which provides local and long-distance telephone service, video programming and Internet service, was up 3 7/8, or 6%, at 67 7/8 in midday trading Friday. The company's shares are up 260% in the 12 months. (RCN closed up 1 13/16, or 2.85%, at 65 7/16.)