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Essay / Adelphia Cable - 1685
Adelphia Cable"Adelphia is one of the nation's leading cable companies with more than 5.3 million residential customers nationwide. In addition to cable entertainment, Adelphia offers digital cable, high-speed Internet access and long-distance telephone service, and home security” (Adelphia). The management of this company is currently made up of 18 managers. An agent for each of the five regions covered by Adelphia. A manager in each of the following areas: human resources, finance, customer service, marketing, programming, media services, chief accounting officer and information technology. Currently, the four principal executives of Adelphia Communications are: Brad Sonnenberg, Executive Vice President General Counsel and Secretary, Vanessa Wittman, Executive Vice President and Chief Financial Officer, Ron Cooper, President and Chief Operating Officer and William T. Schleyer, Chairman of the Board of Directors. and CEO of Adelphia Cable. Prior to joining Adelphia, Schlleyer was a principal at Pilot House Ventures, president and COO of Media One, president and COO of Continental Cablevision, Inc. The company was founded in 1952 in the small town of Coudersport , Pennsylvania, and incorporated in 1972. By 1998, Adelphia had surpassed the two million customer mark for its cable television service while rapidly developing a new line of telecommunications products and services. By 1999, Adelphia had more than doubled its reach through three major acquisitions, expanding its services into 30 states and serving more than 5 million customers. Adelphia Cable is currently the fifth largest cable television company in the United States. "Adelphia Communications Corporation has traveled a path from relative obscurity to notoriety to national attention. It is now working under new management to resolve the problems of its past and emerge from Chapter 11 bankruptcy to becoming a leader in the broadband industry with a reputation for strong and effective corporate governance” (Adelphia Communications offers a variety of different products such as cable to more than 5.3 million residential customers in the world). nationwide, digital cable, high-speed Internet access, long-distance telephone service and home security as well as 24-hour customer service. In July 2002, John Rigas (former CEO) and two of his sons were arrested and accused of looting the cable television company of hundreds of millions of dollars to pay for luxury condos, a golf course and to cover a personal investment loses "The complaint alleges that members of the Rigas family who. controlled Adelphia systematically plundered the company. In less than four years, the complaint alleges, they stole hundreds of millions of dollars and, through their fraud, caused investor losses of more than $60 billion” ( CNN).