The 2007 Virginia 100
Virginia Business
June 2007

Intro | Rankings | Alphabetical List

Articles:
Giving Back | Investing in Charity | Steve Johnson | Bill and Alice Goodwin

Virginia 100 Profiles: Part 1 2 3 4

Note: * Includes assets held in trust or by other family members

NOLAND FAMILY
Newport News
Lloyd U. Noland III, 64, sold the family's wholesale plumbing, heating and air conditioning products business in 2005 for $250 million to Dayton, Ohio-based WinWholesale Inc. The grandson of the company's founder, Noland stepped down from his role as chairman and CEO of Noland Co. after the sale. Noland III reportedly still consults for Noland Co., which serves about 22,000 customers, mostly in the construction industry. His father, Lloyd Noland Jr., Noland Jr. is president of the Noland Memorial Foundation, the family's charitable arm, which pledged $1 million last year to Norfolk-based Children's Hospital of The King's Daughters for its Noland Surgery Center in Newport News.
Net worth: $166 million
Confidence: C

WEINSTEIN FAMILY
Richmond
The Weinstein Center for Recreation and Wellness opened in January at the University of Richmond. The $12 million facility includes a three-court gym, a two-level fitness center, swimming pool, racquetball and squash courts, and a game room. The structure was built with a $5 million contribution by Marcus and Carole Weinstein, their daughter, Allison Weinstein, and son-in-law, Ivan Jecklin. The family runs Weinstein Properties, which owns and operates 11,000 apartments throughout the Southeast. Marcus Weinstein is chairman and CEO, Allison Weinstein is president and chief operating officer and Jecklin is general counsel and executive vice president. The Weinsteins have been major contributors to UR for the past 34 years, endowing scholarships and faculty chairs and funding construction projects such as Weinstein Hall, a social sciences building that opened in 2003. Marcus and Allison Weinstein are both UR alums, and Allison serves on the university's board of trustees.
Net worth: $150 million
Confidence: C

ROGER MODY
McLean | Age: 43
Talk about a fast-paced retirement. The retired government contractor has picked up a new hobby - traveling around the world to watch his international motorsports team. Since November, Mody has been a co-owner of the A1 Grand Prix Team USA, which competes in an international circuit. So far, he's traveled to New Zealand, South Africa, Mexico, China and England. Mody says team ownership gives him exposure to an international network of business and global leaders, and it should, based on its impressive list of owners, which includes Nelson Mandela for Team South Africa. Mody sold Signal Corp, a technology services company he co-founded, for $227 million in 2002, taking home a reported $125 million for his stake in the company. Since the sale, he has begun construction on a 30,000-square-foot home on the McLean riverfront, had a fourth child, advised and invested in startup technology companies, and founded The Mody Foundation, which is run by his wife, Kyle. The foundation's beneficiaries have included The Leukemia & Lymphoma Society and the Youth of Tomorrow Home.
Net worth: $135 million
Confidence: B

WILLIAM F. BRANDT JR.
Winchester | Age: 61
The former CEO and chairman of American Woodmark Corp. is spending much of his retired life teaching the next generation of business leaders. He's the executive-in-residence at Shenandoah University's Harry F. Byrd Jr. School of Business, where he counsels students on the realities of the business world and advises the school's dean. Brandt also serves on business school's advisory board and sits on the university's board of trustees. He co-founded American Woodmark Corp. through a leveraged buyout in 1980. Today the company is a leading manufacturer of kitchen cabinets and vanities, which are sold under the brand names: American Woodmark, Shenandoah Cabinetry and Timberlake Cabinetry. Brandt still serves on company's board of directors and owns 3.4 million shares or 22 percent of American Woodmark. He's also interested in health care, serving on the Valley Health System's board of directors and the Millwood-based Project HOPE, a nonprofit seeking to provide health care around the world.
Net worth: $128 million
Confidence: B

BETTY AND FARMER MEADOWS
Spotsylvania County | Age: Both 72
Betty and Farmer Meadows own Meadows Farms, Meadows Farms Landscaping and Meadows Farms Golf Course, a 27-hole course in Orange County. The couple also owns an 850-acre farm that raises beef cattle. They began Meadows Farms by selling tomatoes door-to-door and then at roadside stands. Today they have 26 nurseries around Northern Virginia. Farmer remains involved in the business. Son Jay Meadows, 44, serves as president of Meadows Farms.
Net worth: $125 million
Confidence: A

JAMES B. MURRAY JR.
Charlottesville | Age: 60
Murray is founder and managing general partner of Court Square Ventures. The private equity, venture capital firm manages some $160 million and makes early-stage investments in communications, information technology and media technology industries. Murray was an early investor in cellular telephone licenses and later became a co-founder of Alexandria-based Columbia Capital Corp., a large venture capital firm with $2 billion in investments. He sits on the boards of various private and public companies, including Mintera Corp., a leader in option transmissions systems based out of Lexington, Mass. Murray serves as chairman of the governor's Commission on Higher Education Appointments. A 1974 law graduate of the College of William & Mary, he also chairs William & Mary's $500 million capital campaign. He co-chairs (with his wife Bruce Randolph Murray) a capital campaign for Charlottesville's Martha Jefferson Hospital.
Net worth: $125 million
Confidence: C

DANIEL A. HOFFLER
Eastville | Age: 58
It's not often that a commercial real estate developer gets the opportunity to help create a downtown. Hoffler, chairman of Armada Hoffler in Virginia Beach, has been a key force in shaping a 17-block, $500 million business center for Virginia Beach - including upscale shopping, restaurants, offices, hotels and condominiums. The 38-story Westin Virginia Beach Town Center Hotel & Residences - with 236 hotel rooms and 119 luxury condos - will open this fall, becoming the tallest building in the state. Hoffler founded the real estate company in 1979 by buying undeveloped land in the Greenbrier section of Chesapeake and a 10-acre piece of land off Diamond Springs Road in Virginia Beach. In the past 28 years the company has developed and built more than 22.2 million square feet of commercial real estate worth more than $2.8 billion. In his spare time, Hoffler enjoys exotic hunting trips. Last year, he and the company funded the Northumberland 4-H Summer Camp Program, attended by 68 children. Hoffler also made headlines when NASCAR driver Kurt Busch got married on Hoffler's Eastern Shore estate earlier this year.
Net worth: $122 million
Confidence: A

JOHN T. "TIL" HAZEL JR.
Broad Run | Age: 76
A graduate of Harvard Law, Hazel sued Dominion Power this year over a proposal to run high-voltage power lines through his front yard. Even though Dominion later filed for an alternate route that would bypass the Hazel family's more than 4,000 acres of scenic farmland, the suit remains pending until the State Corporation Commission approves the new route, which would more closely track Route 66. A land-use lawyer and developer, Hazel is perhaps best known for transforming Tysons Corner into the commercial super center it is today. Formerly a partner at Reed Smith law firm in Falls Church, he helped found George Mason University's law school which named its primary law building after him in 2005. Hazel's sons are also in the development business, with their own companies. Son Jack Hazel is principal of the commercial real estate firm Angler Development Co. LLC., and son Dick Hazel operates Hazel Land Cos. Inc. which specializes in land development and residential construction. Son-in-law Rick Groux has started Dominion Construction Group in Warrenton that will specialize in constructing small to medium-size buildings.
Net worth: $120 million
Confidence: B

ALAN T. LINGERFELT
Richmond | Age: 52
The senior vice president for Liberty Property Trust retired from the company this year to return to real estate as a private developer. In 1995, he sold Lingerfelt Development Corp. to Malvern, Pa.-based Liberty Property Trust for $70 million in cash and $14 million in shares. From 1996 to 2006, he managed the real estate investment trust's Virginia portfolio, which grew from $125 million to $350 million. Much of the portfolio included the warehouse and office properties Lingerfelt built up over the years at his own firm. He is a director of the Virginia Commonwealth University Real Estate Foundation and has served as president of its Real Estate Circle of Excellence. Lingerfelt has endowed scholarships for engineering and business students at VCU and Virginia Tech. He also is a "senior benefactor," whose donations have earned him a place in Virginia Tech's Ut Prosim Society for donors whose lifetime giving totals are $100,000 or more. Lingerfelt also serves on various committees at Derbyshire Baptist Church in Henrico County.
Net worth: $120 million
Confidence: C

LUCK FAMILY
Goochland County
Luck Stone Corp., founded by Charles S. Luck Jr. in 1923, started a scholarship program last year. Luck Stone Corp. Brighter Futures Scholarship funds will be distributed to the 15 member colleges of the Virginia Foundation for Independent Colleges, One Virginia student at each institution will receive a $1,000 scholarship for tuition expenses. Luck Stone is the country's ninth-largest producer of crushed-stone products with 18 quarries in central and Northern Virginia and one in North Carolina. The privately held firm employs about 1,100 people and is run by Charles S. Luck III, chairman, and Charles S. Luck IV, president and CEO. It's adding a $25 million, 60,000-square-foot expansion to its corporate headquarters and renovating its existing office space. Construction is scheduled for completion in spring 2008.
Net worth: $120 million
Confidence: C

STEVEN A. MARKEL
Richmond | Age: 57
Markel is vice chairman of Richmond-based Markel Corp., one of the world's leading specialty insurers. The company's other leaders include his first cousin, President and COO Anthony Markel, and CEO Alan I. Kirshner. Steven Markel also serves on the board of directors for the Richmond-based retailer, S&K Famous Brands, Inc., where fellow Markel director Stewart M. Kasen recently retired as president and CEO. Markel also serves on the board of directors for the Richmond Chapter of the American Heart Association and the Virginia Commonwealth University Health System Markel is chairman of the VCU School of Business, where he and his wife have been a vital part of the school's $30 million fund-raising campaign to expand facilities. Since 2005, the Markels have donated $10 million to the expansion project.
Net worth: $120 million
Confidence: B

AUSTIN LIGON
Richmond | Age: 56
More than $13 million in exercised stock options over the last year and a spike in the value of CarMax stock gave a nice lift to the net worth of Austin Ligon, CarMax's retired president and CEO. Ligon, who co-founded CarMax with Richard Sharp in the early 1990s, stepped down last summer with about 1.2 million of the company's shares. Today, thanks to a recent two-for-one stock split, he owns more than 3 million shares valued at about $90 million. Since leaving what is now the country's largest retailer of used cars, Ligon has established a family foundation and stepped up his philanthropy. In April, he and his wife, Samornmitr "Pan" Lamsam, donated $1 million to the Plan II Honors Program at the University of Texas at Austin, where he earned a bachelor's degree and was elected to Phi Beta Kappa. The couple also has given $500,000 to the Virginia Performing Arts Foundation in downtown Richmond and $15,000 to the Virginia Public Access Project to support its work on making information available on campaign donations to Virginia politicians. Ligon, who recently bought a horse farm in southern Albemarle County, was appointed to the board of visitors of the University of Virginia. He also owns a home and 19 acres in Goochland County.
Net worth: $115 million
Confidence: B

DAVID R. GOODE
Norfolk | Age: 66
What do retired CEOs do after they leave their companies? In Goode's case, the former chairman and CEO of Norfolk Southern Corp. stays busy serving on the boards of many companies. Goode is a member on the boards of Caterpillar Inc., Delta Air Lines Inc., Russell Reynolds Associates Inc. (a global executive search firm) and Texas Instruments Inc. Since his retirement last year after 40 years with the railroad company, Goode has also spoken with Old Dominion University business students as part of the Landmark Executive in Residence Speaker Series. In his remarks, Goode defended big business saying, "For all the bad press on company executives ... we should never forget that we are a nation built by business and by people looking for profit to build a better life." Goode lives on the Chesapeake Bay and is an honorary trustee for life of the Virginia Foundation for Independent Colleges. He also serves on the board of trustees for the Chrysler Museum of Art in Norfolk. Although he's left the company, Goode has options on 1.6 million shares of Norfolk Southern stock.
Net worth: $108 million
Confidence: B

ANTHONY F. MARKEL
Richmond | Age: 65
The president and COO of Markel Corp, Markel has helped lead the firm through a period of impressive growth since 1992. With stock values increasing nearly five-fold in the past decade, Markel Corp. is an international leader in specialty insurance products. In April the firm's property and casualty insurance subsidiary, Markel Insurance Co., acquired California-based Black/White & Associates Insurance Brokers in a $24 million deal. As of Dec.31, Markel Corp had total assets of over $10 billion. In addition to owning about 3 percent of Markel Corp's stock, Markel also own shares in Hilb Rogal & Hobbs Co., a Richmond-based insurance broker where he also serves as director. Markel runs Markel Corp with his first cousin, Vice Chairman Steven Markel, and CEO Alan I. Kirshner.
Net worth: $103 million
Confidence: B

BYRD FAMILY
Winchester
The Byrd family publishes newspapers in the Shenandoah Valley, including The Winchester Star and the Daily News-Record in Harrisonburg. Four generations have worked in the family's newspaper business since the family bought The Winchester Evening Star in 1897. Thomas T. Byrd is now publisher for most of the papers. The Byrd name has long been associated with Virginia politics. Former Sen. Harry F. Byrd Jr., 92, spent 18 years in the U.S. Senate and another 18 in the Virginia Senate. Byrd describes his life in both professions in a new book: "Double Trouble: Vignettes From a Life of Politics and Newspapering." The family remains active in the Winchester community, sitting on many boards, including the Valley Health System, and the Marsh Institute for Government and Public Policy at Shenandoah University. The Byrds also offer scholarships to graduating high school students through a family fund. Last October, Byrd donated $250,000 through Rockingham Publishing Co. (which publishes the Daily News-Record) to expand its current scholarship for journalism students at James Madison University.
Net worth: $100 million+
Confidence: C

WILLIAM H. JR. AND ALICE GOODWIN
Richmond
The Goodwins are among the nation's, most generous philanthropists. (See profile on page 17.)
Net worth: $100 million+
Confidence: C

DAVID C. KARLGAARD
Fairfax | Age: 60
The son of a carpenter, Karlgaard is a self-made multimillionaire. In 1985 he co-founded PEC Solutions Inc., a government IT company and served as its chairman and CEO until he sold it to Nortel Networks Corp. for $449 million in 2005. Karlgaard owned 24 percent of the company at the time of the sale and stayed on as part of the executive team with Nortel Government Solutions Inc. He also served as vice chairman for the Nortel Networks subsidiary, but he retired from the subsidiary and its board this year. In 2002 Karlgaard and his wife, Marilyn, both Wisconsin natives, made a landmark $4.5 million gift to the University of Wisconsin-Eau Claire, where they attended college. It created a charitable trust for the university and enhanced its computer science program. Karlgaard also serves as a director at Argon ST Inc., a Fairfax-based systems engineering company, and Rising Edge Technologies, a privately held startup focused on data storage solutions.
Net worth: $100 million+
Confidence: C

JOHN W. SNOW
Richmond | Age: 67
Since stepping down in May 2006 as the 73rd secretary of the U.S. Treasury, Snow has returned to the private sector. He's executive chairman of Cerberus Capital Management LP, a New York-based investment firm that made headlines last month when it agreed to pay $7.4 billion for an 80.1 percent ownership stake in Chrysler. The private equity takeover of the ailing automaker from German parent DaimlerChrysler AG was hailed as a deal that could lead to the restructuring of Detroit's Big Three. In February, Snow joined the boards of Verizon Communications Inc. and Marathon Oil Corp. He was chairman, president and CEO of CSX Corp. from 1991 to 2003, when the company was based in Richmond. He currently resides in Richmond.
Net worth: $100 million+
Confidence: C

JONNIE R. WILLIAMS
Chester | Age: 52
Williams is CEO of Star Scientific Inc., a technology-oriented tobacco company engaged in the development of tobacco products that produce fewer carcinogenic toxins. The company has a corporate and sales office in Chester and manufacturing and tobacco processing facilities in Chase City and Petersburg. Williams was one of the founders of Star Tobacco Inc. and the inventor of the StarCured tobacco-curing process. Star Scientific is involved in an infringement lawsuit against RJ Reynolds Tobacco Co. Inc. and has filed notice of appeal with the U.S. Court of Appeals. The company completed the sale of approximately 960 of its tobacco curing barns for $11.2 million and hopes to expand the distribution and sales of its dissolvable smokeless tobacco products, which increased 57 percent during 2006 over the previous year. It's also expanding into additional retail chains and developing additional flavors for dissolvable products. Williams is one of the owners of Regent Court Technologies LLC and is a principal in Jonnie Williams Venture Capital Corp. He has donated money to Collegiate School, Epiphany Lutheran Church and Camp Kaizen, a camp for obese/overweight children.
Net worth: $100 million+
Confidence: B

ARTHUR W. "NICK" ARUNDEL
The Plains | Age: 79
Founder, chairman and publisher of Times Community Newspapers. Circulation continues to grow for this Virginia-based newspaper and digital media group. It publishes 20 newspapers, including 14 weeklies, in Northern Virginia and the Piedmont. The papers have a combined circulation of 305,000. Arundel's son, Peter, runs the company. Since joining Times Community in 1989, he has launched a Web site and expanded print offerings in 50 niche publications. Based in Herndon, one of the country's fast-growing information technology corridors, the company has more 300 staff members. Nick Arundel donated 500 acres of wilderness land to the nonprofit Nature Conservancy and also donated the land for the Great Meadow 200-acre Field Events Center near The Plains, the home of Virginia's Gold Cup steeplechase races.
Net worth: $100 million*
Confidence: B