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The
Virginia 100
INTRO
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E.
MORGAN MASSEY
Richmond. 76. Finding his fun these days in a mining
operation in the People’s Republic of China. Massey
is chairman of Asian American Coal Inc., the only foreign
company licensed to mine coal in China, in a mine near
Jincheng in the Shanxi Province, 370 miles southwest
of Beijing. Mine operations began last year using modern
machinery and practices that are more productive and
less polluting than Chinese industries. Massey calls
it “a better mining deal than anything I’ve
seen in 50 years in the coal business.” But the
SARS epidemic is keeping company workers from moving
around. The mine still operates but its gates are closed
to outsiders. Back home Massey’s fortune —
heavy on domestic equities — took a hit.
Net worth: $195 million*
Confidence: A
JOHN
W. SNOW
Richmond. 63. Recent appointment as U.S. Secretary of
the Treasury brought state business positive vibes.
Yet, CSX Corp., which kept headquarters in Richmond
only because former CEO and Chairman Snow liked the
city, quickly darted to Jacksonville, Fla., after Snow
left. Although seen as a champion of boardroom integrity,
Snow attracted controversy at confirmation hearings.
Dirty laundry included lackluster CSX performance despite
his $10 million annual salary and questions about his
retirement packages and the railroad’s non-payment
of certain taxes. Now Snow has a tough job: shoring
up President Bush’s sagging economic policies.
Ever loyal to Richmond, he keeps his permanent home
there.
Net worth: $190 million*
Confidence: B
ARTHUR
W. “NICK’ ARUNDEL
The Plains, 75. A leader in suburban newspaper publishing,
building the Times Community Newspapers into a chain
of 18 weekly newspapers that reach more than 200,000
households in Northern Virginia. His steeplechase horse,
Bavario, won a $20,000 purse at this spring’s Middleburg
races.
Net worth: $190 million
Confidence: C
MARKELS
Richmond. Steven A. Markel, 54, is vice chairman of
specialty insurance company Markel Corp. in Glen Allen.
Cousin Anthony F. Markel, 60, is president and COO.
Steve also serves on board of S&K Famous Brands.
At Markel, Steve handles investments, Tony manages underwriting.
Led by CEO Alan Kirshner — their ex-cousin-in-law
— the company has increased book value by 30 percent
per year since 1986.
Net worth: Steven A. Markel: $106 million.
Net worth: Anthony F. Markel: $74 million.
Confidence: B
GOV.
MARK R. WARNER
Richmond, 48. Ranked 10th in wealth among state and
federal politicians by Forbes magazine last year. Warner
made his fortune in the cellular telephone business.
Put his assets in a blind trust just before taking office
in January 2002. Longtime aide Nicholas Perrins manages
the MRW Trust. Resigned in late 2001 as a director of
Friedman, Billings, Ramsey Group Inc. an Arlington-based
investment firm.
Net worth: $180 million*
Confidence: C
DAVID
P. REYNOLDS
Richmond. 88. 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
DANIEL
F. AKERSON
McLean. 54. Is taking his broad experience in telecommunications
to The Carlyle Group, which manages $13.9 billion in
private equity and has tight ties to the Bush administration.
Akerson will be Carlyle’s managing director and
is expected to use the firm’s nest egg to spot
and develop new technologies around the world. Former
chairman of XO Communications from 1999 to 2003, Akerson
has spent the last several years weathering the telecom
storm. Has also been chairman and CEO of Nextel Communications
and is still a director of American Express and AOL
Time Warner.
Net worth: $170 million
Confidence: C
M.G.
“PAT” ROBERTSON
Virginia Beach, 73. Chairman, CEO, Christian Broadcasting
Network; Chancellor, Regent University. Always a fighter,
took just a week to return as “700 Club” host
on TV after prostate surgery in February. CBN still
draws big donations — total revenues in 2002 were
$203 million with $196 million of the money raised through
contributions, according to one ministry watchdog source.
Recent investments have included an abandoned oil refinery
in Los Angeles and a gold-mining site in Liberia. Refused
to respond to a Virginia Business inquiry saying that
he objected to this magazine’s description of him
“by the denigrating term ‘televangelist’”
and claiming that the Christian Coalition which he helped
found is “right wing.”
Net worth: $155 million
Confidence: C
VAN
METRE FAMILY
Burke. Albert G. Van Metre Sr. 77. Chairman, CEO and
a director for the Van Metre Companies, a real estate
firm. The company develops large tracts of land for
home building, shopping centers and apartments. Has
ridden real estate boom fueled by low mortgage rates.
“Real estate has held its value and then some,”
he says. His son, Albert G. Van Metre Jr., serves as
one of the company’s principals and a director.
Net worth: $150 million
Confidence: A
JOSEPH
W. LUTER III
Smithfield. 63. CEO and Chairman of Smithfield Foods.
Continues to amass clout in world of processed meats.
The No. 1 pork producer is also No. 5 nationally in
beef. However, Luter has come to blows with environmental
regulators before and now is under attack by the Union
of Concerned Scientists for refusing to ban antibiotics
in meat-processing.
Net worth: $145 million
Confidence: B
DENNIS
W. BAKKE
Arlington, 57. Bakke cut his ties with AES Corp. last
month, the Arlington-based power company he helped found
and used to head. Bakke stepped down as a director,
not quite a year after resigning as president and CEO.
Just two years ago, Bakke’s name appeared on lists
of the world’s richest people, with more than $1
billion in assets, largely stemming from a $60-a-share
value for AES. Prices have tumbled dramatically since
2001.
Net worth: $126 million
Confidence: C
WILTON
FAMILY
Richmond. E. Carlton Wilton Sr., 81, developed much
of Richmond’s western suburbs. He recently 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 about $12
million. Active in many local charities and education
institutions, he contributes to the Virginia Home for
Boys and the University of Richmond.
Net worth: $125 million
Confidence: A
JAMES
B. MURRAY JR.
Charlottesville. 56. Present at the creation of the
cellular telephone revolution, Murray is now director
of Court Square Ventures, a venture capital firm specializing
in telecommunications and information technology. A
former business colleague of Gov. Mark R. Warner, he
was a co-founder of Warner’s ex-firm, Columbia
Capital Corp. in Alexandria.
Net worth: $125 million
Confidence: C
DOUGLAS
H. McCORKINDALE
McLean. 63. Chairman, president & CEO of McLean-based
Gannett Co., an international news, information and
Internet company. Joined Gannett, which owns USA TODAY,
the country’s largest-selling daily newspaper,
in 1971 as general counsel. Six years later, became
senior vice president of finance and law and a director
of the company.
Net worth: $120 million
Confidence: A
JEFFREY
J. STEINER
Upperville, 66. Chairman of Fairchild Corp. has made
major corporate changes this year. Faced with shareholder
pressure to do something about Fairchild’s sinking
stock, he sold the company’s aircraft fasteners
business to a unit of Alcoa for $700 million. Still
maintains a war chest of about $250 million for various
Fairchild businesses, including aviation enterprises
and real estate. The Austria-born, one-time corporate
raider says he’s taken his lumps in the equities
market, “but it doesn’t change things significantly,”
he says.
Net worth: $120 million
Confidence: A
ALAN
T. LINGERFELT
Richmond. 48. In late 1960s and 1970s began converting
family contracting business into Lingerfelt Development
Corp. Sold company in 1995 to Pennsylvania-based Liberty
Property Trust for $70 million in cash and $14 million
in shares.
Net worth: $120 million
Confidence: C
LUCK
FAMILY
Goochland County. Luck Stone Corp. is the largest privately
owned and operated aggregates supplier in the U.S. Founded
in 1923 and headquartered in Richmond, Luck Stone is
the 12th largest producer of crushed stone in the nation.
The company is led by Charles S. Luck III, chairman,
and Charles S. Luck IV, president and CEO. It operates
16 crushed stone plants in Virginia and North Carolina;
three sand and gravel operations in Virginia; eight
architectural stone centers in Virginia, Maryland and
North Carolina; and two granite fabrication facilities
in Virginia. Luck Stone 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
JOHN
GRISHAM
Charlottesville and Mississippi. 48. Lawyer turned best-selling
novelist published 15th book this year, “The King
of Torts,” a revealing look at class action suits
and who profits from them in America. Remains active
in Charlottesville community, donating $280,000 to help
Charlottesville’s Legal Aid Justice Center move
to new headquarters.
Net worth: $120 million
Confidence: C
F. WAYNE MCLESKEY JR.
Virginia Beach. 79. Owns more than $40 million in commercial
real estate as well as other properties in Pennsylvania,
Florida and North Carolina.
Net worth: $120 million
Confidence: C
TAUBMAN
FAMILY
Roanoke. Nicholas F. Taubman, 67, stepped down as chairman
of Advance Auto Parts in February. His late father,
Arthur Taubman, founded the company in the 1930s. Was
primarily family-owned until 1998 when Freeman Spogli
& Co. bought a majority stake. Company is second
largest retailer of automotive parts in the U.S. with
2,456 stores. Nicholas still owns nearly 4 percent of
the company’s stock and family trust owns another
three percent.
Net worth: $117 million*
Confidence: C
HARRY
H. HUNT III
Blacksburg. 69. Chairman and founder of HH Hunt, a private
real estate company that grows by reinvesting 90 percent
of its cash flow and profits into new projects. Company
currently developing 21 projects — mostly assisted-living
and garden apartments—between South Carolina and
Maryland. Hunt continues to develop in the Richmond
area with nearly 2,000 homes planned for Charter Colony,
a 525-acre development.
Net worth: $114 million
Confidence: A
WILLIAM
H. GOODWIN JR.
Richmond. 62. Has seen his own net worth cut by about
half. Part of that is equity market jitters, but he’s
also been giving lots of money away to charity. In the
past year, Goodwin and his wife, Alice T. Goodwin, have
pledged $88.5 million to six cancer centers around the
country, including such big names as Johns Hopkins in
Baltimore, Memorial-Sloan Kettering Center in New York
and the Mayo Clinic Center in Rochester, Minn. Closer
to home, they’ve pledged $25 million to Virginia
Commonwealth University’s Massey Cancer Center
and $6 million to the Cancer Center at the University
of Virginia Health System. He remains president and
chairman of CCA Industries, a hotel, manufacturing and
real estate firm in Richmond and is a part-owner of
the Jefferson Hotel in Richmond and Kiawah Island, a
South Carolina resort area.
Net worth: $100 million
Confidence: A
RANDAL
J. KIRK
Radford. 49. Founder and managing director of Third
Security LLC, a Radford-based investment firm with holdings
in biotechnology and pharmaceutical industries. Began
career practicing law, then co-founded pharmaceutical
distributing company in 1983, General Injectables &
Vaccines, Inc. Sold GIV in 1998 for about $65 million.
A Radford University alum, he donated $1 million to
the school in 1998 to endow a language curriculum in
Mandarin and study abroad opportunities in China.
Net worth: $100 million+
Confidence: B
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 Mrs. McMurtrie’s grandfather.
Net worth: $100 million*
Confidence: B
BYRD
FAMILY
Winchester. 88. Former U.S. Sen. Harry F. Byrd Jr. has
holdings in two newspapers, the Winchester Star and
Harrisonburg News-Record. Three decades ago, he sold
the family apple business, that now includes about 1,500
acres of orchards, to his son Harry F. Byrd III. Another
son, Thomas T. Byrd, is publisher of both newspapers.
Net worth: $100 million
Confidence: C
MILTON
V. PETERSON
Fairfax. 67. Founder and chairman of Peterson Cos.,
a real estate company that has planned and developed
more than 22,000 residential lots, and has developed
or acquired 5.5 million square feet of office space
in the Washington, D.C., area. Peterson’s firm
has a hand in many of the Washington area’s most
prominent developments. 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
ALAN
M. VOORHEES
Alexandria. 80. 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: C
JOHN
D. PHILLIPS
Keswick, Atlanta and Sea Island, Ga. 60. Chairman and
CEO of World Access Inc., an Atlanta-based international
telecommunications firm. Company is still waiting for
court approval of a bankruptcy plan. In the last few
years, he has donated about $1.3 million to the University
of Virginia, “my favorite charity,” which
he attended and his son graduated from last year. Phillips
continues to visit Airslie, his country estate in Keswick
where he enjoys local fox hunting events.
Net worth: $96 million
Confidence: A
STANLEY
F. PAULEY
Richmond. 75. Heads cushion-maker The Carpenter Co.,
which he helped buy out in 1980. Active in community
affairs, the Canada native is busy with the School of
Engineering at Virginia Commonwealth University, the
Valentine Museum, the Virginia Museum of Fine Arts and
Hampden Sydney College.
Net worth: $90 million
Confidence: C
ROBERT
M. ROSENTHAL
Middleburg. 74. Founder and chairman of Rosenthal Automotive
Organization, one of nation’s largest automotive
groups. Company sells more than 22,000 new cars a year
from 15 locations in Washington, D.C., area. Part owner
of Capital Automotive, a McLean-based REIT for automotive
real estate. REIT has invested $1.6 billion in 292 automobile
properties in 28 states.
Net worth: $90 million
Confidence: C
MACON
F. BROCK JR./ J.DOUGLAS PERRY
Virginia Beach. Brock, 61, is CEO of Dollar Tree Stores
Inc., country’s largest chain of dollar discount
variety stores. Chain continues to grow with company
opening 54 additional stores in first quarter, bumping
total to 2,318 stores in 48 states. Graduated from Randolph
Macon College where he serves as chairman of the board
of trustees. Perry, who founded Dollar Tree with Brock
and another partner in 1986, remains on company’s
board of directors.
Macon F. Brock: $78 million*
J. Douglas Perry: $54 million
Confidence: B
BRYAN
FAMILY
Richmond. This media family appears to be holding its
own despite advertising slumps and stock sales to settle
estate of the late D. Tennant Bryan with IRS. Children
include Mary Perkins of Richmond, Florence Fowlkes of
Chevy Case, Md., and J. Stewart Bryan III. Bryan, 65,
is chairman and CEO of Richmond-based Media General
Inc., owner of 25 daily newspapers, 26 TV stations,
part of two newsprint mills and Virginia Business. Media
General continues strategy of convergence among print,
broadcast and Internet media and clustering properties
around specific geographic regions. Like many media
firms, stock slumped but is coming back up.
Net worth $75 million
Confidence: A
WILLIAM
A. HAZEL
Broad Run. 68. William A. Hazel Inc. is largest utility
contractor in Northern Virginia.
Net worth: $75 million
Confidence: B
JOHN
G. BALLENGER
Middleburg. 71. Former high technology executive continues
his real estate ventures through JGB Corp. of Middleburg.
Besides a cattle farm and high-tech-related investments,
he plans on possibly building mid-income housing for
seasonal workers at beach resorts in Delaware and perhaps
Virginia.
Net worth: $72 million
Confidence: A
JOHN
T. HAZEL JR. FAMILY
Broad Run. 72. Lawyer-developer still active in Reed
Smith Hazel & Thomas law firm. Advocate of higher
education. Former partner in Hazel/Peterson Cos., a
Fairfax-based real estate development firm. Company
has built many prominent Fairfax County projects, including
Fair Lakes and Burke Center.
Net worth: $70 million
Confidence: B
THE
deLASKIS
Great Falls. Father and son, Donald deLaski Sr. and
Kenneth E. deLaski, founded Deltek Systems Inc. in 1983,
a McLean firm that develops and supports advanced software.
Today Kenneth deLaski is president and CEO. Last year,
the company’s shareholders approved a plan to return
Deltek Systems to private ownership.
Net worth: $55 million
Confidence: C
MAX
PEARSON
Richmond. 83. President of The Pearson Cos., a Richmond-based
family-owned corporation with seven automobile dealerships
in Virginia and three in Florida. Besides cars he has
investment interests in radio stations and real estate.
Despite all that zero percent financing last year, which
boosted auto sales at some dealerships, Pearson reports
a $10 million drop in net worth.
Net worth: $50 million
Confidence: A
DAVID
KARLGAARD/PAUL G. RICE
Fairfax. Karlgaard, 56, is CEO, president, chairman
of PEC Solutions, IT firm with many government clients.
Founded company in 1985 with COO Paul G. Rice, 49, and
another partner. Expects boost from increased defense
spending. Already received several new government contracts,
including one to develop e-mail directory connecting
22 agencies in new Department of Homeland Security.
Karlgaard owns 24 percent of company’s stock; Rice
owns 23 percent.
Rice: $40 million
Karlgaard: $30 million
Confidence: C
THOS
E. CAPPS
Richmond. 67. Chairman, President, CEO of Dominion.
Since acquiring Consolidated Natural Gas in 2000 for
$6 billion, has built Dominion Resources Inc. into one
of nation’s largest energy producers. A cold winter
and strong natural gas prices brought impressive first
quarter earnings. Stock has performed well, delivering
60 percent shareholder return over the past three years.
Capps earned $1 million in salary in 2002 and a $1.3
million bonus. Serves on board of visitors for The College
of William and Mary.
Net worth: $35 million
Confidence: B
THE
MERRICKS
Burke. Australian-born Phillip Merrick, 40, and his
wife, Caren DeWitt, 42, co-founded webMethods Inc. in
1996 with help from an angel investor and by maxing
out credit cards. A year after its start, the Fairfax-based
company had a measly $31 in its bank account. Today
Merrick is president, chairman and CEO. While company
is landing some big clients such as Welch’s, it
reported an $8 million loss for fiscal 2003.
Net worth: $25 million
Confidence: B
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