Stephens Sticks by Convictions

Warren Stephens isn’t one to back off from controversy or stand down from his convictions.

A relatively small investment for the billionaire Stephens family in a foreign company that conducts medical research brought animal rights protesters to Little Rock recently. The Stephens Building, already having been prepped with heightened security measures internally, was surrounded by some 200 law enforcement personnel, and a small riot even broke out.

Stephens found himself, his family and his company under a vicious, personal attack. Posters, Web sites and chants tried to paint him in the worst possible light.

He stood firm and has become a champion of medical research that is conducted in an ethical, responsible and humane manner. If anything, Stephens is ensuring that Huntingdon Life Sciences of Great Britain conducts its business properly after an admittedly shady past prior to the Stephens investment.

Several of us wondered during the rally whether any of the protesters had ever used prescription medications. We figured all of them had, and all the drugs had been tested on animals.

The easy decision for the Stephens family would have been to divest from its investment and not risk subjecting itself to the threats. Witt and Jack Stephens didn’t build a family fortune by taking the easiest paths all the time.

Warren Stephens proves time and again that he’s not afraid to tackle controversy.

He became the point person for the rally to keep University of Arkansas football games in Little Rock. To this day he thinks it’s in the best interest of the Razorback program. His public — and high-profile — stand could have hurt his business interests in Northwest Arkansas, but he was willing to stand by what he thinks is the right thing to do.

I learned first-hand that Warren Stephens isn’t bashful soon after joining Arkansas Business.

By coincidence, we had an introductory lunch meeting scheduled on the same day a column that I wrote was published. The topic was the competition for bond business to fund the Northwest Arkansas Regional Airport. I suggested — somewhat naively, I might add — that Alice Walton and her Llama Co. investment banking firm were chosen over Stephens Inc. based on a superior bond proposal and without regard to politics.

After shaking his hand upon introduction, I made the mistake of asking Stephens how he was doing. He said he was fine until he read my blankety-blank piece of journalism, then he proceeded to chew on me as an appetizer for 15 minutes before we finally moved on to cordial conversation.

I can’t say I enjoyed my first luncheon with a billionaire back then, but I respect a guy like Warren Stephens who will tell me or anyone else what he thinks and stand by the conviction. Being independently wealthy makes this easier to do, but speaking out is not a prerequisite for wealth.

* * *

Gov. Mike Huckabee’s hiring of a chief information officer, Randall Bradford, is a good move even if it’s a few years late.

One has to think the state would have been better served to have a point person to coordinate government technology long before now. Traditional turf battles and task forces don’t work with technology.

The Arkansas Administrative Statewide Information System debacle, from traditional bureaucracy trying to coordinate implementation to legislators trying to act like technology experts and oversee it, might have been prevented. It’s been difficult to point the finger at or hold responsible any one person or entity.

People still don’t understand that massive technology projects can’t be implemented overnight. It’s just difficult to explain that to people who expect to receive paychecks on time. n

Jeff Hankins can be reached via e-mail at [email protected].