Bank of Virginia
The bank named Todd Thomson as the newest member of its board of directors. Thomson is chairman of Dynasty Financial Partners and founder and CEO of Headwaters Capital. Thomson was formerly chairman and CEO of Citigroup Global Wealth Management. Thomson is a graduate of Davidson College and received his MBA from the Wharton School of the University of Pennsylvania. His election to the Bank of Virginia board is subject to regulatory approval.
Bank of Virginia also announced the hiring of Roy Barzel as the bank’s new chief credit officer. His hiring is also subject to regulatory approval. Barzel worked more than two decades in banking, primarily for SunTrust and its predecessors Crestar and United Virginia Bank. He holds a bachelor’s and a master’s from the University of Florida.
CarMax
The company released its latest proxy statement, disclosing the total compensation packages given to its top executives in 2010.
President and CEO Thomas Folliard received $5.9 million in total compensation in 2010, including a $993,000 base salary, $3 million in stock awards and options and $1.5 million in incentive pay. His total pay was up $600,000 from 2009, thanks in part to a $143,000 raise in his base salary. Folliard, 46, also received hundreds of thousands worth of other compensation that included $125,000 worth of use of the company jet and an $850 a month vehicle allowance.
Keith Browning, the company’s CFO until late 2010, received $2.88 million in total compensation in 2010, on par with his total pay from the previous year. Browning received a $640,000 base salary, up about $15,000 from 2009. His other compensation consisted of $1.4 million in stock and option awards, $578,000 in non-equity incentive pay, retirement benefits, $14,000 for use of the company jet and a $530 monthly car allowance.
Michael Dolan, CarMax’s chief administrative officer, received $2.72 million in total compensation in 2010, up from $2.59 million in 2009. His base salary was $605,000, up from $581,000 in 2009.
Joseph Kunkel, senor vice president of marketing and strategy, received $2.02 million in total pay, up from $1.91 million. He was paid a $569,000 base salary, up $22,000 from the previous year. The rest of his compensation included stock and option awards, incentive pay, retirement, a car allowance and $29,000 worth of time on the company jet.
Thomas Reedy, who succeeded Browning as CFO, received $1.93 million in total compensation in 2010. No previous year data were available.
CarMax also announced that its annual shareholders meeting will be June 27 at the Richmond Marriott West Hotel in Glen Allen.
James River Coal
James River Coal released its proxy, statement revealing the total pay packages given to its top executives in 2010.
Chairman, President and CEO Peter Socha received $2.07 in total compensation in 2010, an increase of $772,000 from 2009. Socha saw his base salary rise by $128,000 in 2010 to $681,000. He also received a $250,000 bonus, $1.1 million in stock awards and other compensation.
COO Coy Lane Jr. received $1.58 million in total compensation in 2010. That was an $870,000 increase from 2009. His base salary for 2010 was $386,000, up $64,000 from the previous year. He also received a $150,000 bonus and $1.02 million in stock awards.
Chief Commercial Officer Michael Weber’s total pay in 2010 was $453,000, up $116,000 from the previous year. His base pay rose $16,000 to $228,000 and he was given a $25,000 bonus.
Samuel Hopkins, chief accounting officer, made $358,000, a decrease from $384,000. Hopkins’s total pay has dropped each year since 2008, when it was $690,000. His base salary has increased during that time, though his stock awards have dropped from $499,000 in 2008 to $77,000 in 2010.
The company also announced that its annual shareholders meeting will be June 21 at its office at 901 E. Byrd St. in Richmond.
MeadWestvaco
John Banu, the company’s controller, exercised options for 11,639 shares for $29.55 each or $343,932. He then sold those shares for $33.95 each or $395,000.
Media General
Director Coleman Wortham III bought 10,000 shares for $5.02 each or a total of $50,200. He directly owns 60,000 shares of MG stock.
Walter Williams, who retired from the company’s board of directors, received 102,000 shares at no cost. The shares were previously issued as phantom stock.
Chairman J. Stewart Bryan III disposed of 38,256 shares at $5.81 per share or $222,267. The company said Bryan transferred his balance in the Media General stock fund to other investment funds for estate planning purposes. He still has more than 969,000 Media General shares held in trusts.
NewMarket Corp.
President and CEO Thomas Gottwald exercised options for 15,000 shares at $4.35 each or $65,250. He then sold those shares for $2.7 million.
Owens & Minor
Chief Information Officer Richard Mears exercised options for 24,750 shares for $560,000. He then sold those shares for approximately $775,000.
William Simpson, a senior vice president, exercised options for 13,500 shares for $24.08 each or $325,000. He then sold 20,024 shares for $34.29 each or $686,600.
E.V. Clarke III, an executive vice president, exercised options for 13,500 shares for $24.08 each or $325,000. He then sold 18,880 shares for $34.21 per share, for a total of $645,800.
SouthPeak Interactive
Chairman Terry Philips, who recently was slapped with a $50,000 fine by the SEC, disposed of 890,000 Southpeak shares as a gift. No further details were given. He still owns more than 15.7 million shares of the Midlothian-based video game maker.
Union First Market Bankshares
Union awarded each of its top executives options for tens of thousands of shares. Most notably, CEO Billy Beale received options for 24,862 shares to be exercised at $12.11 each. The options are exercisable beginning in 2012 and expire in 2021.
Michael Schwartz is a BizSense reporter. Please send news tips to [email protected].
Bank of Virginia
The bank named Todd Thomson as the newest member of its board of directors. Thomson is chairman of Dynasty Financial Partners and founder and CEO of Headwaters Capital. Thomson was formerly chairman and CEO of Citigroup Global Wealth Management. Thomson is a graduate of Davidson College and received his MBA from the Wharton School of the University of Pennsylvania. His election to the Bank of Virginia board is subject to regulatory approval.
Bank of Virginia also announced the hiring of Roy Barzel as the bank’s new chief credit officer. His hiring is also subject to regulatory approval. Barzel worked more than two decades in banking, primarily for SunTrust and its predecessors Crestar and United Virginia Bank. He holds a bachelor’s and a master’s from the University of Florida.
CarMax
The company released its latest proxy statement, disclosing the total compensation packages given to its top executives in 2010.
President and CEO Thomas Folliard received $5.9 million in total compensation in 2010, including a $993,000 base salary, $3 million in stock awards and options and $1.5 million in incentive pay. His total pay was up $600,000 from 2009, thanks in part to a $143,000 raise in his base salary. Folliard, 46, also received hundreds of thousands worth of other compensation that included $125,000 worth of use of the company jet and an $850 a month vehicle allowance.
Keith Browning, the company’s CFO until late 2010, received $2.88 million in total compensation in 2010, on par with his total pay from the previous year. Browning received a $640,000 base salary, up about $15,000 from 2009. His other compensation consisted of $1.4 million in stock and option awards, $578,000 in non-equity incentive pay, retirement benefits, $14,000 for use of the company jet and a $530 monthly car allowance.
Michael Dolan, CarMax’s chief administrative officer, received $2.72 million in total compensation in 2010, up from $2.59 million in 2009. His base salary was $605,000, up from $581,000 in 2009.
Joseph Kunkel, senor vice president of marketing and strategy, received $2.02 million in total pay, up from $1.91 million. He was paid a $569,000 base salary, up $22,000 from the previous year. The rest of his compensation included stock and option awards, incentive pay, retirement, a car allowance and $29,000 worth of time on the company jet.
Thomas Reedy, who succeeded Browning as CFO, received $1.93 million in total compensation in 2010. No previous year data were available.
CarMax also announced that its annual shareholders meeting will be June 27 at the Richmond Marriott West Hotel in Glen Allen.
James River Coal
James River Coal released its proxy, statement revealing the total pay packages given to its top executives in 2010.
Chairman, President and CEO Peter Socha received $2.07 in total compensation in 2010, an increase of $772,000 from 2009. Socha saw his base salary rise by $128,000 in 2010 to $681,000. He also received a $250,000 bonus, $1.1 million in stock awards and other compensation.
COO Coy Lane Jr. received $1.58 million in total compensation in 2010. That was an $870,000 increase from 2009. His base salary for 2010 was $386,000, up $64,000 from the previous year. He also received a $150,000 bonus and $1.02 million in stock awards.
Chief Commercial Officer Michael Weber’s total pay in 2010 was $453,000, up $116,000 from the previous year. His base pay rose $16,000 to $228,000 and he was given a $25,000 bonus.
Samuel Hopkins, chief accounting officer, made $358,000, a decrease from $384,000. Hopkins’s total pay has dropped each year since 2008, when it was $690,000. His base salary has increased during that time, though his stock awards have dropped from $499,000 in 2008 to $77,000 in 2010.
The company also announced that its annual shareholders meeting will be June 21 at its office at 901 E. Byrd St. in Richmond.
MeadWestvaco
John Banu, the company’s controller, exercised options for 11,639 shares for $29.55 each or $343,932. He then sold those shares for $33.95 each or $395,000.
Media General
Director Coleman Wortham III bought 10,000 shares for $5.02 each or a total of $50,200. He directly owns 60,000 shares of MG stock.
Walter Williams, who retired from the company’s board of directors, received 102,000 shares at no cost. The shares were previously issued as phantom stock.
Chairman J. Stewart Bryan III disposed of 38,256 shares at $5.81 per share or $222,267. The company said Bryan transferred his balance in the Media General stock fund to other investment funds for estate planning purposes. He still has more than 969,000 Media General shares held in trusts.
NewMarket Corp.
President and CEO Thomas Gottwald exercised options for 15,000 shares at $4.35 each or $65,250. He then sold those shares for $2.7 million.
Owens & Minor
Chief Information Officer Richard Mears exercised options for 24,750 shares for $560,000. He then sold those shares for approximately $775,000.
William Simpson, a senior vice president, exercised options for 13,500 shares for $24.08 each or $325,000. He then sold 20,024 shares for $34.29 each or $686,600.
E.V. Clarke III, an executive vice president, exercised options for 13,500 shares for $24.08 each or $325,000. He then sold 18,880 shares for $34.21 per share, for a total of $645,800.
SouthPeak Interactive
Chairman Terry Philips, who recently was slapped with a $50,000 fine by the SEC, disposed of 890,000 Southpeak shares as a gift. No further details were given. He still owns more than 15.7 million shares of the Midlothian-based video game maker.
Union First Market Bankshares
Union awarded each of its top executives options for tens of thousands of shares. Most notably, CEO Billy Beale received options for 24,862 shares to be exercised at $12.11 each. The options are exercisable beginning in 2012 and expire in 2021.
Michael Schwartz is a BizSense reporter. Please send news tips to [email protected].