Adelphia Communications Corp. continues its search for a management team to complement its new top two executives. Observers think it could be another three or four weeks before any announcements are made.
Atop the troubled MSO's executive-search list: a new chief financial officer, especially as current CFO Christopher Dunstan is in the process of resigning.
Dunstan initiated the resignation process and could leave even before a replacement is hired, sources said last week. Dunstan, named to the post last May by former Adelphia chairman, acting CEO and current board member Erland Kailbourne, has been expected to resign ever since CEO William Schleyer and COO Ron Cooper were hired.
"Clearly, there is an active search going on," Adelphia spokesman Eric Andrus said of the CFO position. "We hope to have a candidate we can submit to the court sometime in the near future."
One source familiar with the MSO said that Adelphia is likely to make that decision in the next three to four weeks.
Adelphia plans to move its headquarters to the Denver area within the next six months, creating about 150 jobs. Although that move still needs to be approved by the bankruptcy court, one source familiar with the situation said Adelphia has already received more than 200 resumes.
"It's like the mailman can't carry them all," said the source, who asked not to be named.
The Denver area is teeming with former cable executives, especially after Comcast Corp. laid off about 1,700 employees there after the AT&T Broadband acquisition.
To help sort through the growing pile of resumes, Adelphia hired a Denver consultant last week — Vine Street Consulting.
According to a document filed with the bankruptcy court, Vine Street Consulting was hired to provide executive selection, development and organizational performance consulting services. Guy Cornelius, no relation to Adelphia board member Rod Cornelius, heads the firm.
While Andrus confirmed that finding a CFO is a top priority, other sources in the financial community said the company might be better off hiring a CFO with little cable experience.
"I think they feel like they need a certain expertise, but it doesn't need to be cable," said the source that asked not to be named, adding that a financial professional with ties to the lending community may be a good choice.