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Virginia Business
June 2004

MARS FAMILY
Arlington and McLean. Owners of Mars Inc., one of nation’s largest candymakers with such brands as M&Ms, Snickers and Milky Way. Food empire includes pet food and Uncle Ben’s rice with sales estimated at $17 billion. John Franklin Mars, 68, serves as CEO and lives in Arlington. Older brother, Forrest Edward Mars Jr., 73, lives in McLean. A sister, Jacqueline Mars, 65 resides in Bedminster, N.J. The trio ranked 27th this year on Forbes list of world’s richest people.
Net worth: $10.4 billion
Confidence: B

FRANK BATTEN SR.
Virginia Beach. 77. Chairman of the executive committee for Norfolk-based Landmark Com-munications. He became publisher of The Virginian-Pilot at age 27 and rose through the ranks; he ran Landmark until his retirement six years ago. Forbes magazine ranked him 377th richest person in the world, slightly better than a year ago when he ranked 386th. Made major donations last year, including $32 million to Old Dominion University and $32 million to Harvard University, where he earned his MBA.
Net worth: $1.5 billion
Confidence: B

SMITH/KOGOD FAMILY
Crystal City and Washington. The Charles E. Smith Cos. was a byproduct of the Great Depression. Charles E. Smith founded the company in 1946 after suffering major losses during the stock market crash. Company eventually grew into Virginia’s largest real estate development company, going public in 1994 as Charles E. Smith Residential Realty Inc. Name changed to Archstone-Smith Trust in 2001 following merger with Archstone Communities Trust. Its commercial arm, Charles E. Smith Commercial Realty, merged with Vornado Realty Trust in 2001, making it the fourth-largest real estate investment trust with market value of about $12.5 billion. Charles E. Smith died in 1995 at 94. Son Robert H. Smith, 73, continues with company after coming aboard in 1950, and son-in-law Robert P. Kogod, 70, joined in 1959.
Net worth: $1 billion
Confidence: A

THE SINGHS
Mount Vernon. Husband-wife engineering team formerly listed by Forbes as among wealthiest people in U.S. That was before the tech wreck pummeled their telecom and wireless holdings. Rajendra Singh, 49, and wife Neera Singh, 45, co-founded LCC International of McLean in 1983. The Singhs no longer have operational roles with LCC but remain directors, controlling about 70 percent of voting stock directly and through a series of holding companies. Sold $19.6 million worth of LCC shares as its stock price more than doubled in past year. Raj co-founded Teligent and still owns varying percentages of several South American wireless companies. Teligent emerged from bankruptcy, although he and Neera no longer serve on its board. Primary focus now is running Telecom Ventures, a venture-capital firm that invests in wireless system operators and emerging wireless technologies both in the U.S. and internationally.
Net worth: $930 million
Confidence: C

FRANK BATTEN JR.
Norfolk. 45. Chairman and CEO of Landmark Communications Inc. Batten’s shares in Linux-based Red Hat are doing well, up around $24 from $6 a year ago. Landmark owns The Weather Channel and newspapers, The Virginian-Pilot and The Roanoke Times. Batten also serves as a rector at Old Dominion University.
Net worth: $700 million
Confidence: C

OHRSTROM FAMILY
Middleburg and The Plains. Magelan O. Bryant, 75, and brother George L. Ohrstrom, 74, support numerous charitable and environmental causes through the Ohrstrom Foundation, which has net assets of $62 million. Bryant retired from active business several years ago, stepping down as director of the Dover Corp. Daughter Kristiane Graham remains Dover’s largest shareholder. A horse breeder and committed conservationist, Bryant continues to lavish wealth on conservation causes. Established Tara Foundation, a 17,200-acre estate in Mississippi to promote conservation of natural resources. Ohrstrom remains chairman of George L. Ohrstrom Co., a private equity and leverage buyout firm in New York City.
Net worth:
Magelan O. Bryant: $440 million
George L. Ohrstrom: $200 million
Confidence: C

STEPHEN M. CASE
McLean. 46. Stepped down as chairman of AOL Time Warner at stockholders meeting in May 2003 and elected to board of directors with only 78 percent of the vote. Seeking re-election this year. Last year the post-merger company formally dropped AOL from its title. Last year AOL lost 3.4 million subscribers to its dial-up service, but its first-quarter results were strong and it’s still the country’s biggest Internet service with 24.3 million subscribers.
Net worth: $600 million
Confidence: B

CURRIER FAMILY
The Plains. From a long line of philanthropists and art patrons. Washington Life magazine included Andrea Bruce, 49, on its Washington Social List of 2004, a list of the benefactors and guests at the area’s most exclusive social and charity events. She also serves as board president of the Bull Run Mountains Conservancy, a nonprofit dedicated to the conservation of the mountains and its role in protecting the ecosystem. Sister Lavinia, 48, also serves on board. She’s the producer of the 1998 film, “Passion in the Desert.”
Net worth: $600 million+
Confidence: C

ROGER W. SANT
Middleburg and Georgetown. 72. Continues to serve on board of AES Corp, a global energy company based in Arlington. After selling off many foreign assets, company is doing well and plans to expand with a new corporate headquarters in Arlington. In fact, Sant says things are going so well that, “I’m back to all my charitable activities.” He serves on the Board of Regents for the Smithsonian and on board of WWF, a conservation organization. Spends more time in Georgetown than Middleburg, enjoying area’s restaurants, bookstores and an old home he had restored. With AES’ stock price remaining stable at levels of about $9 a share - after tumbling to less than $1 a share in recent years - Sant’s net worth shot up $100 million in 2003. “We’ve done some other good investments this last year. It was a combination of those things.”
Net worth: $550 million
Confidence: A

CARL W. SMITH
Charlottesville. 77. Smith retired earlier this year as chairman of the company he started 44 years ago. Company had mixed results last year. Its Fola Coal Company in West Virginia saw production drop 4 percent last year, but its nearby Powellton Coal Company had a 31 percent increase over 2002. Overall coal shipments were up 2 percent over the previous year, to 4.9 million tons. Smith and his wife, Hunter, have been generous to his alma mater, the University of Virginia, donating $22 million toward a new performing arts center.
Net worth: $500 million
Confidence: B

WES FOSTER
McLean. 69. Chairman and CEO of The Long and Foster Companies of Fairfax, largest privately owned real estate firm in the U. S. The group includes a brokerage, mortgage company, settlement company and insurance agency. All told, the firm employs more than 12,000 people and in 2003 generated nearly $30 billion in real estate sales and revenues of more than $800 million. Besides his business, Foster owns many commercial properties in Northern Virginia, either exclusively or in a partnership, with a 2003 assessed value of $25 million. In addition, he owns homes in McLean and Branford, Conn., assessed at $5.7 million.
Net worth: $500 million
Confidence: C

ROBINS FAMILY
Richmond. Known for its philanthropy, family has given away more than $250 million by one estimate. Giving legacy started by the late E. Claiborne Robins Sr., founder of A. H. Robins pharmaceutical company. Recent donations include $1 million to the Virginia Performing Arts Foundation for performing arts projects in downtown Richmond. Matriarch Lora Robins, son E. Claiborne Robins Jr. and daughters Ann Carol Robins Marchant and Betty Robins Porter serve as directions for the family’s Robins Foundation. Claiborne Jr. also runs his own firm, E C. Robins International which includes ECR Pharmaceu-ticals, Virginia Air Corp. and ECR Pharma Gmbh. In 2004 international annual sales for the concerns are expected to be in the $10 million to $15 million range.
Net worth: $450 million
Confidence: C

THEODORE J. LEONSIS
McLean. 48. Vice chairman and president, AOL Core Services, Leonsis is back in the spotlight at America Online, reemerging from the shadows in the wake of management shuffles that accompanied the company’s disastrous marriage with Time Warner. Remains one of the few original founding leaders. Shares of AOL have doubled from $9 to $18 since he took over. His National Hockey League Washington Capitals, bracing for a lengthy player lockout in 2005, dumped huge player salaries to cut losses. Also part-owner of the Washington Wizards of the National Basketball Association. A former mayor of Orchid, Fla., Leonsis sits on the boards of several charities, including Best Buddies and the Leonsis Family Foundation.
Net worth: $425 million
Confidence: A

C. DANIEL CLEMENTE
Vienna. 67. Chairman of the board of Clemente Development Co. follows a risk-averse investment strategy. Former lawyer-turned-real estate magnate has been selling some of his holdings in anticipation of higher interest rates, but still owns about $300 million worth of office buildings in Northern Virginia. Added to personal real estate holdings by acquiring a $2.3 million home in McLean last year. Remains sole stockholder of Digital Commerce Corp., the e-business company he rescued from bankruptcy in 2001. Founded Community Bank and Trust in Springfield and First Commercial Bank of Arlington. Charitable interests include Friends of Clemyjontri Park, a McLean playground designed for children with physical disabilities.
Net worth: $410 million
Confidence: B

ROBEY ESTES FAMILY
Richmond. Family owns Estes Express Line trucking company, which started a new division last fall, Estes Air Transportation Services. It provides overnight air service to company’s trucking customers and has potential to increase overall revenues by 5 percent to 10 percent. Company employs 9,181 people and ranks in top 20 of largest freight carriers in U. S. Hopes to boost annual revenues of about $800 million with the addition of service to Mexico. Robey Estes Jr., 52, serves as president. His father, Robey W. Estes, Sr., 83, helped build the company that his father started in 1931. He also founded Estes Properties LLC, which owns seven multi-family dwellings in Richmond’s Fan district.
Net worth: $400 million+
Confidence: C

CARL D. SILVER
Fredericksburg. 77. Made his fortune in used cars and then real estate, mostly in the fast-growing Fredericksburg region. With son Larry he’s developing big-box retail project Central Park on Interstate 95. It has 2.4 million square feet of shopping and more on the way. Silver’s companies have broken ground on the Celebrate Virginia tourism complex next to the retail project. It’ll have golf courses and hotels, a gondola across the Rappahannock River and potentially a museum on slavery, a project led by former Gov. L. Douglas Wilder.
Net worth: $400 million
Confidence: C

RICHARD D. FAIRBANK
McLean. 53. The co-founder of credit card powerhouse Capital One Financial Corp. has had his hands full last couple of years. Fairbank was forced to drastically change strategy after federal banking regulars became alarmed over company’s rapid growth in 2002. Stock languished around $33 a share for a 12-month period before inching back up last summer. The company’s co-founder, former Vice Chairman Nigel Morris, left the company in May. By then, stock had climbed back to nearly $70. But there was bad news for employees: to reduce operating expenses, the company is cutting its work force by as much as 20 percent, or 3,400 positions, through 2005.
Net worth: $350 million
Confidence: B

KIRBY FAMILY
Claremont. Family fortune comes from a merger of family-owned variety stores with F. W. Woolsworth 125 years ago. Roger H. W. Kirby is executive vice president of Guilford Co., a private investment firm in Richmond. Serves on the advisory board of James River Association, a nonprofit dedicated to conservation of the James River, and has agreed to serve as a trustee for his alma mater, Hampden-Sydney College.
Net worth: $350 million*
Confidence: B

McGLOTHLIN FAMILY
Gundy. Family’s roots lie in coalfields of Buchanan County, where successful mining business later branched off into oil, gas, real estate and financial services. Patriarch Woodrow W., 89, was instrumental in forming Bristol-based The United Co. He sold his interest in 1998 and set up McGlothlin Foundation to support higher education, health care and the arts in Southwestern Virginia. Located in Bristol, foundation reported assets on $18.5 million at year-end 2002. Among its causes: the McGlothlin Celebration of Teaching award, which each year grants two $25,000 cash prizes to teachers in the region. Woodrow serves on foundation board as a director, as do sons Jim and Michael. A third son, Thomas D., serves as president. Jim also serves as chairman and CEO of The United Co.
Net worth: $350 million*
Confidence: C

BETTY SCRIPPS HARVEY
Charlottesville and Nassau, Bahamas. Chairman of Charlottesville-based Scripps Enterprises, a private firm with holdings in publishing, real estate oil and gas. She and late husband Edward W. Scripps owned Scripps League Newspapers, which had 54 publications in 16 states, and sold it in 1996. For last several years, she has chaired the annual Washington Opera Ball in Washington, D.C., donating $1 million to the organization in 2003.
Net worth: $300 million
Confidence: B

THE FIRESTONES
Upperville. Bertram R. Firestone, 72, and Johnson & Johnson heiress Diana Johnson Firestone, also 72, continue to be active in equestrian events throughout the U.S. and Canada. Bertram Firestone made his money in real estate, thoroughbred breeding and horse racing. Diana is the heiress of the estate of Johnson & Johnson owner John Seward Johnson.
Net worth: $300 million
Confidence: C

GOTTWALD FAMILY
Richmond. Members of the Gottwald family run three companies. For Ethyl Corp. 2003 was a good year. Earnings were up $20.7 million, up from $12 million the year before. Company CEO is Thomas E. Gottwald, 43, son of Bruce Gottwald, 70, who continues as chairman. Named to the Greater Richmond Business Hall of Fame this year, Bruce also serves as a director for CSX Corp. and as vice chairman on the board of VCU’s School of Engineering Foundation. His brother, Floyd D. Gottwald, Jr., 81, serves as vice-chairman at spinoff Albemarle Corp., which recently announced plans for its sixth acquisition in six years. While Albemarle grows through acquisitions, things aren’t as rosy for Tredegar Corp., a manufacturer of plastic films and aluminum extrusions, whose chairman is Floyd’s son, John D. Gottwald. First quarter income of $2.4 million was about half what the company reported in 2003, and Tredegar is cutting costs by closing one of its Canadian plants. Family-owned shares in the businesses are valued at more than $200 million. Additionally, the Gottwalds own homes and condominiums in Richmond, Virginia Beach, and Florida assessed at more than $20 million. Family contributed about $345,000 in 2000-2002 elections to the Republican National Committee, the Bush campaign and GOP congressional candidates.
Net worth: $300 million+
Confidence: C

MICHAEL SAYLOR
Vienna. 39. MicroStrategy’s CEO and co-founder rebounded from hard times. Company is debt-free and was profitable last year for three quarters. In most recent quarter Microstrategy beat earnings estimates - bringing in 60 cents per share instead of 29 cents. Company’s stock is up from $20s a year ago to around $53. Saylor sold off about $22 million in stock a year ago.
Net worth: $300 million
Confidence: C

WINKLER FAMILY
Alexandria. Mark Winkler died in 1970, leaving most of his fortune to immediate family. His company, Mark Winkler Co., is one of the Washington region’s biggest real estate firms. Among its commercial sites are the 36-acre TransDulles Centre in Sterling and the Mark Center, a mixed-use project in Alexandria. Daughter Tory Winkler Thomas is chairman of the board. Company serves as project manager for the $500 million Howard Hughes Medical Institute research campus under construction in Loudoun County.
Net worth: $300 million
Confidence: C

ROBERT LaROSE
Chantilly. 59. Founder and CEO of Integic Corp. saw net worth grow about 5 percent in 2003. The information technology services company posted $200 million in revenue thanks largely to an uptick in government demand for its huge computer systems. Its recently unveiled computerized records system for the U.S. military links about 150 health treatment facilities around the globe. Other contracts include systems integration and related network services for intelligence and national security organizations. Federal department heads use Integic’s human capital management software to manage their work forces. LaRose helped found the Integic Charitable Foundation, which provides grants to organizations addressing women’s and children’s issues. Serves on board of directors of Arnold Palmer Hospital for Children and Women in Orlando, Fla.
Net worth: $263 million
Confidence: A

JOSEPH E. ROBERT JR.
McLean. 53. CEO of J.E. Robert Companies, private commercial real estate firm he founded in 1981. Business is divided into two parts: a collection of real estate limited partnerships that have raised $1.2 billion in capital since 1997, and a consulting business that helps local governments collect delinquent property taxes. Robert continues as chairman of Washington-based Fight for Children Inc., a philanthropic organization that raises money for children’s charities. He’s also one of six partners in Washington Baseball Club LLC, which wants to bring major league baseball back to Washington.
Net worth: $260 million+
Confidence: C

RACHEL “BUNNY” MELLON
Upperville. Widow of philanthropist, horseman and art collector Paul Mellon, who received $110 million and Mellon’s collection of American abstract paintings upon his death. Continues to support the arts and resides at Mellon’s beloved 4,200-acre estate in Northern Virginia’s horse country.
Net worth: $250 million
Confidence: C

SAUER FAMILY
Richmond. Family owns nearly all of C.F. Sauer Co., maker of spices and extracts founded in 1887. Conrad F. Sauer III is chairman, and Conrad IV is president. Two other Sauers are vice presidents. Family owns an estimated 95 percent of the privately held firm, which has annual sales of $500 million to $700 million. Other subsidiaries include Dean Foods, Metrolina Plastics Inc. - both in Richmond - The Spice Hunter, Duke’s Products Co. and Pleasants Hardware.
Net worth: $250 million
Confidence: C

W. RUSSELL RAMSEY
Great Falls. 44. Internet boom was good to Ramsey, who kept assets afloat even after market tanked mostly due to investments in public equities, high-yield and convertible bonds through his hedge fund Capital Crossover Partners LP. Named as one of the four “people to see” in Washington financial community by Newsweek magazine. Remains on board of directors and a top shareholder of Arlington-based Friedman Bill-ings Ramsey Group Inc., which he helped found. He and wife, Norma, run charitable foundation to provide scholarships and educational programs aimed at children.
Net worth: $225 million+
Confidence: C

DOUGLAS H. McCORKINDALE
McLean. 64. President and COO of Gannett Co. Inc., which owns newspapers, broadcast outlets and Internet properties around the world, including USA Today. A graduate of Columbia College and Law School, McCorkindale joined Gannett in 1971 as general counsel and steadily climbed the corporate ladder, taking over as CEO in 2000. Director of the company since 1977. Agreed to new contract last year that binds him to the company at least through 2007. Exercised $10.6 million worth of stock options as share prices grew by $18. Also a director or trustee of The Associated Press, Continental Airlines Inc., Lockheed Martin Corp., and a number of investment companies in the family of Prudential Mutual Funds. Gannett increased its holdings with acquisition of Captive Networks, which sells advertising and provides news on video screens in office tower elevators.
Net worth: $209 million
Confidence: B

RANDAL J. KIRK
Radford. 50. Heads Third Security LLC, private investment and advisory firm with about $800 million under management. Firm also manages new private equity/venture capital fund started by Carilion Health System and Virginia Tech Foundation that will make $55 million available in investment capital to companies that locate to the Roanoke/New River Valley region. Last month, company filed registration with Securities and Exchange Commission for an initial public offering to create a specialty pharmaceuticals company that would use proprietary technology to develop prescription amphetamine and opioid drugs that could not be abused. An alum of Radford University, Kirk serves on its board of visitors and his heading up university’s second capital fundraising campaign.
Net worth: $200 million
Confidence: A

JOSEPH W. LUTER III
Smithfield. 64. CEO and chairman of Smithfield Foods. Continues to amass clout in the world of processed meats. The No. 1 pork producer acquired Farmland Foods in 2003, a move that strengthens its entry in the beef market. Also acquired 15 percent stake in Spanish pork processor Campofrio Alimentacion S.A. in an $88 million deal. Company continues to battle with environmentalists, most recently at its hog-raising sites in Poland. That hasn’t affected share prices though, which have soared nearly four times that of leading competitors Hormel Foods Corp. and Tyson Foods Inc. Luter cashed in 1 million shares, pocketing $26 million, in March, as part of his estate planning and diversification of assets. Established the Smithfield-Luter Foundation in 2003 to provide scholarships to children of company employees.
Net worth: $200 million
Confidence: A

NIGEL W. MORRIS
Arlington. 45. Englishman who teamed with Richard D. Fairbank to form Capital One Financial Corp. Morris helped make the company into a darling of Wall Street. After years of working 70-hour weeks building up Capital One’s credit card business, Morris resigned in April to spend more time with his family. He will continue as a director of several Capital One subsidiaries until his appointed terms run out, but will have no ongoing operational duties. Last year Morris sold over 3 million shares of Capital One stock, netting $147 million. He still has another 3.2 million in stock options that will be exercisable through December 2008, and the company will pay him $750,000 a year through April 2008 to comply with a non-compete agreement.
Net worth: $200 million
Confidence: B

GENE B. DIXON JR.
Dillwyn. 61. President and CEO of Kyanite Mining Corp., owned by the Dixon family ever since his grandfather bought the original mine out of bankruptcy in 1948. Company is world’s largest producer of kyanite and mullite - materials used in heat-resistant products. Owns Cavalier Hotel in Virginia Beach and is a trustee at Hampden-Sydney College.
Net worth: $200 million+
Confidence: C

IVOR MASSEY JR. (FAMILY)
Richmond. A self-employed businessman since 1973; practiced law for 18 years before coming to his hometown of Richmond to oversee the family fortune left by his father. A principal with Monument Capital Partners venture fund and a member of its investment committee. After investing $20 million of a $25 million fund with little success, the fund decided a year ago not to spend the rest or create a second fund. “You’d be hard-pressed to make a case that it’s been a success,” Massey said then.
Net worth: $200 million
Confidence: C

M. G. “PAT” ROBERTSON
Virginia Beach. Most people probably don’t think of 74-year-old Pat Robertson as an entrepreneur, but the description fits. The Christian Broadcasting Network, which he founded in 1960 and still heads, produces programming broadcast to 200 countries and in 35 languages. Operation Blessing International Relief and Development Corp., one of his largest philanthropic efforts, distributed $180 million in food and medicine last year. Robertson continues as president at Virginia Beach-based Regent University, which he founded in 1977. School expects a record enrollment of 3,300 this fall.
Net worth: $190 million
Confidence: A

DANIEL F. AKERSON
McLean. 55. A telecommunications guru who is now a managing director at The Carlyle Group, a Washington-based venture capital firm that focuses on leveraged buyouts and startups in the technology, energy and business services sectors. Previously CEO at General Instrument Co. and Nextel Communications. Began his career at MCI Communica-tions, eventually becoming president and chief operating officer. Serves on the board of directors at American Express and United Components. Graduated from U.S. Naval Academy and has a masters in economics from the London School of Economics.
Net worth: $190 million
Confidence: C

ARTHUR W. “NICK’ ARUNDEL
The Plains. 76. Founder, chairman and publisher of Times Community Newspapers, a suburban newspaper chain of 18 Northern Virginia newspapers with a combined circulation of 260,000. The papers market themselves as a vehicle for advertisers to tap into the rich Northern Virginia market where per-capita incomes are higher than other areas of Virginia. Arundel has donated land and financial support to the nonprofit Nature Conservancy and created the Meadows Outdoors Foundation dedicated to the preservation of open space at Great Meadow, home of many horse and field events. He continues his love affair with horses and conceived and supported a documentary, “The Horse: A Silent Hero of Our History,” which ran on public broadcasting stations in Virginia.
Net worth: $190 million
Confidence: C

GOV. MARK R. WARNER
Richmond, 49. Made his fortune in the cellular telephone business. Co-founded Alexandria-based venture capital firm Columbia Capital in 1989. Warner helped guide the firm’s investment choices in telecom and IT companies up until his unsuccessful 1996 campaign for U.S. Senate. Firm’s private investments total nearly $1 billion. Warner placed his assets in a blind trust just before taking office in January 2002.
Net worth: $180 million*
Confidence: C