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Virginia Business
June 2004

DAVID P. REYNOLDS
Richmond. 89. Chairman emeritus Reynolds Metals Co. Last member of his family to head the Richmond-based company where he worked for more than half a century before his retirement. Reynolds is now owned by Alcoa as part of aluminum industry consolidation.
Net worth: $175 million
Confidence: C

MASON F. BROCK JR.
J. DOUGLAS PERRY
Virginia Beach. Brock, 62. In January he stepped down as CEO of Dollar Tree Stores, after expanding what was a small discount-variety store into a 2,500-store chain. Company grew rapidly through acquisitions, most recently adding Utah-based Greenbacks Inc. to its family. Brock remains as chairman and owns 2.7 percent of company’s stock, which has performed well lately, staying at around the $30 range. Brock’s brother-in-law and company co-founder J. Douglas Perry continues as a director.
Net worth:
Macon F, Brock: $97 million*
J. Douglas Perry: $76 million
Confidence: B

VAN METRE FAMILY
Burke. Albert G. Van Metre Sr., 78. Chairman and CEO of Van Metre Companies, a private real estate firm that develops large tracts into homes, apartments and shopping centers. Net worth increased $11 million over previous year, driven by hot real estate market in Northern Virginia.
Company continues construction on second phase of Woodland Park, an apartment and town home rental community in Reston-Dulles high-tech corridor. Received a management excellence award in multifamily housing by a regional chapter of the National Apartment Association. Raised $500,000 for regional hospice groups during the Hospice Cup, an Annapolis sail boat race.Albert’s son, Albert G. Van Metre, Jr., serves as one of company’s principals and directors.
Net worth: $161 million
Confidence: A

RICHARD L. SHARP
Richmond. 57. Former chairman and CEO of Circuit City Stores now spends his time and money fueling start-ups. Reportedly provided $30 million to fund SCRAMTech, a Maryland company developing television and video technologies. Also a key investor in Pennsylvania-based startup Everyday Wireless. Remains chairman of the board of CarMax, a spinoff of Circuit City. Also chairman of Flextronics International Ltd., an electronics manufacturer in Singapore. Serves on board of trustees for Virginia Common-wealth University’s School of Engineering Foundation.
Net worth: $150 million
Confidence: C

STEVEN A. MARKEL
Richmond, 55, vice chairman, Markel Corp. Specialty insurer writes policies for tricky niche markets such as horse farms, security guard companies and mobile home parks. Company earnings grew 65 percent in 2003 to nearly $124 million. Strong underwriting credited with aiding 19 percent boost in book value per common share in 2003. Steven Markel formerly served as executive vice president and treasurer. His cousin, Anthony Markel, serves as president and CEO. Steven Markel also serves as paid director of S&K Famous Brands Inc. of Richmond. Also owns about 37,000 shares in S&K.
Net worth: $145 million
Confidence: B

E. CARLTON WILTON SR.
Richmond. E. Carlton Wilton Sr., 82, developed much of Richmond’s western suburbs. He sold The Wilton Companies and is now chairman of the board of E. Carlton Wilton LLC. Much of his wealth comes from the 1991 sale of Regency Shopping Center for $120 million. He was named Individual Philanthropist of the Year last year by Central Virginia chapter of Association of Fundraising Professionals for his support of numerous charities, most notably the Virginia Home for Boys and the University of Richmond.
Net worth: $125 million
Confidence: A

JAMES B. MURRAY JR.
Charlottesville. 57. A venture capitalist with business ties to Gov. Mark Warner. Murray is one of four partners in Court Square Ventures, a venture capital firm in Charlottesville that invests in communications, IT and media companies. Firm is currently raising a second $100 million fund from institutional investors. Murray remains an investor in Warner’s old VC firm, Columbia Capital in Alexandria. Was appointed by Warner to the Virginia Business Higher Education Council.
Net worth: $125 million
Confidence: C

HARRY H. HUNT III
Blacksburg. 70. Continues as chairman of HHHunt, a private real estate development and management company, which enjoyed record profits in 2003 with 105 homes sold, generating $37 million in sales. Company develops projects from Maryland to South Carolina, including large community developments, multi-family and assisted living facilities. Currently developing new homes at both Twin Hickory and Charter Colony in the Richmond area. Built a new addition to its home office in Blacksburg to allow for expansion.
Net worth: $121 million
Confidence: A

THE MCMURTRIES
Richmond. Former State Del. Alexander B. McMurtrie Jr. and his wife Margaret Hillenbrand. McMurtrie has substantial investments in Indiana-based Hillenbrand Industries, founded by his wife’s grandfather. It’s the holding company of Forethought Financial Services, Batesville Casket Company and Hill-Rom, which makes health-care products. McMurtrie, an attorney, is counsel for Forethought Financial. He has land investments in Virginia and land and farm investments in Indiana. The McMurtries support charitable organizations that provide college scholarships to needy students. The McMurtrie’s net worth jumped from $98 million to $120. “The stock market and real estate have done well this year,” he says.
Net worth: $120 million*
Confidence: A

THE LUCKS
Goochland County. Family owns Luck Stone Corp., largest privately owned and operated aggregates supplier in U.S. Charles S. Luck IV serves as president and CEO. Company operates 16 crushed stone plants in Virginia and North Carolina, two sand and gravel operations in Virginia; six architectural stone centers in three states and two granite fabrication facilities in Virginia. Also owns Lee Tennis/HAR-TRU, the world’s most popular type of clay tennis court and a leading supplier of court accessories.
Net worth: $120 million
Confidence: B

ALAN T. LINGERFELT
Richmond. 49. Lingerfelt sold his family owned company - Lingerfelt Development Corp. - to Malvern, Pa.-based Liberty Property Trust in 1995 for $84 million. He is now a Richmond-based senior vice president for Liberty and also serves as a director at the Virginia Common-wealth University Real Estate Foundation, and as an advisor to VCU’s School of Business Real Estate & Land Development.
Net worth: $120 million
Confidence: C

JEFFREY J. STEINER
Upperville. 67. Chairman and CEO of Fairchild Corp. Engaged in design and sale of protective clothing, helmets and technical accessories for motocyclists, Fairchild acquired Hein Gericke and PoloExpress, both successful in their European specialty area, and Intersport Fashions West in the past year. Fairchild also maintains an aerospace distribution business which stocks and distributes aircraft parts worldwide. Last September the company announced a buy back of up to 10 percent of its current outstanding class A common stock.
Net worth: $120 million
Confidence: B

FARMER & BETTY MEADOWS
Spotsylvania County. Both 68, the Meadows turned a part-time summer job selling tomatoes at roadside stands into a string of successful discount nurseries around Northern Virginia. Bought a luxury home in the country and wrote a book about their lives titled “Nearly Perfect: An American Success Story.” Son Jay, 42, runs the family business now.
Net worth: $110 million
Confidence: A

ANTHONY F. MARKEL
Richmond, 62, president and CEO, Markel Corp. Along with cousin Steven and ex-cousin-in-law Alan I. Kirshner, presided over company’s strong earnings growth of more than 65 percent in 2003. Shares of the specialty insurer trade about 29 times higher than trailing earnings. Anthony Markel is a paid director of Hilb, Rogal and Hamilton, a Richmond firm that runs a network of wholesale insurance subsidiaries, of which he owns about 25,000 shares of stock. Briefly tried his hand at sports ownership before abandoning control of the now-defunct Richmond Renegades hockey club in 2003.
Net worth: $108 million
Confidence: B

JOHN T. “TIL” HAZEL JR. FAMILY
Broad Run. 73. Real estate development in Northern Virginia continues to provide lion’s share of family’s wealth. “The years have been pretty good to us,” says John “Til” Hazel. Formerly a partner in Reed Smith firm in Falls Church but now devotes most of his time to land development through a consortium of companies. Son Jack is the principal of Angler Development Co. and managing owner of Angler Construction Co. Son James is a participant in Angler Construction and also represents clients involved in business activities with state and local government. Son Dick runs Hazel Land Inc., a land-development and residential construction company, and manages Lee’s Hill Construction Co. a single-family and apartment builder. Son-in-law Rick Groux also in the family business.
Net worth: $105 million
Confidence: A

JIMMY DEAN
Richmond. 75. The legendary country crooner-turned-sausage peddler was dropped as spokesman for the sausage company that bears his name by Sara Lee Corp. in 2003. His business interests continue to flourish, however. Dean recently sold a 74-acre tract of farmland in Loudoun County to developers for $8 million. His autobiography, “30 Years of Sausage, 50 Years of Ham,” is scheduled for release in October by Penguin Books. “Virginia,” a tune penned by Dean and his country-singer wife, Donne Meade Dean, was selected by a legislative committee as a new state song last year, although the General Assembly has not formally approved it. Continues to enjoy royalties from “Big Bad John,” a narrative-based mining tale that earned him a Grammy award in 1961.
Net worth: $100 million+
Confidence: A

THE DeLASKIS
Great Falls. Father and son, Donald deLaski Sr. and Kenneth E. deLaski, founded Deltek Systems in 1983. After a stint on the public markets, the company returned to private ownership in 2002. Deltek has experienced sustainable double-digit growth between 10 percent and 15 percent ever since, partly due to increased demand by the federal government for its enterprise resource planning software products. “The way the government is spending money has caused us to be a growth company again,” says Kenneth deLaski, president and CEO. Its Costpoint product targets companies angling for government business contracts. A newer Web-based product, known as Deltek Vision, is marketed to professional services companies. Donald deLaski serves as chairman of the board. Company employs 700 people, including about 400 in Virginia.
Net worth: $100 million
Confidence: A

UKROP FAMILY
Richmond. Brothers James E. Ukrop, 67, and Robert S. Ukrop, 58, own 27-store grocery chain in Central Virginia ranked by Fortune magazine as one of the 100 best places to work in America. 2003 annual sales for Ukrop’s Super Markets exceeded $600 million. Company owns a 51 percent interest in First Market, a full-service bank in many of its stores. Bank assets are in neighborhood of $1 billion and annual net income is estimated at $6.7 million. Ukrop’s contributes about $400,000 a year to local charities through its Golden Gift program. Besides serving as chairman at both the stores and the bank, James has been a director with Legg Mason since 1985. His 80,000 shares of Legg Mason stock are valued at more than $7 million. He’s also on board of Owens & Minor and owns more than $1 million worth of its shares. Bobby Ukrop, president and CEO of Ukrop’s, serves on board of local insurance company Hilb, Rogal and Hamilton, and owns 84,434 shares of that company’s stock, valued at about $3 million.
Net worth: $100 million
Confidence: A

NOLAND FAMILY
Newport News. Three generations of Nolands have run this wholesale distributor of plumbing, air conditioning and electrical supplies to the construction industry in 13 states. The company was started by L.U. “Casey” Noland and a partner in 1915, and was later run by his son, Lloyd U. Noland Jr. Casey’s grandson, Lloyd U. Noland III, now runs the show. The company’s net income rose 30 percent in 2003 even though gross sales were down 3 percent. The Noland family owns approximately 60 percent of the company’s stock, which is traded on the NASDAQ. Lloyd Noland III also serves as a director at Wachovia Corp.
Net worth: $100 million
Confidence: B

ALAN M. VOORHEES
Alexandria. 81. An innovator in urban planning, Voorhees started his career as a planning engineer. Wrote a landmark paper on the application of mathematical models for forecasting traffic that is still used by traffic forecasters today. In 1998, Rutgers University honored him when it established the Alan M. Voorhees Transportation Center. Now an angel-investor, Voorhees owns scattered properties around the state: the Berkeley Hotel in Richmond, the Westmoreland Berry Farm and investments in a number of technology ventures.
Net worth: $100 million
Confidence: B

BYRD FAMILY
Winchester. Former U.S. Sen. Harry F. Byrd Jr., 89, has holdings in two newspapers, the Winchester Star and Harrison-burg News-Record. An icon of Virginia’s fiscal conservatism, Byrd broke ranks and backed Gov. Mark Warner’s tax package this year. Was inducted into the Virginia Communications Hall of Fame last year. Son Thomas T. Byrd is publisher of both newspapers.
Net worth: $100 million
Confidence: C

WILLIAM H. GOODWIN JR.
Richmond. 63. Chairman of CCA Industries, a diversified holding company with interests in hotels, manufacturing and real estate. He and his wife, Alice T. Goodwin, made multiyear pledges worth $88.5 million to six cancer-treatment centers in recent years. That includes $25 million to Virginia Commonwealth University’s Massey Cancer Center and $6 million to the Cancer Center at the University of Virginia Health System. Also donated $5 million to help fund construction of replacement for University Hall at University of Virginia. Chairman of the board of trustees for VCU’s School of Engineering. A part-owner of the Jefferson Hotel in Richmond, Hermitage Hotel in Nashville, Tenn., and Kiawah Island Resort near Charleston, S.C.
Net worth: $100 million
Confidence: C

MILTON V. PETERSON
Fairfax. 68. Founder and chairman of Peterson Cos. Firm is working on the 300-acre National Harbor project, a mixed-use commercial project proposed in Prince George’s County, Md., on the Potomac River. Currently, the company owns 2,000 acres in 24 locations in the area, which are in various planning stages.
Net worth: $100 million
Confidence: C

JOHN W. SNOW
Richmond. 63. As U. S. Secretary of the Treasury, Snow will be busy during Bush’s re-election campaign, pushing the president’s economic policies. He’s already publically supported outsourcing, criticized in some quarters as hurting the economic recovery by moving jobs overseas. His cabinet-level salary of $160,000 a year represents a huge pay cut for Snow, who earned $10 million annually while chairman and CEO of CSX Corp., formerly located in Richmond. While he crisscrosses the country and globe, Snow still keeps a home in Richmond and hopes to retire there.
Net worth: $100 million+
Confidence: C

TAUBMAN FAMILY
Roanoke. Nicholas F. Taubman, 68, retired as chairman of Advance Auto Parts founded by his late father, Arthur Taubman, in 1930s. Taubman now serves as president of Mozart Investments in Roanoke. Recently elected to board of trustees for the Virginia Historical Society, where he has donated to capital and program initiatives and employee scholarship programs. Also serves as a director of the Shenandoah Life Insurance Company and serves on Board of Regents of Mercersburg Academy.
Net worth: $100 million+*
Confidence: C

JOHN D. PHILLIPS
Keswick, Atlanta and Sea Island, Ga. 61. Steps down this month as chairman and CEO of World Access Inc., Atlanta-based international telecommunications firm that in recent years has been embattled with a lawsuit against German telephone company Deutsche Telekom and has filed for bankruptcy reorganization. Phillips says company is being broken up and sold off in pieces. “Telecom has not been a good one these last few years, but I felt duty bound to finish what I started.” Plans to focus on his private investments and some new opportunities, including outsourcing businesses in India. Also wants to “spend more time enjoying myself,” including visits to Airslie, his Keswick country estate, where he’d like to spend six months of the year.
Net worth: $98 million
Confidence: A

STANLEY F. PAULEY
Richmond. 76. Pauley is chairman and CEO of privately held Carpenter Co., which makes cushioning, air filter and polystyrene building materials. The company employs 6,000 people and has facilities in the U.S., Canada and six European countries. Purchased the company in 1980. Pauley is a trustee at the Virginia Commonwealth School of Engineering. Donated $5 million last year to help finance a new wing at the Virginia Museum of Fine Arts.
Net worth: $90 million
Confidence: C

ROBERT M. ROSENTHAL
Middleburg. 75. Chairman of the country’s 17th-largest car dealership in the U.S. Rosenthal Automotive Organization has 17 franchises in 15 locations. Last year company topped $1 billion in revenues. Cars are in his blood: Rosenthal’s father opened up a Chevrolet dealership in 1919. He currently serves on the trustee council of the National Gallery of Art in Washington, and previously was an officer and trustee of the Phillips Collection.
Net worth: $90 million
Confidence: C

G. KEVIN BRUCE
Goochland County. 48. President of Strategic Capital Corp., a small, private commodities trading firm. Built fortune through disciplined saving, investing and trading futures. Worked as head of proprietary trading at Signet Bank. Following its merger with First Union was a managing director in its futures trading unit. Left First Union in 2002 to start his company with a partner. Assets include $2 million worth of real estate — his home in Randolph Square development plus three additional lots — as well stock and global and index funds. Owns 75 percent of stock in Strategic Capital. Serves on board of directors of the Tuckahoe YMCA.
Net worth: $85 million
Confidence: A

BRYAN FAMILY
Richmond. J. Stewart Bryan III, 66, continues as chairman and CEO of Richmond-based Media General. After a slump in advertising, company has seen a comeback with political primaries and Super Bowl advertising contributing to gains in publishing and broadcast. In 2003, income rose by 13 percent. Company continues strategy of convergence among co-owned properties in the Southeast including 25 newspapers and Virginia Business, 26 television stations and 50 online enterprises. Revised rules issued by Federal Communications Commission on cross ownership — now on appeal — might afford Media General new opportunities in melding its news operations. Company recently sold Hoovers Inc. and Media General Financial Services. Bryan and family members own a majority of the company’s Class B stock.
Net worth: $80 million*
Confidence: A

DAVID KARLGAARD
Fairfax. 57. Started PEC Solutions, which develops Internet-based IT systems for government agencies, with two partners in 1985. Owns about 25 percent of the company, which employs 1,300 people. Has a doctorate in electrical engineering and computer science from George Washington University and an MBA from the Wharton School of Business.
Net worth: $80 million
Confidence: B

MICHAEL E. SZYMANCZYK
55. Richmond. Chairman and CEO for Philip Morris USA, Inc. Szymanczyk moved to Richmond from New York last year when the company decided to relocate its corporate headquarters. Szymanczyk became chairman in 2002 and earned an annual salary of $981,133 in 2003, plus a $1.5 million bonus. Owns more than a million shares of Altria stock, parent company of tobacco maker. Company reported solid gains in first quarter with revenue up from both international and domestic tobacco sales. Still hanging over the head of tobacco companies, though, are lawsuits and the federal government’s $289 billion racketeering case, which a federal judge refused to dismiss on appeal last month.
Net worth: $80 million
Confidence: B

PAUL G. RICE
Fairfax. 50. CEO and a director at PEC Solutions Inc., a Fairfax-based IT firm that he helped start in 1985 with David Karlgaard and a third partner. Rice holds more than 6.7 million shares or exercisable options with a current market value of about $77 million.
Net worth: $77 million
Confidence: B

JOHN G. BALLENGER
Middleburg. 72. Active entrepreneur has launched new company, Blue Chip Technologies Inc., to provide turnkey technologies to gaming industry, especially amusement parks. His real estate firm, Ballenger Enterprises, recently bought swath of coastal property in southern Maryland and plans to break ground for new condominium units this summer. Other real estate ventures include planned assisted-living facility in Delaware and ownership of government-subsidized housing units in Indiana and North Carolina. Also raises Black Angus cattle on his Brigadoon Farm. Purchased a thoroughbred racing horse and plans to enter it in local circuit races this year in Maryland, Virginia, Delaware and West Virginia.
Net worth: $72 million
Confidence: A

THE OLSSONS
West Point. Sture G. Olsson, 83, retired as chairman of Chesapeake Corp. in 1994 after 46 years with company his father helped launch in 1918. Owns the $1.8 million Romancoke Farm on Pamunkey River in King William County. A graduate of the University of Virginia, Olsson has been generous to his alma mater as well as numerous civic and educational projects through the Elis Olsson Memorial Foundation. Also helped fund a performing arts center in West Point.
Net worth: $70 million
Confidence: C

JOHN H. FAIN
Virginia Beach. 55. Fain sold his IT consulting firm — Metro Information Services, which he co-founded in 1979 — for $135 million to Boston-based Keane Inc., a software development company. Fain still owned 2.1 million shares of Keane — worth about $30 million — as of January, and continues to serves as a director.
Net worth: $55 million
Confidence: B

SANJU K. BANSAL
Vienna. 38. Vice chairman, executive vice president and COO of McLean-based MicroStrategy. The business-metrics software maker has shaken off the travail of the tech wreck, rebounding to post 19 percent revenue growth in 2003. That prompted a fresh round of bonuses for top execs, including nearly $285,000 for Bansal. Also owns a 10 percent equity stake in CVent, an Arlington company that provides Web-based tools for event and meeting planning. Holds engineering degree from Mass-achusetts Institute of Technology and masters in computer science from The Johns Hopkins University. Formerly a consultant at Booz-Allen & Hamilton in McLean before co-founding MicroStrategy with Michael Saylor.
Net worth: $43 million
Confidence: C

THOS. E. CAPPS
Richmond. 68. Chairman and CEO of Dominion, one of country’s largest energy producers with 2 million electricity customers in Virginia and North Carolina. Damages to power lines caused by Hurricane Isabel pummeled the company’s last quarter of 2003, with Dominion reporting a loss of $127 million. 2004 brought good news with extension of capped electricity rates in Virginia until 2010, a move expected to boost company’s profit from 5 percent to 7 percent a year from 2006-2008. Company sold its Dominion Telecom unit in March and expects to take a loss of $30 million related to sale. It has also applied to the U. S. Department of Energy for money to help pay for the possible construction and licensing of a third nuclear reactor at its North Anna plant in Louisa County. Capps also serves on board of Amerigroup Corp. in Virginia Beach.
Net worth: $35 million
Confidence: B