Post-senate
Senator Stone was included on president-elect Reagan's transition team the day after the 1980 elections. From 1981 to 1982, he was senior resident partner at the law firm of Proskauer, Rose, Goetz & Mendelsohn in Washington, D.C. During that time, the Spanish-speaking Stone worked as a paid lobbyist for the right-wing Guatemalan government of Fernando Romeo Lucas García. On January 19, 1982, Stone was named as Vice Chairman of the President's Commission for Radio Broadcasting to Cuba. He was also vice chairman of the board of Capital Bank of Washington. In February 1983, Stone served in the Department of State as Special Representative of the President for Public Diplomacy in Central America.
On April 28, 1983, President Reagan announced Stone's appointment as Ambassador at Large and Special Envoy to Central America. Despite concerns over his recent ties with the oppressive right-wing Guatemalan government and how he would be perceived by the leftist FMLN of El Salvador, Stone was confirmed and commenced the position on May 26. He resigned effective March 1, 1984, allegedly after experiencing personality conflicts with Assistant Secretary of State for Inter-American Affairs, Langhorne A. Motley. Stone continued working with Capital Bank and, in 1989, was named chief operating officer. On November 9, 1991, he was nominated by President George H. W. Bush to be U.S. Ambassador to Denmark. The nomination was successful and Stone served from November 21, 1991 to October 14, 1993.
On December 28, 1995, Stone was appointed voting trustee for the discount drug store business, Dart Group, which was owned by Herbert Haft and embroiled in a widely publicized family dispute. On September 24, 1997, Haft and Stone voted to appoint Stone as acting chief executive officer and, in February 1998, Stone was named chief executive officer. By mid-1998, Dart Group was sold to Richfood.
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