Peter Paoli, president and CEO of Altria subsidiary U.S. Smokeless Tobacco Co., exercised options for 10,380 shares for $11.16 per share. Paoli owns more than 241,000 shares of Altria stock.
CarMax disclosed that Kim D. Orcutt, controller and principal accounting officer, would retire effective June 17.
To replace Orcutt, CarMax said it has appointed Natalie L. Wyatt to take over effective June 6. Wyatt, 49, has previously served as assistant controller. She has been with the company since 1988.
Community Bankers Trust Corp. (The parent for Essex Bank)
Chairman of the Board Alexander Dillard resigned from his position effective May 24. Dillard will remain as a member of the board.
Immediately following the resignation, John Watkins was elected as CBTC’s new chairman. The company also said it eliminated the position of vice chairman.
S. Waite Rawls III, a recently appointed director, acquired 5,000 shares for $1.21 each.
Markel said it is issuing $250 million in bonds that will mature in 2021. Markel said it will use the proceeds from the sale of the notes for general corporate purposes, including acquisitions. The company said it is in various stages of discussion and negotiation for potential acquisitions, related to both its insurance business and its private investment arm, Markel Ventures.
Wendell Willkie, MeadWestvaco’s general counsel, exercised options for 50,000 shares at $9.08 per share, a total of $454,000. He then sold those shares for $33 each or a total of $1.65 million.
Media General announced a number of changes to its executive ranks.
COO Reid Ashe will retire from the company and its board of directors Dec. 31. Ashe, 62, has worked for Media General since 1996. He graduated from MIT in 1970.
George Mahoney, 59, will become vice president of growth and performance, effective in October. He joined the company in 1993 and is currently its general counsel. He has bachelor’s and law degrees from the University of Virginia.
CFO John Schauss will become vice president of market operations, effective in October. Schauss, 55, has been with the company since 2001. He is a graduate of Ball State University and received his MBA from Regent University and the University of Indianapolis.
James Woodward, currently vice president of growth and performance, will become CFO. Woodard, 51, has been with the company for 28 years. He is a graduate of James Madison University.
Andrew Carington will replace Mahoney as general counsel. He joined Media General in 2001 and is currently associate general counsel. Carington, 42, joined Media General in 2001. Carington received his law degree from the University of Richmond.
The Midlothian videogame maker signed an agreement under which the holders of some of its bonds will waive the fact that Southpeak defaulted on the maturity payments due on the bonds. In exchange, Southpeak agreed to increase the interest rate on the bonds to 29 percent, and the maturity date has been extended to Dec. 31. The company also agreed to remit revenue from the sale of its “Stronghold 3” videogame until the bond notes are paid in full.
Robert Pokusa, the company’s general counsel, exercised options for 100,000 shares at $1.12 each, or $112,000. He then sold those shares at market price for $4.25 each or $425,000.
The company’s top executives were each granted thousands of shares of Universal stock as compensation for performance grants. The shares were valued at $43.31 each. Most notably, CEO George Freeman III was granted 9,075 shares valued at about $393,000.