Roanoke Times
Copyright (c) 1995, Landmark Communications, Inc.
DATE: TUESDAY, January 14, 1992 TAG: 9201140339
SECTION: EDITORIAL PAGE: A6 EDITION: METRO
SOURCE:
DATELINE: LENGTH: Medium
DID ONE MAN DO IT ALL FOR INSURER?
I VERY MUCH appreciated reading Mag Poff's article about Shenandoah Life Insurance Co. in the Dec. 1 issue.The picture of Mr. Stephenson on page 1 of the Business section pretty much tells the story. The man has done it all by himself. About halfway through the article, the number of Shenandoah Life employees given to the reader is 223; funny how no other current or past workers are mentioned or quoted in this piece.
Excuse me, past presidents are enumerated by name, but it also seems as though Mr. Stephenson has led Shenandoah Life singlehandedly into a rosy future. Ms. Poff is to be congratulated for presenting such an upbeat scenario.
Five hundred million dollars in assets, we the readers are told in the third paragraph of the article, has been reached by this "Roanoke-based" company. Comforting to know, also, is that only "2.5 percent of Shenandoah's assets" are in junk bonds. According to my arithmetic, 2.5 percent of $500 million is $12.5 million. Perhaps my perception is flawed, but an amount in excess of $12 million is an awful lot of money.
The 223 Shenandoah Life employees represent a decline of 35 since the downsizing in August 1989. Pardon my drawing an inference, but 35 people at $12.5 million yields an approximate equation of $350,000 per person: cold comfort indeed for those 18 people who "opted . . . for early retirement [and the] 17 employees [who] were laid off." Fortunately, those of the 17 group can consider themselves the fraction that were merely laid off.
Knowing the Roanoke Times & World-News' tenacity for reporting what's right with Roanoke and the valley in general, I'm convinced that you will report similar grand accomplishments two years after Mr. Dalhouse has "tightened up [and] cut out fringes and perks" at Dominion Bank.
STEVE LIECHTY
STEM, N.C.