Adelphia Communications Corp. president and chief operating officer Ronald Cooper, who helped restructure and sell the scandal-plagued cable company, will make millions on his way out the door.
Greenwood Village-based Adelphia said Wednesday that Cooper resigned Aug. 17. It will pay him a lump sum of $5.1 million, three times his base salary, the company said in a regulatory filing.
Cooper could receive up to $5.1 million more as a performance bonus if the Adelphia board of directors approves it, spokesman Paul Jacobson said.
In a filing with the Securities and Exchange Commission, Adelphia said Cooper resigned “as a result of the consummation of the sale of substantially all of the Company’s and its subsidiaries’ assets” to Time Warner Inc. and Comcast Corp. for $17.3 billion July 31.
“It was expected as part of the overall transition of Adelphia from an operating to a holding company,” Jacobson said.
Cooper joined Adelphia in January 2003 from AT&T Broadband, where he was chief operating officer. He previously worked for MediaOne and Continental Cablevision.
Adelphia filed for Chapter 11 protection in June 2002 and subsequently moved its headquarters from Pennsylvania to Colorado.
About 250 people, including 60 at headquarters, continue to work for Adelphia as it works toward exiting bankruptcy, possibly in the fourth quarter, Jacobson said. Creditors must agree on an exit plan that includes how to divide proceeds from the sale.
Chief executive William Schleyer remains with a small executive team.
The company has indicated that it will seek approval from the court to pay Schleyer as much as $15.3 million when he departs.
Adelphia was once the fifth- largest U.S. cable-television operator, with 14,000 employees.
Founder John Rigas and his son Timothy were convicted in 2004 of pocketing more than $2 billion from the company and misleading investors.
Staff writer Greg Griffin can be reached at 303-820-1241 or ggriffin@denverpost.com.
By the numbers
$5.1 MILLION
Payment to outgoing president Ronald Cooper – three times his salary
$5.1 MILLION
Possible performance bonus
$17.3 BILLION
Sale price of Adelphia to Time Warner and Comcast
