Adelphia Communications Corp. has named the dean of Yale Law School and a
former cable executive to its board of directors about two weeks after its
founder was arrested by federal agents.
Adelphia named Yale Law School Dean Anthony Kronman and former Renaissance
Communications vice chairman Rod Cornelius to its board. Cornelius is also the
former vice chairman of Cablevision Industries Inc.
The company said the appointments would be effective once the bankruptcy
court approves them. Adelphia filed for Chapter 11 bankruptcy protection June
Kronman and Cornelius join current board members Leslie Gelber, Peter Metros,
Dennis Coyle and chairman Erland Kailbourne.
'These appointments begin to deliver on our promise to expand the board's
cable-industry experience and corporate-governance capabilities by adding these
outstanding nominees,' Kailbourne said in a prepared statement.
'Over the next several months, we will continue to augment Adelphia's board
and management team through the addition of several new executives with strong
cable-industry and governance experience,' he added.
Kailbourne had said earlier that he planned to add two new board members in
August and to hire a CEO by the end of the year.
Adelphia has been working hard to restore its credibility after founder John
Rigas and his sons -- former chief financial officer Tim Rigas and former
executive vice president of operations Michael Rigas -- were arrested July 24 by
federal postal inspectors on charges of conspiracy, bank fraud and mail
The Rigases, who had already resigned their positions with the company, are
currently free on $10 million bail.
Cornelius has a strong cable operating history, but he is probably better
known for selling cable systems.
As vice chairman of Renaissance, he built the company largely through
acquisition -- it had acquired 125,000 subscribers in late 1997 for $310
million. But only a few months after that deal closed, Renaissance was sold to
Charter Communications Inc. for $459 million.
As vice chairman of CVI, Cornelius rose through the ranks after starting as a
general manager in 1982, growing the company from under 100,000 customers to 1.4
million. In 1996, he managed the sale of CVI to Time Warner Inc. for $2.9
Kronman was named dean of Yale Law School in 1994, and he has written several
books on legal ethics and contract law.