Adelphia Board Oks Hiring of Top Execs

Adelphia Communications Corp.’s board of directors approved the hiring of former AT&T; Broadband executive William Schleyer as chief executive and chairman of the troubled cable television company. The board also named another former AT&T; Broadband executive, Ronald Cooper, as chief operating officer and president.

The No. 5 U.S. cable operator didn’t immediately release contract terms, which require the approval of a Bankruptcy Court judge. But shareholders who oppose the hiring said the men would be paid a total of at least $23.9 million over three years. That is down from the original proposal, which totaled more than $65 million over 18 months.

Schleyer and Cooper would have to devise a reorganization plan for a company with $20 billion in debt and the legacy of an accounting scandal that led to the indictment of company founder John Rigas and two of his sons.