Bank of Virginia
CFO Joseph Pennington informed the bank that he is resigning effective Oct. 19 to pursue other business opportunities. The bank said a search is underway for his replacement.
Directors Robert Spilman Jr. and Mark Kington each acquired 114 shares at $52.94 per share as part of a directors compensation plan. Directors Frank Royal and Helen Dragas each received 76 shares from the plan.
Dominion said it elected former Altria chief executive Michael E. Szymanczyk to its board effective Oct. 1. Szymanczyk, 63, retired from Altria in May after four years at the helm and decades with the company. He received a B.S. degree in finance from Indiana University. As part of his new position on the Dominion board, Szymanczyk received 1,102 shares of the company’s stock as an annual stock retainer.
Several of the company’s top executives and directors each exercised options for thousands of shares. Among them, Chairman and CEO John Luke exercised options for 197,469 shares at $21.27 per share or $4.2 million. He then sold 163,541 shares at $30.33 each for a total of $4.96 million.
The company, which was recently sold off its most of its newspapers to Berkshire Hathaway, elected Wyndham Robertson as a new director. She previously served on the Media General board from 1996 to 2005. She was recommended for reelection to the board by Berkshire Hathaway. She previously worked for the University of North Carolina and Fortune Magazine. She graduated from Hollins University
As part of its deal with Media General, Berkshire Hathaway exercised warrants to purchase 4.64 million shares of common stock for an aggregate purchase price of $46,462.20, or $0.01 per share. The move results in Berkshire Hathaway owning approximately 16.6 percent of Media General’s outstanding common stock.
Christopher Chapman Jr., a director, was awarded options for 50,000 shares of the company’s stock with an exercise price of $3.93 per share. The options are good through 2022.
Union First Market Bankshares
Union promoted Rachael R. Lape to senior vice president and general counsel. Lape, 39, was previously the company’s vice president and associate general counsel. Prior to joining Union in 2010, Lape worked at the Richmond office of Williams Mullen. Lape earned her law degree at the University of Virginia and has undergraduate degrees in Russian and journalism from the University of Missouri-Columbia.