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Tag: education

U.Va. biz school receives $50M donation from alum

A University of Virginia Darden School of Business alumnus and his wife, also a U.Va. graduate, have added $50 million to an earlier gift of $44 million for the business school, which adds up to the largest donation in Darden’s 68-year history.

Philanthropists David and Kathleen LaCross made a $44 million donation in October 2022, at the time the school’s third largest donation, and that gift spurred $6 million in matching funds from the university. With last week’s $50 million addition, the gift is more than $107 million with matching funds from the university and is now the largest in the school’s 68 years, placing the LaCross family among the top five contributors to U.Va.’s $5 billion “Honor the Future” capital campaign, U.Va. said in a news release.

David LaCross, who founded a small California tech company that he sold in 1997, earned his MBA from Darden in 1978, and his wife, Kathleen LaCross, graduated in 1976 from U.Va.’s College of Arts and Sciences. Their gift to Darden will help pay for new artificial intelligence technology programming and a residential college at Darden. According to U.Va., the 2022 gift launched the Artificial Intelligence Initiative at Darden, and with the $50 million addition, the work will expand to the school’s Institute for Business in Society and the Olsson Center for Applied Ethics.

“Dave and Kathy LaCross have once again demonstrated extraordinary generosity and vision with their investments and confidence in Darden and in U.Va.,” U.Va. President James Ryan said in a statement. “They have my deepest admiration and gratitude.”

LaCross worked for 10 years at Bank of America and then founded Berkeley, California-based financial tech company Risk Management Technologies, which he sold in 1997 to Fair, Isaac and Co., now known as FICO. In 2014, he and his son, Michael, cofounded Morgan Territory Brewing, a craft beer brewer in California’s Central Valley.

The gift will fund research and instruction in AI, including its ethical implications for management, as well as challenges and opportunities it presents for business and society. The school launched an initiative in artificial intelligence with the couple’s 2022 gift and this latest donation comes as it kicks off “Faculty Forward,” the second milestone under the school’s “Powered by Purpose” campaign, which raised its $400 million goal two years before it concludes in 2025. The second milestone included a priority for Darden and U.Va. to become leaders in research, teaching and deployment of AI and other innovative technologies in business.

“Students need to be exposed to AI in meaningful ways, and there is no business school better positioned to teach managers how to work with AI in ethical and responsible ways than Darden,” LaCross said during the gift’s announcement, which followed a dedication of the newly-named LaCross Botanical Gardens behind The Forum Hotel, a Kimpton property that opened in April on Darden’s grounds.

RTX to sell cyber, intelligence biz for $1.3B amid Q3 slump

RTX has agreed to sell its cybersecurity, intelligence and services business segment for about $1.3 billion and announced a $10 billion stock buyback program Tuesday as it seeks to recover from a manufacturing quality issue in a jetliner engine that has plagued the Arlington County-based Fortune 500 defense and aerospace contractor since the summer.

RTX, which announced its rebranding from Raytheon Technologies Corp. in June, revealed its plans in its third quarter 2023 results, which also included news of a nearly $1 billion loss in its East Hartford, Connecticut-based Pratt & Whitney aerospace division. The buyer for the cybersecurity, intelligence and services business, part of its Raytheon division, was not disclosed. The sale is subject to regulatory approval.

“We regularly review our portfolio to ensure our business is best positioned to deliver for our customers, stakeholders and employees,” company spokesperson Chris Johnson told Virginia Business. “Based on that review, we decided to divest our cybersecurity, intelligence and services business. We believe this gives the business greater autonomy to deliver on customer missions and allows it to serve as a platform for innovation well into the future.”

For the quarter, RTX reported a loss of $985 million, the result of a powder metal defect that could cause engine parts to crack and will require the grounding of 350 jets per year through 2026, Reuters reported in September. RTX lost about $5.4 billion in sales for the third quarter.

In July, when RTX disclosed the defect, officials said they expected to complete repairs in 60 days; Reuters’ September report shows a more prolonged and serious process, with as many as 650 jets grounded in the first half of 2024.

“We have made significant progress on our assessment of the Pratt & Whitney powder metal manufacturing matter and expect the financial impact to be in line with the previously disclosed charge,” RTX Chairman and CEO Greg Hayes said in a statement. “We are now focused on executing on our fleet management plans and are working relentlessly to mitigate further disruption to our customers. We do not expect any significant future incremental impact as a result of these fleet management plans.”

The company reported third quarter sales of $13.5 billion, down 21% from the previous year, which it attributed to the powder metal issue. Its adjusted sales of $19 billion for the quarter reflected a 12% increase from the prior year and the company has a $190 billion backlog, including $115 billion in commercial and $75 billion in defense work.

“The historic demand across our commercial aerospace and defense businesses drove 12% organic sales growth during the third quarter and led to another record backlog of $190 billion,” Hayes said.

The company’s $10 billion share buyback program will take advantage of steep declines in RTX share prices this year. RTX shares hit a high of $104 on April 18, with a steep decline to $85.17 on July 27 following news of the powder issue before declining through September and bottoming out at $69.38 on Oct. 5. With news of the buyback, RTX’s stocks increased to $77.99 by late Tuesday afternoon.

In addition, Gov. Glenn Youngkin on Tuesday announced RTX is donating $1 million to New York-based NAF, a national nonprofit organization that links businesses and schools to help high school students to prepare for college and work, to help with STEM education in support of the governor’s $100 million laboratory school initiative.

“Private sector leadership is critical to bringing innovation to Virginia public schools, and I am grateful for RTX’s donation to NAF to support STEM in Virginia schools,” Youngkin said in a statement. “Our lab school initiative is focused on creating pathways to the most in demand careers, technical training, and STEM exposure for Virginia students. The Virginia Department of Education will work closely with NAF on a plan to support lab school and STEM development in Virginia public schools.”

The state approved its first lab school, a partnership between Virginia Commonwealth University and Richmond’s CodeRVA Regional High School in July. That program, called VCU x CodeRVA Lab School, will train teachers and its students will focus on computer science. An additional six lab school application have so far been submitted, Youngkin’s office said in a news release Tuesday, and many or those applications are using STEM learning models to meet workforce needs in the state.

RTX has spent more than $17.6 million at Virginia educational institutions through a program that pays for employees to earn college degrees and certifications, resulting in more than 700 degrees. More than 200 RTX employees are currently attending Virginia-based programs through the benefit.

“The future of aerospace and defense innovation will be defined by the young people in Virginia schools and beyond,” Hayes said. “Our partnership with the state and NAF will deliver career-themed curriculum through academies of engineering and related business disciplines in public high schools right here in the commonwealth.”

RTX announced its move to Arlington County, from Massachusetts, in June 2022. The company employs more than 180,000 people globally.

McGuireWoods Consulting taps education team lead

Richmond-based McGuireWoods Consulting has named former Virginia Secretary of Education Laura Novey to lead its national education team, the firm announced Tuesday.

Novey joined the consulting firm affiliated with the state’s largest law firm in 2017 as senior vice president, after serving as executive assistant to the president for state governmental affairs at the University of Virginia. Prior to that, she served as Virginia’s education secretary from 2011 to 2013 under former Gov. Bob McDonnell, and was previously deputy secretary. Novey has also worked in leadership roles at Virginia Tech, where she has bachelor’s and master’s degrees.

The firm’s education team assists clients with policy and legislative matters and advises on a variety of issues, including relationship development, issue advocacy, communications strategy, coalition building, appropriations requests and legislative initiatives, analysis and government relations support. The firm’s education clients include Fortune 500 companies, school districts, state education associations, state and private universities, education technology startups, national charter school networks, private schools and state and national nonprofits.

Novey joins two other former state education secretaries at McGuireWoods Consulting — Jim Dyke, who served under Gov. Doug Wilder from 1990 to 1993, and Fran Bradford, who served from December 2021 to January 2022 under Gov. Ralph Northam.

“MWC consultants have worked at the highest levels of government and educational institutions to craft the nation’s educational policies,” firm Chairman Mark Bowles said in a statement, “From early learning to higher education and workforce development, in both the public and private sector, MWC team members have a long history assisting clients in this rapidly evolving sector. We are happy to have Laura take over the leadership of this important team.”

The team will work with McGuireWoods’ education industry team led by McGuireWoods Partner Farnaz Thompson to identify opportunities to support client needs.

44 Va. schools make U.S. News and World Report’s 2024 list

Forty-four Virginia schools ranked on the U.S. News and World Report’s 2024 best lists of more than 600 universities and liberal arts colleges in the country, released Monday.

The University of Virginia ranked No. 24 in national universities, tying with Carnegie Mellon and Emory universities and Washington University in St. Louis. U.Va. ranked No. 5 on the top public schools list, followed by Virginia Tech at No. 20. William & Mary ranked No. 23. George Mason ranked No. 51, while James Madison, Virginia Commonwealth University, Old Dominion University and Radford University rounded out the public schools with rankings of No. 64, 76, 151 and 162, respectively.

“The rankings are confirming what we here at Mason and Virginians have known for some time; based on our performance, George Mason University is one of America’s top 50 public universities,” Mason President Gregory Washington said in a statement. “Further, today’s rankings reflect the value and performance families are looking for from a college education, and Mason’s year-over-year enrollment increases and placement of our graduates confirm that we are now a destination for graduates from Virginia and beyond.”

Fifteen Virginia universities made the U.S. News and World Report 2024 list of the 439 best universities:

  • No. 24 University of Virginia
  • No. 47 Virginia Tech
  • No. 53 William & Mary
  • No. 105 George Mason University
  • No. 124 James Madison University
  • No. 142 Virginia Commonwealth University
  • No. 280 Hampton University
  • No. 280 Old Dominion University (tied with Hampton U.)
  • N0 304 Radford University 
  • N0 304 Shenandoah University (tied with Radford U.)
  • No. 320 Marymount University
  • No. 345 University of Lynchburg
  • No. 360 Regent University
  • No. 394-435 Liberty University 
  • No. 394-435 Mary Baldwin University

Hampton University ranked No. 7 among Historically Black Colleges and Universities, a tie with North Carolina Agricultural and Technical State University. Virginia State University ranked No. 16 on that list, tying with Bowie and Winston-Salem state universities; Norfolk State University ranked No. 22 on that list, tying with Fayetteville State University.

Of the 211 schools ranked this year, 15 Virginia liberal arts colleges made U.S. News and World Report’s 2024 list:

  • No. 21 Washington and Lee University
  • No. 25 University of Richmond
  • No. 63 Virginia Military Institute
  • No. 107 Randolph-Macon College
  • No. 116 Hampden-Sydney College
  • No. 124 Hollins University
  • No. 130 Roanoke College
  • No. 154 University of Mary Washington 
  • No. 165 Randolph College
  • No. 158 University of Virginia’s College at Wise (tied with Randolph College)
  • No. 167 Bridgewater College
  • No. 174 Virginia Wesleyan University
  • No. 180 Sweet Briar College
  • No. 185-204 Southern Virginia University
  • No. 185-204 Virginia Union University

Federal Contractors | Technology 2023: JAMES J. RHYU

Rhyu has led online learning company Stride since January 2021. Founded in 2000 and formerly known as K12, the company provides K-12 education for students and schools, including career learning services for middle and high school curricula, and offers programs for the military and businesses, as well as professional skills training in health care and technology for adult learners. Stride reported almost $1.69 billion in fiscal year 2022 revenue, up about 10% from 2021.

Rhyu joined Stride in 2013 and served in a variety of roles, including chief financial officer and president of corporate strategy, marketing and technology. Previously, he was chief administrative officer and chief financial officer for Match.com, and before that, he served as senior vice president of finance at Dow Jones & Co. He has also worked for Sirius XM Holdings and Ernst & Young.

Rhyu has a bachelor’s degree from the University of Pennsylvania’s The Wharton School and an MBA from the London Business School.

Education 2023: BRIAN O. HEMPHILL

Hemphill arrived at Old Dominion in 2021 with big goals for the 93-year-old public R1 research university, like the April opening of the Hampton Roads Biomedical Research Consortium, a partnership among ODU, Norfolk State University, Eastern Virginia Medical School and Sentara Health. The consortium aims to jumpstart scientific research and address health care disparities in the region.

So far during Hemphill’s tenure, ODU has received R1 research classification; launched a $500 million capital campaign; announced plans for a School of Data Science and a School of Supply Chain, Logistics, and Maritime Operations; and joined the Sun Belt Conference. In 2024, ODU will merge with EVMS, creating the Eastern Virginia Health Sciences Center at ODU.

Hemphill was previously Radford University’s president and led the creation of Radford University Carilion through a merger with the Jefferson College of Health Sciences. He also was president of West Virginia State University and has degrees from the University of Iowa, Iowa State University and Saint Augustine’s University.

Hemphill serves on the boards of Jefferson Science Associates and John Wiley & Sons and co-edited the book “College in the Crosshairs: An Administrative Perspective on Prevention of Gun Violence.”

Education 2023: TROY D. PAINO

It’s been a big year for Paino and the public liberal arts university he oversees. In March, UMW received the largest financial gift in its 115-year history — a $30 million bequest from a 1959 alumna to support undergraduate research and scholarships. The month before, Paino received the National Association of Student Personnel Administrators’ 2023 President’s Award for his compassionate approach to strategic planning and decision making, his personal attention to student ideas and feedback, and his commitment to understanding diverse perspectives.

The university also received a National Science Foundation grant for STEM scholarships, congratulated its second Goldwater Scholar in two years, and announced plans for a lab school and a new theater building.

President since 2016, Paino previously was president of Truman State University in Missouri and holds doctoral and master’s degrees in American studies from Michigan State University, a law degree from Indiana University and a bachelor’s degree in history and philosophy from Evangel College. He serves on the boards of the Northern Virginia Technology Council and the Virginia Business Higher Education Council.

Education 2023: LT. GEN. DARRELL K. WILLIAMS (U.S. ARMY, RET.)

When Williams was a freshman at Hampton University in 1979, the school’s president was William R. Harvey — who retired last year after 44 years leading the private historically Black university. That’s a tough act to follow, but Williams, who became HU’s 13th president in July 2022, has an impressive résumé of his own.

A retired Army lieutenant general, Williams was the first Black director of the Department of Defense’s Defense Logistics Agency and later served as vice president for Leidos’ U.K. operations. He received master’s degrees from Penn State, the Army Command and General Staff College, and the National War College. The recipient of a Bronze Star and the Legion of Merit, Williams also led the Fort Lee Army post and the Army Combined Arms Support Command.

Williams is the founding board chair for the Mary S. Peake Fellowship, an organization providing recent college graduates, veterans and military spouses with workforce leadership training. A 19th-century Black educator, Peake taught enslaved people in Hampton to read, which was illegal in Virginia before the Civil War.

Founded in 1868, Hampton University had 3,244 students enrolled in fall 2022.

Education 2023: KATHERINE A. ROWE

In 2018, Rowe took the helm of the nation’s second-oldest university, William & Mary, bringing with her a diverse educational background that includes degrees in literature, graduate work in cinema and media studies, and 16 years as an English professor and department chair at Bryn Mawr College in Pennsylvania. A Shakespearean scholar, she also co-founded and was CEO of a software company that developed apps to help students understand the Bard of Avon’s plays.

Rowe has championed entrepreneurism and job readiness at W&M, leading to the university’s No. 1 spot on The Wall Street Journal’s ranking of best public schools for internships three years in a row. Meanwhile, U.S. News & World Report has ranked W&M No. 1 in annual alumni giving for eight consecutive years. The university raised nearly $150 million in fiscal years 2022 and 2023, supporting priorities such as scholarships, internships and the W&M Athletics Complex.

Rowe serves on the Northern Virginia Technology Council board of directors and the Virginia American Revolution 250 Commission.

SOMEWHERE I’D LIKE TO VISIT: South Africa

WHAT MAKES ME HAPPIEST: Being part of a classroom, rehearsal, practice, lab — or any kind of learning experience

Education 2023: DONNA PRICE HENRY

Henry is making history at the University of Virginia’s College at Wise — the school’s first female chancellor, she created the school’s first office devoted to equity, diversity and inclusion. And in 2019 she made technology accessible for every student by instituting a program to grant every incoming freshman an iPad.

In June, she was honored by the YWCA Northeast Tennessee and Southwest Virginia with a 2023 Tribute to Women Award in the STEAM Education category. Before coming to U.Va. Wise in 2013, Henry spent 16 years in a variety of positions at Florida Gulf Coast University, including as dean of the College of Arts and Sciences. A biologist by training, she has degrees from the University of Pennsylvania and Thomas Jefferson University in Philadelphia.

Henry serves on the Southwest Virginia Higher Education Center board and recently completed a term on the NCAA Committee on Women’s Athletics.

WHAT MAKES ME HAPPIEST: Spending time with my family, traveling and enjoying good food and wine

MOST RECENT BOOK READ: “Demon Copperhead,” by Barbara Kingsolver