The Virginia 100
- June 1, 2008
What a year. Not since 9/11 has the U.S. economy shuddered so deeply. The subprime mortgage meltdown hammered financial markets. Ripple effects continue with banks and insurers reporting billion-dollar losses. Meanwhile, energy prices are ticking up. You can almost hear the groans as people shell out $50 for a tank of gas. Perhaps this year’s publication of the Virginia 100 will come as reassurance. Fortunes still are being made.
Of course, many of the state’s richest and most influential people took hits this past year as the stock market reacted to bad news like a pingpong ball: up one day and down the next. With the slump in the housing industry, people whose companies or products depended on residential real estate ran for cover. But others are weathering the storm nicely.
One of the faces new to this year’s list is defense contractor George J. Pedersen. The chairman and CEO of ManTech International Corp. in McLean helped start the company in 1968 with a single Navy contract. Today, ManTech does $1.4 billion dollars in business a year.
Also making his debut on the Virginia 100 is George Buchanan Jr. of Danville. From humble beginnings as a plywood manufacturer, Buchanan became rich by selling his business and becoming a hotel/condominium developer in Myrtle Beach, S.C. He got into the market in the mid-1980s and managed to sell for a profit — right before the housing bubble burst.
Virginia also gained a couple of new billionaires. William E. Conway Jr. and Daniel D’Aniello, both of McLean, are founding partners and managing directors of The Carlyle Group in Washington, D.C., a private-equity firm that manages more than $81 billion in assets.
This year, the cutoff point for making the Virginia 100 was $42 million, $3 million less than in 2007. We said goodbye to several longtime members. A drop in stock value knocked some people off the list. Veteran member John T. “Til” Hazel Jr. dispersed much of his wealth through estate planning. And Raj and Neera Singh — billionaires from Alexandria who built their wealth in wireless communications — moved their business and residence to Florida. Death also took a toll. Albert G. Van Metre Sr., founder, chairman and CEO of Van Metre Cos. in Burke, died in March.
As the economy moves into the year’s second half, commodities trader Kevin Bruce is optimistic. Here’s his prediction: “When the feds cut rates as aggressively as they have, there’s pretty high odds that the stock market will go up for the 12 months after that.”
McLean and Arlington. Talk about a sweet tooth. McLean-based Mars Inc., which brought us M&Ms and Snickers, has agreed to acquire the Wm. Wrigley Jr. Co. for $23 billion, creating the largest confection maker on the planet. Mars, together with Warren Buffett’s Berkshire Hathaway Inc., announced in April that it had reached an agreement to buy the Chicago-based manufacturer of Extra and Orbit gums. The combined company, still subject to regulatory and shareholder approvals, is expected to have $27 billion in global sales. Continuing to preside as chairman over family-owned Mars is John Franklyn Mars, 72, who lives in Arlington. Mars and his two siblings — Forrest Edward Mars Jr., 77, of McLean, and Jacqueline Badger Mars, 67, of The Plains — rose from the No. 21 spot to No. 19 on the Forbes 400 List of the wealthiest Americans last year, possessing an estimated $14 billion. Jacqueline donated $25,000 last year to the Virginia League of Conservation Voters, an environmental advocacy group.
Net worth: $14 billion
WILLIAM E. CONWAY JR.
McLean. 58. The co-founder of The Carlyle Group spends his days analyzing business opportunities for investors of the Washington, D.C-based private equity firm. But on his way to work, Conway is more concerned for those who have little material wealth. He chats with Washington’s homeless residents, according to The Washington Post. These conversations inspired him to donate $5 million in January to a Washington organization, So Others Might Eat, which helps the homeless. Conway’s dona-tion will be used to leverage $125 million from other sources to build residential space for the city’s homeless population. Conway, managing director of Carlyle, founded the equity firm with Daniel A. D’Aniello and David Rubenstein in 1987. It has become a massive global firm, investing in 60 funds and managing more than $81 billion in assets. It has become a massive global firm, investing in 60 funds and managing more than $81 billion in assets. In May, the Carlyle Group announced that it was buying a majority stake of the U.S. government business of McLean-based Booz Allen Hamilton for $2.54 billion. Earlier this year, the company’s publicly traded Carlyle Capital firm collapsed amid the credit market turmoil, hurting Carlyle’s stellar reputation. Forbes magazine included Conway in this year’s list of the world’s wealthiest billionaires, ranking him No. 462 with a net worth of $2.5 billion.
Net worth: $2.5 billion
McLean. 61. The co-founder of the global private equity firm, The Carlyle Group, started with meager beginnings. He told Syracuse University Magazine that he grew up with his single mother in Butler, Pa., and their annual household income never reached above $6,000. He attended Syracuse University, which offered him a scholarship. One of the managing partners of The Carlyle Group, D’Aniello has given back to his alma mater, establishing The D’Aniello Endowed Fund for Entrepreneurship. It can be used for student scholarships and other needs at the school’s entrepreneurship program. He also donated money to create the D’Aniello Entrepreneurial Internship Program, which offered 20 internships this year to students who worked directly with executives or entrepreneurs. D’Aniello founded Carlyle with David Rubenstein and William E. Conway Jr. Carlyle manages $81 billion in assets in 60 funds for more than 1,200 investors from 63 countries. The hedgefund says it has earned investors an average of 30 percent each year since the company was founded in 1987. According to Forbes magazine, D’Aniello is worth $2.5 billion.
Net worth: $2.5 billion
FRANK BATTEN SR.
Virginia Beach. 81. The retired chairman and CEO of Norfolk-based Landmark Communications continues to serve as a director at the privately held media company. The company is considering a strategic plan that may include selling its assets. Batten, a 1950 economics graduate of U.Va., has pledged $100 million to establish the Frank Batten School of Leadership and Public Policy at the school. His U.Va. donation helped land him and his wife, Jane, at the No. 32 spot on BusinessWeek’s 2007 list of the 50 Most Generous Philanthropists in America. The magazine estimated the couple gave or pledged a total of $314 million between 2003 and 2007. According to Forbes magazine, Batten ranks as the 503rd richest person in the world with $2.4 billion.
Net worth: $2.4 billion
Virginia Beach. 48. She continues to serve as president of The Johnson Family Foundation, which donates to causes in Virginia and Racine, Wis., where the foundation and her late father’s company, SC Johnson & Son, is based. Some of the foundation’s recipients include fire and rescue departments, Cornell University and the Prairie School, a college prep school in Racine. Johnson-Marquart inherited $1.5 billion when her father, Sam Curtis Johnson, died in 2004. Forbes ranked her No. 553 on this year’s list of the world’s billionaires. Johnson-Marquart is on the boards of the Johnson Financial Group and the Norfolk Academy.
Net worth: $2.2 billion
RANDAL J. KIRK
Radford. 53. It has been a big year for billionaire Randal J. Kirk. Since selling his 50 percent stake in New River Pharmaceuticals for about $1.2 billion in 2007, the entrepreneur and investment manager landed on two of Forbes’ most prestigious lists: The Forbes 400 of the richest people in America and the magazine’s list of billionaires. He continues to make headlines in Virginia as well. In February, Gov. Timothy M. Kaine named Kirk Virginia’s Outstanding Industrialist for the Year. Since the sale of New River, which concentrated on improving versions of widely prescribed drugs, he continues to work in pharmaceuticals through his private investment firm, Third Security LLC, located in Radford. Kirk has donated lots of money to political candidates and political action committees in Virginia. According to the Virginia Public Access Project, he gave $627,000 in 2007, with most of the money, $585,000, going to Democrats, including a $350,000 donation to Moving Virginia Forward, Kaine’s PAC. In 2008, he gave the PAC another $100,000. Kirk serves as rector of the board of visitors at Radford University, where he earned his undergraduate degree.
Net worth: $1.6 billion
SHEILA C. JOHNSON
The Plains and Arlington. 58. Construction began this year on Johnson’s much-anticipated $130 million Salamander Resort and Spa in Middleburg. The 340-acre resort is scheduled to open in 2009. Johnson continues to grow her hospitality and business empire. Salamander Hospitality, of which she is CEO, added the Innisbrook Resort and Golf Club in Palm Harbor, Fla., to its portfolio. Johnson, co-founder of Black Entertainment Television (BET), is a well-known philanthropist who says she has given away more than $26 million. She serves as a global ambassador for CARE, a Washington, D.C., organization that empowers women to fight global poverty. In 2007, she donated $4 million to the organization. She’s also bringing attention to poverty through films. Johnson served as an executive producer of “A Powerful Noise,” which profiles the fight of three women to overcome poverty and gender barriers. Another big event this year was the opening of the Sheila C. Johnson Design Center at the Parsons School of Design in New York. She donated $7 million for the project, which creates a new center and additional space for public gatherings, meetings and exhibitions.
Net worth: $1.5 billion
STEPHEN M. CASE
McLean. 49. Steve Case believes he may be sitting on the future of online bill paying, luxury lodging and healthcare. After launching the private investment firm, Revolution LLC in 2005, the former chairman of AOL continues to expand the company through startups including Revolution Health and Revolution Money. According to Forbes, Case is a billionaire. (See cover story on page 22.)
Net worth: $1.2 billion
Crystal City and Washington. Robert H. Smith, 79, and his brother-in-law, Robert P. Kogod, 76, continue to serve on the board of directors of Vornado Realty Trust. In March, Vornado completed the sale of its 48 percent interest in Americold Realty Trust, a deal expected to bring $110 million. In the meantime, Vornado/Charles E. Smith has more than 15.9 million square feet of office properties. The firm was started by the late Charles E. Smith in 1946. Smith’s son, Robert H. Smith, has been active in charity, and this year made contributions to the University of Maryland, Monticello and the Wilmer Eye Institute at Johns Hopkins University, as well as to political candidates. In November 2007, the Smithsonian’s Donald W. Reynolds Center for American Art and Portraiture unveiled the $63 million Robert and Arlene Kogod Courtyard, $25 million of which was donated by Kogod.
Net worth: $1 billion
RODNEY P. HUNT
McLean. 46. Hunt, the co-founder, president & CEO of RS Information Systems Inc. sold the company this year to Wyle, a Southern California company that specializes in aerospace engineering. According to BlackEnterprise.com, Hunt owned 75 percent of the company and estimated that his share of the sale was in the $800 million to $1.2 billion range. RSIS specialized in information technology, science, engineering and management consulting and had annual revenues of more than $300 million.
Net worth: $800 million
Fredericksburg. 82. The 2.4-million-square-foot Celebrate Virginia commercial, residential and entertainment complex in Fredericksburg could get even bigger. A proposed $230 million Kalahari Resort water park could help Fredericksburg become the tourism mecca that The Silver Cos. — Celebrate Virginia’s developer — envisioned. Wisconsin-based Kalahari Resorts wants to build a project that includes a 125,000-square-foot indoor water park, 100,000-square-foot conference center and 700 hotel rooms on 49 acres adjacent to the Fredericksburg Expo & Conference Center. The Fredericksburg City Council agreed in April to give the project tax incentives for 20 years. Silver, the founder of the Silver Cos., is no longer involved in day-to-day operations after turning over the reins to his son, Larry. The Silver Foundation donates to many local charities, including the Rappahannock United Way, the Boys & Girls Clubs and the American Red Cross.
Net worth: $800 million
RICHARD D. FAIRBANK
McLean. 57. The chairman and CEO of Capital One Financial Corp. built this credit card company into a diversified financial services company that’s now the 13th largest bank in the U.S. with assets of $150 million. During the past year, Capital One was hit with rising loan losses as a result of the subprime mortgage crisis, and its stock lost more than 30 percent of its value. The company wrote off $508 million in loans from its $148.5 billion portfolio in March, largely due to delinquent credit card debtors. Capital One’s first-quarter earnings in 2008 fell to $548.5 million from $675 million in the same period last year. Since 1997, Fairbank has given up salary and other cash incentives in exchange for options or performance-based shares. Fairbank is a partner in Washington, D.C.-based Lincoln Holdings LLC, an investment partnership that owns the NBA’s Washington Wizards, the Washington Capitals pro hockey franchise, and Washington’s Verizon Center.
Net worth: $750 million+
Richmond. The Gottwald family owns significant stock in three publicly traded Richmond companies — Albemarle Corp., Tredegar Corp. and NewMarket Corp. William M. Gottwald, 60, currently is chairman of Albemarle, a specialty chemicals manufacturer. (He will become vice chairman in August, and the company plans to transfer its headquarters to Baton Rouge, La., by the end of the year.) His father, Floyd D. Gottwald Jr., 85, has been director emeritus and chairman emeritus since retiring from the Albemarle board in April 2007. Another son, John D. Gottwald, 53, is CEO of Tredegar, which manufactures film and aluminum extrusions. The Gottwald family controls 23.15 percent of Tredegar’s stock. Floyd Gottwald’s younger brother, Bruce C. Gottwald, 74, is chairman and former CEO of NewMarket, a holding company for two fuel-additive manufacturers — Afton Chemical Corp. and Ethyl Corp. His son, Thomas E. “Teddy” Gottwald, 47, is president and CEO of NewMarket. Bruce Gottwald’s wife, Nancy, served as 2007 Christmas Mother for Richmond, helping to raise a record $325,000 for the holiday charity fund.
Net worth: $713 million+
FRANK BATTEN JR.
Norfolk. 49. A cloud of uncertainty hangs over Landmark Communications Inc. Batten, chairman and CEO, is exploring the possibility of selling the assets of the family-owned comp
any. Landmark has hired investment firms JP Morgan and Lehman Brothers to gauge interest in the sale of its newspapers, television stations and its most valuable holding — The Weather Channel. On its own, the channel and its accompanying Web site, http://www.weather.com could, net company owners $4 billion. Landmark has invested in several emerging businesses, such as Continental Broadband Inc., a managed data network services company, and Landmark Education Services in Norfolk, which owns career schools focusing on allied health. Batten channels his philanthropic efforts through The Aimee & Frank Batten Jr. Foundation, which donates to many local organizations, including the Norfolk Christian Schools.
Net worth: $700 million
GEORGE J. PEDERSEN
McLean. 71. ManTech International Corp., a defense and intelligence contractor that started with a single U.S. Navy contract, today is responsible for guarding some of the U.S. military’s most important intelligence. The company creates and supports the telecommunications systems used in Operation Iraqi Freedom and builds and maintains databases that track terrorists. Pedersen, ManTech’s chairman and CEO, co-founded the company in 1968 on a contract to build war-gaming models for the Navy, according to Washington Technology.Today, ManTech is a publicly traded company that employs more than 7,000 people. The company reported $1.4 billion in revenues in 2007. ManTech provides national security programs for many federal government agencies and sectors, including the intelligence community, space community and departments of Defense, State, Homeland Security and Justice. The company ranked No. 68 on BusinessWeek.com’s 2007 list of the fastest-growing technology companies in the U.S. Pedersen sits on the boards of the National Defense Industrial Association, the Institute for Scientific Research and the Association for Enterprise Integration. Pedersen owns more than 14 million shares of ManTech.
Net worth: $669 million
P. WESLEY “WES” FOSTER JR.
McLean. 74. Today’s struggling real estate market is unlike any other slowdown Foster has seen. The founder of Long & Foster Cos., the nation’s largest, privately owned real estate brokerage, recently told The Washington Post, “Right now we’re fighting for our lives … we’re closing offices, laying off people. We’re going to make it, but never in 40 years have we lost money … though we’re fighting like hell not to.” To make up for the decline in real estate sales, the firm increasingly relies on side businesses such as settlement services and mortgages. Its total sales volume for 2007 was $61 billion, down 6 percent from the previous year. Acquisitions such as the purchase of W.C. & A.N. Miller Development, with 400 employees in Maryland and Virginia, helped fuel growth and expansion into the high-end market. The company’s corporate offices are moving from Fairfax to a new 280,000-square-foot headquarters in Chantilly this month. Foster, a longtime supporter of Virginia Military Institute, where he graduated in 1956, was appointed to the school’s board of visitors last year by Gov. Timothy M. Kaine.
Net worth: $500 million+
VAN METRE FAMILY
Burke. With the March 2 death of real estate developer and philanthropist Albert G. Van Metre Sr. at age 82, his son, Beau Van Metre, says he has not only “lost a father, but I’ve lost a best friend as well. We were best friends as well as business partners.” The founding chairman of the Van Metre Cos., Albert Van Metre started in 1955 by purchasing two empty lots and building houses on them. Fifty-three years later, the Van Metre Cos. are worth nearly $1 billion, having built some 15,000 homes in the Northern Virginia/Washington, D.C., area. Beau Van Metre, 60, has moved up from vice chairman to chairman of the Van Metre Cos. From 1970 to 1984 the father and son team took up yachting, eventually winning every major race on the East Coast with their famous 60-footer, Running Tide. They also flew airplanes together. In the stalled housing market, the Van Metre Cos. remain profitable by focusing more on commercial development, says Beau Van Metre, whose son, Chris, now works for him as a project manager.
Net worth: Nearly $500 million*
*Estate of Albert G. Van Metre Sr.
THEODORE J. LEONSIS
McLean. 52. He remains as vice chairman emeritus of AOL through next year, but the post these days is in title only. Leonsis has moved on, getting back into business with for mer AOL colleague Steve Case. Leonsis serves as chairman of two new start-ups, Revolution Money and Clearspring Technologies. He also continues to support local charities such as Best Buddies.
Net worth: $425 million
C. DANIEL CLEMENTE
McLean. 71. The chairman and CEO of Vienna-based Clemente Development Co., a longtime player in commercial real estate in metropolitan Washington, announced the formation of a new private equity fund in April. The CDC Real Estate Opportunity Fund I is designed to take advantage of investment opportunities in commercial real estate created by recent turmoil in the global financial markets. Clemente said in a statement that he hoped to leverage the fund to $2 billion by 2009 when he believes asset values will be lower. “Our funds intend to capitalize on the results of this ‘Perfect Storm’ as commercial real estate begins to trade at prices based on net operating income instead of prices based on unrealistic projections of future rental rates and income,” he said when announcing the fund.
Net worth: $410 million
Richmond. Since the death of Robey W. Estes Sr. in September of 2006, Estes’ son, Robey W. Estes Jr., has taken over the family business. Still one of the top 25 carriers in the transportation industry, Estes Express Lines trucking and shipping services has had an impressive year. Besides opening 13 new terminals throughout the Midwest and earning top safety awards from the American Trucking Industry, the Richmond-based company also created a new subsidiary, Estes Air Forwarding LLC.
Net worth: $400 million+
Richmond. The late E. Claiborne Robins Sr., who headed A.H. Robins Co., began the family’s philanthropic efforts in the late 1960s with a $50 million gift to the University of Richmond, his alma mater. Matriarch Lora Robins, son E. Claiborne Robins Jr. and daughters Ann Carol Robins Marchant and Betty Robins Porter serve as directors of the family’s foundation. In 2007, the family’s Robins Foundation disbursed $7.4 million in grants. In 2008, the foundation gave $8 million to the University of Richmond for its new, on-campus stadium and for its Westhampton Center, which will serve women students. The foundation gave $1.6 million to the North Richmond Partnership for Families, an organization supporting early childhood development. Both grants were multiyear commitments. Claiborne Robins Jr. also runs E.C. Robins International Inc., which has interests in wine imports and an air charter. It also continues the family’s interest in pharmaceuticals with its ECR Pharmaceuticals subsidiary.
Net worth: $400 million+
Grundy and Bristol. James W. McGlothlin, prevailed in a highly publicized 2007 battle with the College of William & Mary. The W&M law school alum and former member of its board of visitors revoked a $12 million pledge to the college last year in response to then-W&M President Gene Nichol’s decision to remove a cross from permanent display in Wren Chapel. Nichol later resigned, in part because of the controversy over the cross and other matters. McGlothlin’s family made its fortune from coal, and Jim continues to head.
the United Coal Co. as chairman and CEO. McGlothlin’s brother, Michael McGlothlin of Grundy, ran an unsuccessful campaign last year for the Democratic nomination for the 3rd District seat in the House of Delegates. He also serves on the board of visitors for the Appalachian School of Law and the University of Appalachia College of Pharmacy. Another brother, Thomas D. McGlothlin, leads the McGlothlin Foundation which donates to a number of charities, including $25,000 annual awards for high-achieving teachers in the area.
Net worth: $350 million*
* Includes assets held in trust or by other family members
Upperville. Bertram R. and Diana Johnson Firestone, both 76, have joined with other owners of Kentucky Derby winners to call upon Congress to pass the American Horse Slaughter Prevention Act that would ban the transportation and slaughter of horses for human consumption. The resolution is currently stuck in subcommittees in Congress. The Firestones own the oldest living Kentucky Derby winner, Genuine Risk, who won in 1980 and was only the second filly to win the race. At 30 years old, she lives on the Bertrams’ 400-acre Newstead Farm. Bertram, who made his fortune in real estate and breeding horses, and Diana, a Johnson & Johnson fortune heiress, continue to be active on the equestrian circuit.
Net worth: $330 million
RUSSELL W. RAMSEY
Great Falls. 48. Ramsey, the chairman and CEO of hedge fund Ramsey Asset Management, began a three-year term as chairman of the George Washington University board of trustees in July. Ramsey is a 1981 GW School of Business graduate and has been on the board of trustees for 10 years. His firm provides research support and expertise to students who are selected to manage the Ramsey Student Investment Fund, an investment portfolio that he and his wife, Norma, started with a $1 million gift. The W. Russell and Norma G. Ramsey Foundation has supported programs for at-risk families, including four-year scholarships through the D.C. Capital Area’s Big Brothers Big Sisters program. Ramsey also sits on the boards of JER Investors Trust and the National Geographic Council of Advisors.
Net worth: $330 million
Bristol. After battling for several years with environmentalists over a proposed Florida golf course development that includes 645 acres of wetlands in a 1,700-acre tract, former Nicewonder Coal Group co-owner J.D. Nicewonder has turned his attention to political and charity work. He is still active in the Republican Party alongside brother Don Nicewonder, with the Nicewonder family donating more than $190,000 to Republican campaigns since 1996. Four Nicewonder members currently belong to the Ut Prosim Society, Virginia Tech donors who have contributed $100,000 or more to the school.
Net worth: $300 million +
ROBERT M. ROSENTHAL
Arlington. 80. The CEO of Rosenthal Automotive Organization continues to lead a privately owned chain of 17 auto dealerships in greater Washington, D.C., that generates annual sales of nearly $1 billion. Currently negotiating to buy a Nissan dealership, Rosenthal says his company is weathering the slow economy with first-quarter 2008 sales down only 3 percent from last year. “We’re merchandising harder, and we’re taking less money for our cars,” admits Rosenthal. A noted philanthropist, Rosenthal says his “biggest thrill” in business came from helping about 25 of his managers launch their own independently owned dealerships. Rosenthal serves on the Trustee Council of the National Gallery of Art and has pledged more than $5 million to charities including California’s Eisenhower Medical Center and the Smithsonian National Air & Space Museum. An active donor to Republican candidates, the auto magnate donated to the campaigns of John McCain, Mitt Romney and Fred Thompson.
Net Worth: $300 million
BETTY KNIGHT SCRIPPS
Charlottesville, East Hampton, N.Y. and Rancho Santa Fe, Calif. 82. The executive officer of Charlottesville-based Scripps Enterprises Inc., funded the establishment of a second professorship in medicine at the Mayo Clinic this year. Besides running a private firm with holdings in publishing, real estate, oil and gas, she’s an active philanthropist. For several years, Scripps has chaired the Candlelight Ball for Scripps Hospital in La Jolla, Calif., donating more than $1 million each year and raising three times that amount. She and her late husband, Edward W. Scripps, owned Scripps League Newspapers which they sold in 1996. The Scripps League Newspapers Education and Research Fund continues to provide financial assistance to journalism students at universities. Scripps also established the Scripps Library at the Miller Center at the University of Virginia.
Net worth: $300 million
NICHOLAS D. CHABRAJA
Falls Church. 65. At the request of his board, Falls Church-based General Dynamics Corp., chairman and CEO Chabraja agreed to extend his contract for another year, setting June 30, 2009, as his retirement date. He is in his 11th year leading one of the country’s largest defense contractors, General Dynamics, which employs about 81,000 people. It snagged several major contracts last year, with some of them related to protecting American military forces in Iraq. With $27.3 billion in annual revenues, General Dynamics ranks 87th on the 2008 list of Fortune 500 companies, up from 92nd place in 2007 when revenues stood at $24.2 billion. Chabraja exercised stock options last year worth $45.2 million. In May, the stock was trading at around $90 a share, a big tick up from last year’s price of about $78. Chabraja and his wife, Eleanor, each contributed $2,300 to U.S. Sen. Hillary Clinton’s presidential campaign last year, according to the Federal Election Commission. Washington Life magazine named Chabraja one of the 100 most powerful people in D.C. last year.
Net worth: $297 million
JOSEPH E. ROBERT JR.
McLean. 57. Robert, the chairman and CEO of the commercial real estate and global investment firm J.E. Robert Cos., is known around Washington, D.C., as one-third of the “holy trinity.” Robert, James Kimsey (a co-founder of AOL) and Raul Fernandez (an Internet service business executive) have given millions to causes around the nation’s capital. One of their charities is their alma mater, St. John’s College High School. In 1990, Robert, a Washington native, founded Fight For Children to help underprivileged children gain access to high-quality educational and health-care services. Today the nonprofit has raised more than $80 million. Robert sits on many business group and nonprofit boards. He is chairman of Business Executives for National Security, on whose behalf he has traveled to Iraq at least three times. He also is on the international advisory board of EuroHypo AG, the Policy Advisory Board of the Fisher Center for Real Estate and Urban Economics at the University of California and the Peterson Institute for International Economics in Washington. In addition, Robert is chairman of the Washington Scholarship Fund.
Net worth: $260 million
Richmond. The family-owned C.F. Sauer Co. celebrated its 120th anniversary of manufacturing spices and extracts last year by turning its back on one major tradition. After three years of market research and focus-group testing, Sauer began jettisoning its familiar red-capped yellow spice containers in favor of a more modern look. “It had become tired looking, and we needed to reposition our products to new and younger consumers,” says Mark Sauer, executive vice president of sales. Other changes include a newly patented spice rack system for grocery stores that cuts stock times in half, and the introduction of 36 new products, such as MSG-free grilling blends. Mark Sauer’s elder brother, Conrad F. Sauer IV, is president and CEO of the company. Their father, Conrad F. Sauer III, is chairman of the board. Bradford Sauer is president of Sauer Properties, and Tyler Sauer leads plant scheduling. The company has about 900 employees and manufactures 300 products, including extracts, seasonings and gravy mixes.
Net worth: $250 million+
Reston. 52. Saville is president and CEO at NVR Inc., one of the country’s largest home-building and mortgage banking companies. He earned an $800,000 salary in 2007, but received no bonus as the company tried to weather the tough real estate and financial markets. A bright ray for NVR is that it was one of only two of the top 12 nationwide homebuilders that were profitable in 2007. NVR saw revenues decline more than 16 percent to $5.1 billion in 2007 from the previous year and net income fell 43 percent to $334 million in 2007 from $587 million in 2006. In 2008, Saville has sold about $10 million worth of stock so far.
Net worth: $233 million
McLean. 43. He continues to preside as chairman, president and CEO of McLean-based MicroStrategy Inc., which took a beating from analysts earlier this year after the business software maker reported a dip in profits for fiscal 2007, from $70.9 million to $58.5 million, or 17.5 percent. Management was panned for not talking to Wall Street investors and for planning to buy a $46 million Bombardier jet expected to be delivered in 2009. Profit continued to decline during this year’s first quarter, although revenues were up. Net income stood at $8.3 million, or .67 per share on a diluted basis, compared to $9.8 million, or .75 per share for first quarter 2007. Revenue stood at $83.5 million versus %69.4 million for the first quarter of 2007, or a 20 percent increase. The company plans to sell two of its noncore businesses, Alarm.com and Angel.com. In April, Saylor got a nice raise, with his annual salary increased from $525,000 to $875,000. He also was granted a $1.8 million bonus for fiscal 2007. His Constitution Foundation charity had assets of $14.3 million in 2006 and distributed nearly $700,000 in grants that year to art, educational and other activities.
Net worth: $219 million
NIGEL W. MORRIS
Alexandria. 49. The former Capital One Financial Corp. executive and co-founder is busy these days advising other companies and funding startups. Recently, he joined the board of directors of Mobile Posse, a McLean-based provider of advertising solutions for mobile devices. Morris also serves on the board of Clearspring Technologies, another McLean company that has received financial backing from Steve Case’s Revolution LLC investment firm and Ted Leonsis. Clearspring provides a platform for widgets, a mini-Web application that helps people customize their blogs and Web pages. Morris is also a partner in Alexandria-based Columbia Capital, a venture capital firm specializing in the communications and information technologies industries.
Net worth: $200 million
MARK R. WARNER
Alexandria. 53. The former Virginia governor is running for the seat of retiring Sen. John Warner. He announced last month with a war chest of more than $2.5 million that he raised during the first quarter. If elected, the Democrat plans to put his holdings in a blind trust, as he did during his gubernatorial term. According to the public disclosure report candidates are required to file, Warner’s assets are valued between $88 million and $390 million, although Warner previously indicated his net worth is about $200 million. As an investor, he sees as much potential for wealth and job creation in the development of alternative energy sources as he saw in telecommunications 20 years ago. “I’m not just talking about solar, wind or bio-fuel,” he says. “I’m also talking about coal — carbon capture and sequestration — and taking a fresh look at nuclear.” Warner made his fortune as a cellular phone pioneer. He and his wife, Lisa Collis, recently donated $1.5 million to The Nature Conservancy in support of environmental conservation work in Virginia’s Allegheny Highlands. “We both think that preserving Virginia’s natural beauty needs to be both a public concern and a private effort,” says Warner.
Net worth: $200 million
HARRY H. HUNT III
Blacksburg. 74. Harry Hunt says his net worth spiked by $5 million last year. His private real estate and development company, HHHunt Corp, continues to thrive, because he doesn’t have all his eggs in one basket. “Diversification is a major reason we are doing well in spite of the ‘housing bubble.’” The firm owns nearly 6,000 multi-family rental units and 22 assisted living facilities in 17 cities. In addition, it has home-building companies in Richmond, Hampton Roads and Raleigh, and it plans to open a Charleston, S.C., branch soon. Hunt expects to see a much better housing market in the second half of this year, compared to the first half. “With the media continually indicating that if one buys now the house will be worth less in 6 months, it has no doubt pushed home buyers to the sideline,” he says. “This should change shortly as people realize it will become a ‘buyer’s boom.’” Hunt enjoys travel and visited Bejing, Hong Kong and Singapore in the spring.
Net worth: $194.1 million*
DANIEL F. AKERSON
McLean. 59. With many business deals culminated on the golf course, perhaps it’s no surprise that the managing director of The Carlyle Group landed on Golf Digest’s inaugural list of top financial golfers. Akerson was tied for No. 87 on the magazine’s list of the top 150 financial duffers. Akerson heads the private equity fund’s U.S. Buyout fund. In the political arena, Akerson recently proved that he knows a good bet. He donated $2,300, the maximum allowable under the law, to John McCain’s presidential campaign last September when most had written off the senator, now Republican presidential nominee. A U.S. Naval Academy graduate, Akerson remains on the boards of the U.S. Naval Academy Foundation, American Express and Freescale Semiconductor, and is chairman of Hawaiian Telcom.
Net worth: $190 million
THE REV. M. G.
Virginia Beach. 78. Robertson stepped down in December as CEO of the Christian Broadcasting Network, turning the reins over to his son, Gordon Robertson. Pat remains chairman of CBN and still co-hosts its flagship television show, “The 700 Club.” Gordon is the vice chairman. Robertson also remains as president of Christian Regent University. Robertson is also involved in “green chemistry.” His company, Earth Friendly Chemicals, produces a broad-range of environmentally friendly de-icers and disinfectants. Another business that caught Robertson’s interest this year was his hometown metropolitan daily newspaper, The Virginian-Pilot, whose owner, Landmark Communications, is exploring the potential sale of its media properties. Robertson said in January that he was considering a bid to purchase The Pilot, but nothing has come of his interest so far.
Net worth: $175 million
RICHARD L. SHARP
Richmond. 61. The retired chairman of used-car retailer Carmax Inc. remains active in business. Sharp has been serving as an adviser on several boards and making political waves. He is a director on the board for the Singapore-based engineering and manufacturing firm Flextronics International Ltd. and is board chairman of the footwear retailer Crocs Inc. He spent $200,000 last year to create Citizens for the Commonwealth, a political action committee that donated $555,000 in the fall to Republican candidates for state senate and delegate seats. Sharp also donated $75,000 to the state Republican Party last year and $10,000 in November to former Gov. Jim Gilmore’s PAC, which Gilmore used to consider a bid for a U.S. Senate seat. The Sharp Foundation has donated to many local and state organizations, including the Virginia State Golf Association Foundation, the Alliance for School Choice and the American Cancer Society.
Net worth: $170 million
Newport News. Noland family members have been longtime supporters of Newport News and Virginia museums, as well as many different charitable organizations. Lloyd U. Noland III, 65, currently serves on the board of trustees of the Virginia Historical Society. Noland is the former chairman and CEO of Noland Co., which sells products to the plumbing, electrical and air conditioning industries. He sold the company in 2005 for $250 million. Noland’s father, Lloyd Noland Jr., is president of the Noland Memorial Foundation, the family’s charitable arm.
Net worth: $166 million
JOSEPH W. LUTER III
Smithfield. 68. The chairman of Smithfield Foods recently sold more than 870,000 shares, raking in $24 million in early 2008. Luter still owns nearly 4.3 million shares of Smithfield. He has been with the company for 33 years, stepping down as CEO in 2006 after helping to build Smithfield into the world’s No. 1 hog producer and pork processor, largely through acquisitions. These days, though, the company is shedding some units. In March, it announced an agreement to sell its beef processing and cattle feeding operation to an overseas company, JBS S.A., for $565 million in cash. A recent change in senior management brought a promotion for Luter’s son. In April, Joe Luter IV was named a Smithfield Foods executive vice president, moving up from president of Smithfield Packing Co. The elder Luter lectures at the Harvard Business School and the Darden Graduate School of Business Administration at the University of Virginia. Luter also established the Smithfield-Luter Foundation, which gives need-based undergraduate scholarships to children of employees.
Net worth: $162 million
DANIEL A. HOFFLER
Eastville. 59. Hoffler’s real estate development company celebrated the grand opening of the tallest building in Virginia with a black-tie charity gala in January. NASCAR drivers Kyle Petty and Kurt Busch, (who was married in 2006 at Hoffler’s Eastern Shore estate), served as honorary chairmen at the celebration of the Westin Virginia Beach Town Center Hotel & Residences. The 40-story hotel includes 236 guest rooms and 120 condominiums. It’s part of the Virginia Beach Town Center, a 17-block business, residential and shopping center being developed by Armada Hoffler, where Hoffler continues as chairman. Meanwhile the company is a partner in a $50 million mixed-use project in Blacksburg. Smith’s Landing, which is being developed with former Hokie and NFL player Bruce Smith, will include 284 apartments, a 137-room hotel and commercial retail space. Point Farm, Hoffler’s 130-acre estate on the Eastern Shore, is on the market for $41.7 million. (See story on page 51.)
Net Worth: $150 million
Richmond. The family runs Weinstein Properties, which owns and operates apartments in Virginia and North Carolina, among other real estate holdings. Marcus Weinstein is chairman and CEO; Allison Weinstein is president and chief operating officer; and son-in-law Ivan Jecklin is general counsel and executive vice president. (See profile of Carole Weinstein, the company’s vice chairman, on page 34.)
Net worth: $150 million
McLean. 44. The co-founder of Signal Corp. received more than 40 industry and growth awards for his entrepreneurship while he was CEO, but these days he’s chasing after a different kind of trophy. The A1 Grand Prix Team USA that he co-owns won its first race at the A1GP World Cup of Motorsport in April at the Shanghai International Circuit. Last year the team ended the season in 12th place, finishing just shy of its goal to reach the top 10. Mody sold his technology services firm for $227 million in 2002. He took home an estimated $125 million. In his retirement, Mody is advising startup companies and pursuing philanthropic projects. His Mody Foundation supports many charitable organizations associated with professional sports such as Hoop Dreams and Joe Gibbs’ Youth for Tomorrow.
Net worth: $135 million
BETTY AND FARMER MEADOWS
Spotsylvania County. Both 73. The Meadows have expanded their nursery business to a location near Harpers Ferry, W.Va. The couple recently purchased 10 acres of commercial property in Charles Town for $1.3 million and opened their first nursery there in April. The two own Meadows Farms, Meadows Farms Landscaping and Meadows Farms Golf Course, a 27-hole course in Orange County. The Meadows have 26 nurseries around Northern Virginia and also own an 850-acre farm that raises beef cattle. Farmer remains involved in the business. Son Jay Meadows, 45, serves as president of Meadows Farms.
Net worth: $129 million
JAMES B. MURRAY JR.
Charlottesville. 61. This venture capitalist has provided more than “change” to U.S. Sen. Barack Obama’s campaign. Last fall Murray organized a Charlottesville rally and fundraiser that drew more than 4,250 people and raised $300,000 for Obama. Murray is founder and managing general partner of Court Square Ventures, a private equity venture capital firm that manages some $160 million and invests in early-stage communications, information technology and media technology industries. The firm’s latest ventures include Mobile Posse, a provider of advertising content on mobile phones. Murray chairs the Virginia Commission on Higher Education Appointments. A 1974 graduate of the College of William & Mary’s law school, he headed a successful $500 million capital campaign for his alma mater, which concluded last year.
Net worth: $125 million
Richmond. 53. After overseeing growth of Liberty Property Trust’s Virginia portfolio, whicgrew from $125 million in 1995 to $350 million, Lingerfelt the company in 2007 so he could resume being a private developer. A long-time supporter of Virginia Commonwealth University, he was a director of the school’s Real Estate Foundation until last year. He also has served on the College of Engineering Board at Virginia Tech. Lingerfelt’s family also contributed to scholarship funds at the Douglas S. Freeman High School.
Net worth: $120 million
PAUL AND TERESA KLAASSEN
McLean. The founders of Sunrise Senior Living, husband and wife Paul and Teresa Klaassen, own about 11.7 percent of the company’s shares, a value of nearly $120 million. Sunrise operates 441 senior living communities with capacity for more than 54,000 residents in the United States, Canada, Germany and the United Kingdom. It currently has 40 communities under construction. Paul recently stepped down as chairman but remains CEO. Accounting irregularities led to lowering earnings from 1996 through 2005 by $173 million. The restatement found accounting errors but did not find evidence of insider trading or backdating stock options, according to The Washington Post. Teresa Klaassen is a director and the company’s chief cultural officer. She is a founding member of the Assisted Living Federation of America, and serves on the Committee of 200, a leadership group of corporate women. She also chairs the Sunrise Senior Living Education Foundation, which operates Merritt Academy, The Appletree School and First Steps Childcare Center.
Net worth: $119 million
STEVEN A. MARKEL
Richmond. 58. “Any area that gives standard insurance companies heartburn, we want to figure out how to get actively involved in.” That’s what Steven Markel told the New York Times this year about how his company operates. Markel, vice chairman of the Markel Corp. since 1992, now shares the title with his cousin, Anthony Markel. Steven Markel also serves as a director of the Richmond-based men’s retailer S&K Famous Brands Inc. and on the board of First Market Bank. He’s also active in the community. Markel serves as chairman of the Virginia Commonwealth University’s School of Business Foundation and is on the board of the Richmond Chapter of the American Heart Association. He was inducted in May into the Greater Richmond Business Hall of Fame by the Junior Achievement of Central Virginia.
Net worth: $113 million
Winchester. Shenandoah University’s Harry F. Byrd Jr. School of Business found a new home this year in the $12.5 million, 60,000-square-foot Halpin-Harrison Hall. Harry F. Byrd Jr., 93, attended the the building’s dedication in March. Byrd spent 18 years in the U.S. Senate and 18 in the Virginia Senate. The Byrd family publishes newspapers in the Shenandoah Valley, including The Winchester Star and the Daily News-Record in Harrisonburg. Thomas T. Byrd, one of Harry Byrd’s sons, is publisher of most of the papers. Harry F. Byrd III is chairman of the board of Winchester Medical Center and sits on the board of directors of its parent company, Valley Health System. In addition, Tom Byrd is on the board of advisers for the Marsh Institute for Government and Public Policy at Shenandoah University. The family and the newspapers are active donors and sponsors, including annual $10,000 Star Leadership Awards to selected students at area high schools.
Net worth: $100 million+
DAVID R. GOODE
Norfolk. 67. The retired chairman and CEO of Norfolk Southern Corp. and his wife, Susan, donated an unspecified amount to open a campus resource center at Roanoke College in honor of his father, sister and brother-in-law, who were graduates of the school. The Goode-Pasfield Center for Learning and Teaching, which opened in April, serves as a center for writing support, tutoring and peer mentoring. Goode worked at Norfolk Southern for 40 years and was its CEO for 13 years. A Harvard Law graduate, he also serves on several corporate boards and on the board of trustees for the Chrysler Museum of Art in Norfolk.
Net worth: $100 million+
WILLIAM H. JR.
AND ALICE GOODWIN
Richmond. It’s been a good year for William H. Goodwin Jr.’s CCA Industries resort properties and hotels. The Jefferson Hotel maintained its status as a five-star hotel for the eighth consecutive year. Plus, The Hermitage Hotel in Nashville earned the coveted Mobil Travel Guide rating for its second consecutive year, and CCA’s Kiawah Island Golf Resort in Charleston, S.C., earned it for the first time in 2008. Goodwin, 67, amassed his fortune as head of AMF Bowling, which he sold for $1.37 billion in 1996. Contrary to some published reports, Goodwin says that he was no longer involved with MAXjet, a Dulles-based airline, by the time it filed for bankruptcy last year. He was among several Richmond investors who invested capital in the fledgling airline when it was founded two years ago. Goodwin also sits on the board of directors of Wachovia Corp. Riverstone Group LLC, a family-owned Goodwin company, purchased 500,000 shares of Wachovia stock for $19 million last year. Noted philanthropists, Goodwin and his wife, Alice, have pledged or donated more than $100 million to Virginia Commonwealth University. They focus charitable giving on education, religion and cancer research and treatment.
Net worth: $100 million+
Confidence level: C
DAVID C. KARLGAARD
Fairfax. 61. A self-made multimillionaire, Karlgaard co-founded PEC Solutions Inc., a government IT company in 1985 and served as its chairman and CEO until he sold the company to Nortel Networks Corp. for $449 million in 2005. An adjunct professor at George Washington University, Karlgaard also serves as a director at Argon ST Inc., a Fairfax-based systems engineering firm, and Rising Edge Technologies, a privately held startup company focused on data storage solutions.
Net worth: $100 million+
JONNIE R. WILLIAMS
Chester. 53. Williams is one of the founders of Star Tobacco Inc. and the inventor of the StarCured tobacco-curing process. He 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 is appealing rulings in its patent infringement lawsuit against RJ Reynolds at the U.S. Court of Appeals for the Federal Circuit. Oral arguments were heard in March. Williams is one of the owners of Regent Court Technologies LLC and is a principal in Jonnie Williams Venture Capital Corp.
Net worth: $100 million+
GEORGE BUCHANAN JR.
BUSINESS: Real estate development
Net worth: $102.5 Million
From his beginnings as a plywood manufacturer to a developer of hotels and condos, George Buchanan Jr. has managed to amass a fortune of more than $100 million. His secret to getting rich? Work hard, as in six- and seven-day weeks, and start your own business. “Try to get in business for yourself as soon as possible, as soon as you know a business,” he says. “Don’t try to get in before you know it.” The 72-year-old businessman has lived in Danville since 1965 where he owned and operated Danville Plywood Corp., from 1974 until he sold the private company in 1996. He sold plywood primarily to wholesale distributors such as Georgia Pacific. While Buchanan says he made some profit upon selling his business, “I did much better when I started concentrating on the housing business.”
For 10 years, Buchanan had been building oceanfront properties in Myrtle Beach, so he turned his attention to that full time. Apparently, he rode the housing boom just right, building five hotels and four condominium projects. He started selling the properties in 2000. At this point, he says he has sold all but a few condo units, and all the properties have turned a profit. “We managed to sell everything in ‘07 at a profit,” he adds. “We’re still selling some units, but we’re not discounting them. We’re prepared to hold them until the market turns around.”
Prices range from $189,900 for a one-bedroom studio condo with 484 square feet to $740,000 for a four-bedroom unit with 1,734 square feet. Buchanan continues to manage the properties for the new owners through a series of limited liability corporations. He’s also looking into building two new oceanfront properties under a brand name. “We’re looking at a Marriott or Hilton, although we have no agreement yet.” A native of Appomattox, Buchanan keeps a more leisurely schedule these days. He likes to winter in Florida and play golf, and he visits Wyoming and Montana during the summer. He also owns a home at Smith Mountain Lake in Bedford County. Through donations made from a family foundation, Buchanan supports several charities, including injured veterans, the Danville Rescue Squad and his local church.
His previous experience with CBS news comes through in a recent news video posted at the company’s Web site. It gives viewers a look at how the Loudoun Times-Mirror recently reported on one controversial story, from news gathering to production.
Net worth: $100 million*
*Includes assets held in trust or by other family members.
Richmond. 79. The Grammy-winning Country Music Hall of Famer now lives in semi-retirement with his wife, Donna, on a 250-acre estate on the James River in Henrico County’s Varina area. He recently sold his trademark yacht, Big Bad John (named for his 1961 hit song). Dean’s legacy continued in 2007: The former sausage magnate’s folksy TV commercials were parodied in last year’s “Walk Hard: The Dewey Cox Story,” and MGM released a remastered DVD of “Diamonds are Forever,” the 1971 James Bond flick in which Dean played a reclusive Texas billionaire. Dean’s also preparing a lawsuit seeking royalties from the DVD release last year of episodes from “The Jimmy Dean Show.” Dean’s fortune is invested in banking, real estate, oil and hotels.
Net worth: $100 million
Richmond. J. Sargeant Reynolds Community College in Richmond is naming its new Library Technology Center after Ivor and Maureen Massey in honor of the couple’s $1 million pledge to the college’s first-ever major gifts campaign. “In rough economic times, J. Sarge is even more important because of their crucial role locally in work-force training,” says Ivor Massey Jr. He also recently pledged $100,000 to Virginia State University to establish an endowed scholarship in his wife’s name. Massey, 60, oversees a family fortune from his investment-savvy grandparents and parents, bequeathed to him and his siblings. The community-minded Massey sits on the boards of J. Sargeant Reynolds and the Faison School Foundation, to name a few. He’s also an active political donor, including $35,000 to incumbent independent Del. Katherine Waddell’s unsuccessful bid for re-election last year. On the investment side, Massey recently adjusted his family’s stock profile. “We’re still staying in long equities, but we’re kind of hunkering down for some rough sledding. We’ve pruned a little bit around the margins.”
Net worth: $100 million*
* Includes assets held in trust or by other family members
ALEXANDER AND MARGARET McMURTRIE
Richmond. Former state Delegate Alexander B. McMurtrie Jr., 71, and his wife, Margaret Hillenbrand McMurtrie, 70, started a new scholarship in 2007 at Georgetown University Law School, one of McMurtrie’s alma maters. “We want to give these students the opportunity to pursue their dreams and goals,” McMurtrie told Virginia Business. The McMurtries also contribute to his other alma mater — the University of Notre Dame — where the couple is on the President’s Circle and one of the school’s advisory boards. They have substantial investments in Indiana-based Hillenbrand Industries, founded by Margaret McMurtrie’s grandfather. Hillenbrand Industries is the holding company of Batesville Casket Co. and Hill-Rom, which makes health-care products.
Net worth: $100 million
MILTON V. PETERSON
Fairfax. 71. April brought the opening of the Gaylord National Resort and Conference Center, (see story page 81) the largest non-gaming hotel and convention center on the East Coast and the focal point of Peterson’s National Harbor. When fully built out, the massive mixed-used project will boast 7.3 million square feet of stores, offices, restaurants, condominiums and a marina along the Potomac River in Prince George’s County, Md. Peterson, owner and CEO of The Peterson Cos. in Fairfax, is a longtime player in Northern Virginia’s real estate market, and National Harbor will seal his legacy if all goes as planned. While housing sales may be slow elsewhere, demand has been strong for condos at National Harbor. The 300-acre project is expected to create 5,000 jobs. Peterson is bringing cultural attractions to National Harbor, including “The Awakening,” a 70-foot-long sculpture he bought for $750,000; it had been at the National Park Service’s Hains Point.
Net worth: $100 million
JOHN W. SNOW
Richmond. 68. The former secretary of the U.S. Treasury continues as chairman of Cerberus Capital Management LP, a New York City-based private investment group. The group is best known for buying an 80 percent equity interest ($7.4 billion) in DaimlerChrysler. Since the Chrysler acquisition in August, Snow has become the front man for Cerberus, fielding many questions when the company pulled out of a $4 billion takeover of United Rentals last November. Cerberus also holds a controlling interest in finance company GMAC LLC. Outside of Cerberus, Snow serves on the board of directors for Verizon Communications Inc. and Marathon Oil Corp.
Net worth: $100 million+
Roanoke. The U.S. ambassador to Romania is the retired chairman of Roanoke-based Advance Auto Parts. Nicholas F. Taubman, 73, and his wife, Jenny, gave $15.2 million to the $68 million Art Museum of Western Virginia which will be renamed in their honor when it opens to the public this November. (See story on page 38).
Net worth: $100 million
Richmond. Brothers James E. “Jim” Ukrop, 71, and Robert S. “Bobby” Ukrop, 62, head Ukrop’s Super Markets Inc., the top grocery in Richmond. The family-owned chain has 29 locations in Central Virginia and opened its first store in Roanoke last year. Statewide, the company continues to battle stiff competition from Kroger, Food Lion and Wal-Mart. The chain cited such competition along with poor sales, in closing its location near Virginia Commonwealth University in April. Ukrop’s Super Markets co-owns First Market Bank, which has 34 branches, many located within Ukrop’s stores. The brothers also own Ukrop’s Dress Express, a uniform business with more than 1,200 corporate clients across the nation. Both Ukrop brothers are influential in area politics and business. Jim Ukrop, who serves as chairman of Ukrop’s and First Market Bank, is a state and local political insider who supported Gov. Timothy M. Kaine’s election. Bobby Ukrop is a former chairman of the Greater Richmond Chamber of Commerce.
Net worth: $100 million
ANTHONY F. MARKEL
Richmond. 66. Markel decided in May to step back from daily operations of Markel Corp. and serve as vice chairman of the Richmond-based specialty insurance firm. He had been president and COO of the firm since 1992 and has spent more than 40 years with the company. He will lead the company’s strategic focus of its insurance business while his cousin, Steven Markel, who also has the title of vice chairman, continues to focus on Markel’s investment operations. The Markels led the company through tremendous stock gains during the past decade, with prices increasing five-fold. But the recent volatility of the insurance market has dampened Markel’s earnings and stock value. The stock price is down 13 percent from a year ago and down 24 percent from a high of $554 in August to $421.50 in recent weeks. During the past year, Markel Corp. has made some major expansions. In addition to opening offices in Singapore and Sweden, the company introduced an electronic claims filing system and a new excess flood coverage program in select U.S. states.
Net worth: $95 million
McLean. 60. The president of NVRM, the mortgage and fin-ance subsidiary of NVR Inc. since 1992, is not immune to the housing crunch. His $410,000 s