How we assemble the Virginia 500

Welcome to our fifth annual edition of the Virginia 500!

For those who aren’t familiar with the Virginia 500, we like to say that it’s like the Fortune 500 but instead of companies, it’s about people — specifically, the most powerful Virginia executives and officials in business, nonprofits, higher education, government and politics.

The list is based on our staff research, not nominations, and we do not rank executives. We categorize leaders across 20 major sectors, including banking, federal contracting, health care, law and real estate. For the sake of expediency and organization, we condense related industries into these overarching categories. One example is the real estate section, which also includes architecture and engineering, construction, and development. An additional Virginia 500 section, Living Legends, recognizes lifetime achievement.

Much of the list is determined by position — if you’re the leader of a Virginia-based Fortune 1000 corporation, you’ll likely find yourself on the Virginia 500. Other factors we consider include career achievements; company revenue; number of employees; scope of responsibilities; personal wealth; community and industry involvement; and philanthropy.

Another important point: The Virginia 500 is journalism, not public relations or advertising. Our editors choose which organizations and leaders make the list and what we say about them. The Virginia 500 is not an award or an endorsement; it’s simply a recognition that a person holds a position of power and influence. Though most executives appreciate being named to the Virginia 500, a small number sometimes wish not to be included. There isn’t an opt-out process, however.

Because business along Virginia’s borders is fluid, we include some executives who have direct responsibility for Northern Virginia but who work in Washington, D.C. And while a host of federal officials call Northern Virginia home, we don’t include those whose focus is solely on national business and don’t play a role directly in Virginia’s interests.

Finally, we do not adjust the list for diversity or geography. Our aim with the Virginia 500 is to report an accurate picture of the most powerful leaders in Virginia. As such, this list skews white and male, reflecting the larger demographics of American business leadership.

Nationally, eight Black CEOs, including Toni Townes-Whitley of Reston’s SAIC, head up Fortune 500 companies this year, making up 1.6% of Fortune 500 leaders. By comparison, the Virginia 500 has 46 Black leaders, comprising 9.2% of the list. (Black or African people account for 13.6% of the U.S. population, according to 2022 U.S. Census Bureau data.) People of color make up 14.6% of the 2024 Virginia 500.

As for gender, there are 105 women leaders on the Virginia 500, accounting for 21% of the list. Comparatively, women CEOs head up 52 Fortune 500 companies nationally, including three of Virginia’s 25 Fortune 500 companies.

It also shouldn’t come as a surprise that economic power in the Old Dominion is mostly clustered within the “Golden Crescent” of Northern Virginia (representing 40.2% of Virginia 500 leaders), Central Virginia (29.2%) and Hampton Roads (18.4%).

This year’s Virginia 500 had a 15.6% turnover rate, featuring 78 newcomers, most of whom succeeded retiring or exiting executives.

For those of us who haven’t ascended to the lofty heights of those represented here, there is an aspirational joy to reading about the career journeys of the leaders in these pages.

After all, there’s always next year.