Henry Scheuer '69 pointed out that John Rigas '50 stepped down today as Chairman and CEO of Adelphia Communications, the sixth largest cable television company in the United States. He will remain on the Adelphia Board of Directors and represent the company in dealings with cable industry associations.

Rigas co-founded the company in 1952 and has led the company for about 50 years. He was forced to step down as Chairman about six weeks after Adelphia disclosed that a series of large off-balance sheet transactions had taken place, including a $2.3 billion loan guarantee from Adelphia to partnerships controlled by Rigas' family.

In addition to his role at Adelphia, John Rigas is majority owner of the Buffalo Sabres, a team in the National Hockey League. He is one of the most powerful business leaders in Western New York and Northwestern Pennsylvania, and his commitment to the communities where he lives and works is well known.