Adelphia Communications Corp. chairman, president and CEO John J. Rigas today resigned his posts at the company, which he founded in 1952 and is now the nation’s sixth-largest cable TV company.
In recent weeks Adelphia has launched a formal process with outside financial advisors to explore possible asset sales, solicit bids for selected cable assets, reduce debt and build shareholder value.
Erland E. Kailbourne, formerly chairman and CEO (New York Region) of Fleet National Bank, has been named Adelphia’s chairman and interim CEO. Kailbourne has been an independent director of Adelphia since 1999 and is currently chairman of the Adelphia Board's Audit Committee.
Rigas, who has been elected Chairman Emeritus by the Adelphia Board of Directors, will continue to serve on the board.
