Several former Charter Co. employees recall their years at the company, 30 years after it filed for bankruptcy.
PENELOPE THOMPSON
Last position at Charter: Manager of Community Affairs, The Charter Co., left in fall 1986.
Now: Vice President, Government Affairs, UF Health Jacksonville.
On Charter: Raymond Mason and Jack Donnell really were the heart and soul of Charter.
Raymond was and is a true CEO. He was the big thinker who could grab an idea and turn it into the most successful venture. He remembered everyone he met and would, in turn, always follow up a conversation with a handwritten note (in his trademark green ink). His passion for business and the people he surrounded himself with were the backbone of the company.
Jack was the consummate gentleman who led the team on a day-to-day basis. I always felt as though I could go see Jack at any time with any issue, big or small. He, along with the other members of the senior management team, would take Raymond’s ideas and work their magic to continue to produce year-end earnings that allowed the company to grow and give so much back to Jacksonville.
The Charter Company was a family of very smart people. I feel so fortunate to have played a small part in the incredible footprint it left on our community.
Charter taught me the essential qualities of being a good leader and I will be forever grateful to the Mason family for their trust in me.
HOWARD SERKIN
Last position at Charter: Executive vice president and chief financial officer of the parent company; left in 1987 after the successful emergence from bankruptcy.
Now: Chairman of Heritage Capital Group Inc., a regional, middle market investment banking firm headquartered in Jacksonville.
On Charter:
• The opportunity to work with an incredibly talented group of colleagues, many of whom went on to use their Charter experiences and connections to impact many of the major businesses in Jacksonville today. It was an amazing fraternity and a large number of us stay in touch on a regular basis. K.C. Caldabaugh, a former Charter senior finance executive who worked with me on the bankruptcy restructuring, is today a partner at HCG.
• The exposure and opportunity, at a relatively young age (early 30s in my case), to work on major business transactions (some worldwide) where the individuals we dealt with on the other side of the deal were significantly older and more experienced.
• The opportunity in 1979 to put together an acquisition team to purchase the life insurance division of a major U.S. property and casualty insurance company. The purchase price was $13 million cash and, at the time we bought the company, it had earnings of $1 million and assets of less than $200 million. From 1979-83, our insurance team grew this business into the second-largest single premium deferred annuity insurance company in the U.S. (and probably in the world). As part of the bankruptcy plan, we sold Charter Security Life Insurance Co. to MetLife. CSL had assets in excess of $5 billion and annual earnings in excess of $150 million.
STEPHEN BUSEY
Connection to Charter: I was a partner at Smith & Hulsey, and served as lead counsel for Charter in its bankruptcy court proceedings.
Now: Chairman of the same firm, now known as Smith Hulsey & Busey.
On Charter:
My most vivid memory: The haunting 1982 television image of the procession of four black hearses with police escorts exiting the Charter terminal at the airport after four senior Charter executives were killed in a helicopter crash in Ireland. The loss was the beginning of the end of Charter.
With operations in oil production, refineries, retail gasoline, publishing, broadcasting, insurance and real estate, the worldwide breadth of Charter’s business in the 1970s and early 1980s is unparalleled in Jacksonville’s history.
Charter’s most significant impact was the leadership legacy of Charter’s executives in Jacksonville’s business community well after the Charter era.
RAY VAN LANDINGHAM
Last position at Charter: Senior Vice President, Accounting and Administration and Secretary
Now: Retired from Patriot Transportation Holding Inc as vice president and chief financial officer
On Charter:
(Memories are) the employees and their work ethic. The many acquisitions of the 1970s in diverse businesses in many different locations made it an exciting place to work.
Raymond Mason surrounded himself with bright young people and gave them the resources including corporate jets to chase his dreams and put Charter among Fortune Magazine’s 500 largest industrial companies. Unfortunately, a combination of adverse events caused its rather sudden demise.
W.A. "MAC" MCGRIFF III
Last position at Charter: President of Charter Mortgage Co. I left in 1977 when Jack Uible as the majority partner, and Bruce Bower and I were minority partners, bought the mortgage company and the bank so Raymond Mason did not have to be involved with a one bank holding company and Jack was exiting as chief financial officer.
Now: I served as president of Charter Mortgage until 1989 and through my University of Florida involvement, I served as the CEO of University Medical Center 1996-99.
W. FROST WEAVER
Last position at Charter: Senior vice president of Charter Investment and Development; left in 1972 to join colleague Jim Winston at the Barnett Winston Co.
Now: Principal and President of Weaver Realty Group, a commercial property management and brokerage company.
On Charter: In December 1967, my wife and I were flying home on military leave and I sat across the aisle from Raymond Mason and Jim Winston. Jim invited me to come by his office while in town and offered me a position when my military obligation was completed. Jim has continued to be a mentor and friend over all these years. We still meet once a quarter for breakfast.
HEYWARD CANTRELL
Last position at Charter: I was vice president of Charter Investment and Development Co., Charter’s commercial mortgage brokerage arm. I left in 1972 the same day as 13 others did in order to form the Barnett Winston Co.
Position now: I am the president of Cantrell Real Estate Inc., which provides consulting, development and appraisal services to the commercial real estate industry. We operate throughout Florida and are very active as well in Georgia, Virginia and Louisiana.
On Charter:
The “best of Charter” to me was the fact that Jim Winston encouraged young employees to go as far as they could based upon their own abilities and work ethic. As a result, I was able to experience a very fast learning curve. It has held me in good stead for the rest of my business career.