Establishing an economic development authority might pave the way for new businesses in the town of Wise, local officials believe.
EDAs can provide educational programs and mentoring to entrepreneurs, as well as buy, lease and sell property and administer grants, points out Reagan Walsh, the town’s planner and zoning administrator.
“I’ve run into a lot of grant opportunities … where they say, ‘OK, a municipality or a local government can apply for this grant, but it has to be administered by an entity that’s not a local government,’” Walsh explained to members of Town Council during its January meeting. “And a lot of times, the EDA … will step in and administer these grants.”
At that meeting, Town Council members voted to create an EDA and to establish a committee to set up a framework for the authority. The committee, which includes Town Manager Laura Roberts, Mayor Teresa Adkins and others, is expected to meet in the “near future,” Roberts says.
Town officials began talking about forming an EDA a few years ago, but the notion gathered steam after the town received an $18,600 federal grant to hire Greenville, South Carolina-based urban planning firm Arnett Muldrow to write an economic development strategic plan, which was finalized in December 2022. The plan outlines growth strategies over the next decade, including a recommendation that Wise’s downtown be extended to connect with the University of Virginia’s College at Wise.
It’s too early to know the cost of starting an authority, Roberts says. At least initially, the EDA will not include a paid staff member. The committee will provide Town Council with a list of potential authority appointees, who will work to implement the strategic plan.
“We definitely would want some business-minded folks involved,” she says. “But diversity is [also] important with something like this, because you need to consider all sides.”
One thing about the EDA is already clear to Roberts, however: It will not be a competitor to the Wise County Industrial Development Authority. The IDA, says Executive Director Brian Falin, is “more focused on projects that are going to be beneficial countywide,” whereas the EDA will center around downtown development projects.
However, at the end of the day, Falin says, both bodies will be working toward the same goal — to bring more jobs and opportunities to the area.
Commonwealth Crossing Business Centre’s first two tenants — Polish flat-glass processor Press Glass Inc. and Pennsylvania-based aluminum beverage can manufacturer Crown Holdings Inc. — have invested at least $218 million into facilities at the industrial park in Henry County, creating about 400 jobs, according to Mark Heath, president and CEO of the Martinsville-Henry County Economic Development Corp.
“Over the last many years, we have [seen] proven success at the park that is very visible,” boasts Dale Wagoner, Henry County’s administrator.
In January, Gov. Glenn Youngkin announced Commonwealth Crossing would receive about $22 million from the Virginia Business Ready Sites Program, an effort to grow the state’s inventory of project-ready industrial sites larger than 100 acres. The award was the second largest among the 21 funded projects, which received a total of $90 million.
Officials plan to use the money to grade 93 acres sitting next to 57 already graded acres in the county-owned industrial park. During the past two years, the lot has had 14 inquiries and four site visits from prospects, Heath says.
Declining to reveal what types of businesses expressed interest in the park, he notes that 71% of those prospective businesses required at least 70 acres, and 50% required more than 100 acres. “We fall short on both, which points to our great need to grade the balance,” Heath explains.
About 276 acres of the industrial park’s 740 acres will be graded once work is complete. When finished, it will be the only site in Virginia offering more than 100 developable acres with rail access and all utilities in place, according to Wagoner.
“As it will be the only pad-ready site of its size in Norfolk Southern’s mid-Atlantic territory, Commonwealth Crossing Business Centre is a unique asset for Virginia” and the Southeast, says Virginia Economic Development Partnership President and CEO Jason El Koubi.
The idea for the industrial park was born around 2006, with it being seen as a needed booster for the Martinsville region’s flagging economy, which suffered after area textile manufacturing jobs were eliminated in the 1990s and early 2000s.
The park’s success took a while. It came as “a great relief,” Heath says, when Press Glass signed on as the park’s first tenant in 2018, followed by Crown Holdings in 2021.
“Successful economic development is a long game,” he adds. “Very little is accomplished quickly.”
When it came time to select a new home for its corporate headquarters and distribution center, Würth Revcar Fasteners Inc., a company with Star City roots dating back to 1969, stuck with the Roanoke Valley.
Owned by the Würth Group, an industrial distributor headquartered in Germany, and consisting of more than 400 companies across more than 80 countries, Würth Revcar Fasteners is investing $11 million to renovate the 387,558-square-foot former Home Shopping Network distribution center it’s leasing in Roanoke County into its new headquarters and primary East Coast distribution center.
The company supplies fasteners, like screws and rivets, to corporate customers and the U.S. Navy. “We work with our suppliers, domestic and abroad, to secure quality parts that meet the quality specifications,” explains Betsy Troyer, marketing manager of Würth Revcar Fasteners.
Additionally, the company develops custom inventory management solutions for its customers “so they don’t run out,” Troyer says. “They have the parts they need when they need them.”
Würth Revcar Fasteners needs to move to a bigger space, says CEO Chapman Revercomb, because the company has sustained “pretty extreme growth” over the past several years.
Part of that growth stems from the Würth Group consolidating complementary business units from different Würth Group companies over several years, Troyer says. Industrial customers that had previously obtained their fasteners from other Würth Group companies were absorbed by Würth Revcar Fasteners. “It was a moving of the chips,” she says.
Since the pandemic, Würth Revcar Fasteners has also won new clients and seen increased orders from established customers. That’s in part because Würth Revcar Fasteners hasn’t struggled as much with post-pandemic supply chain and labor issues, Revercomb says. Being owned by a large international company with deep pockets helped protect Würth Revcar Fasteners from those difficulties, he believes.
“We certainly didn’t have a crystal ball,” Revercomb says. “But as the lead times kind of developed and disruptions continued to mount, we were able to quickly invest in enough inventory to cover those disruptions.”
Since 1999, Würth Revcar Fasteners has worked out of a 42,000-square-foot building on Thirlane Road in Roanoke. For the past several years, the company also has occupied a 50,000-square-foot warehouse located off U.S. 460 in Roanoke County. Both sites are at 100% capacity and have been for a while, according to Revercomb. Those buildings will be leased to other companies when Würth Revcar Fasteners moves into its new digs.
When he learned in early 2022 that the expansive former Home Shopping Network building on Avery Row was available, Revercomb quickly got on the phone with Würth Group executives about what had the potential to be Würth’s largest facility in North America. “We ended up going for it,” he says.
The goal, Revercomb says, is to have the space to support two decades of “accelerated growth” for the company.
Initially, executives at Würth made a rough estimate that office renovations
and warehouse infrastructure would cost $5 million. But after working with a general contractor and architects, the cost grew to $11 million, according to Troyer.
The new Würth Revcar Fasteners operation on Avery Row will look quite different from the 7,000-square-foot Southeast Roanoke building where Jim Revercomb Sr.,
Chapman Revercomb’s grandfather, first launched the business that would become Würth Revcar Fasteners.
As of December 2022, Würth Revcar Fasteners had about 100 employees in Roanoke. Employees will move into the new facility in phases, with a goal of everyone being moved into the new facility by July, she says.
As part of the expansion, Würth Revcar plans to hire 50 new employees by this summer, Troyer says.The openings will include office and warehouse jobs.
Between late 2023 and 2025, Würth Revcar Fasteners plans to invest an additional $6 million in warehouse automation, according to Troyer. “We’re doing it for the long haul,” Revercomb says. “We’re going to be there for at least 20 years and hopefully more.”
Metallurgical coal may be an unknown to the general population, but it’s very important to the manufacturing of steel and also valuable in the current economy.
In August 2022, Australia-based Coronado Global Resources Inc., which produces metallurgical coal, announced a $169.1 million expansion of its Buchanan Mine Complex in Buchanan and Tazewell counties, expected to create 181 jobs.
Metallurgical coal is used to generate coke, a fuel used in blast furnaces to make steel. “That’s what we’re focused on,” says Bob Cline, Coronado’s vice president of business development and engineering.
Thermal coal, by contrast, is used to generate power — and also has generated an image problem due to its contribution to climate change.
“I would make the argument that Coronado is not an energy company; rather, it is more aptly defined by its role in the manufacturing, infrastructure and construction sectors,” says Will Payne, managing partner of consulting firm Coalfield Strategies LLC and head of business development for InvestSWVA, a public-private business attraction and marketing campaign for Southwest Virginia.
Prices for metallurgical coal hit historic highs in the last part of 2021 and the first part of 2022, according to Ben Beakes, president of the Metallurgical Coal Producers Association.
Halfway into 2022, the metallurgical coal market began to “settle,” according to Beakes. “However, the market is still fairly strong.”
Expanding the Buchanan Mine Complex in Buchanan and Tazewell counties is necessary for Coronado to remain “competitive in the international coal markets for many years,” Cline explains. The company also has active mines in Queensland, Australia, and West Virginia.
Over the next 20 years, extracting coal from the Buchanan mine will require digging out more rock than previously required. “The expansion will allow Buchanan to not only maintain current production levels but also increase the saleable tonnage produced annually,” Cline says.
As of early December, workers had begun construction at the Buchanan Mine Complex on a second set of skips, which carry raw coal from underground to the surface. “We are well on our way to getting started,” says Brett Holbrook, vice president of U.S. operations for Coronado.
The expansion will also include storage space for 60,000 to 70,000 tons of raw coal, as well as a new coal preparation plant. “The preparation plant separates the coal from the rock, thus generating a saleable clean coal product,” Cline says. Additionally, the expansion will increase the size of the coal storage stockpile facility. This will mean fewer trucks hauling coal offsite for storage and later hauling it back for shipping, he adds.
Several factors contributed to the current demand for metallurgical coal. Coming out of the pandemic, construction projects that had been put on hold suddenly received green lights, which led to a clamoring for steel. Then Russia invaded Ukraine, and Europeans looking to wean themselves from Russian coal, including metallurgical coal, began shopping for it elsewhere.
Another factor impacting demand: China’s relations with Australia began deteriorating a few years ago. That caused China also to shop around for its metallurgical coal needs. “The United States benefited quite a bit from that shift,” says Michael Quillen, founder of Abingdon-based coal producer Alpha Natural Resources and chair of the Energy DELTA Lab and the Southwest Virginia Energy Research and Development Authority.
As part of its plan to satiate some of that demand, Coronado had hired about 40 of the promised new workers as of December 2022, bringing the total number of employees at the Buchanan complex up to 615, according to Cline. The company plans to fill an
additional 141 positions over four years.
The expansion plan for the mine complex came together quickly over the summer of 2022, according to Payne, who collaborated closely with Coronado executives and state and local officials on the expansion.“Zooms and phone calls every … day for 10 weeks,” Payne recalls.
Gov. Glenn Youngkin approved a $3.5 million grant from the Commonwealth’s Opportunity Fund to Buchanan and Tazewell counties for the expansion. The money will be used primarily to relocate less than a mile of Route 632 to make room for expansion, according to Cline.
Payne describes Youngkin and Virginia Secretary of Commerce and Trade Caren Merrick as being “incredibly hands-on” during negotiations. “They closed the deal.”
Industrial real estate is a hot commodity in Southwest Virginia.
“It’s hard to find available space of anything that’s above 15,000 to 20,000 square feet,” says Jonathan Belcher, executive director of the Virginia Coalfield Economic Development Authority (VCEDA), which represents Lee, Wise, Scott, Buchanan, Russell, Tazewell and Dickenson counties and the city of Norton.
Leaders in the area had discussed putting up industrial spec buildings — structures erected with a goal of attracting tenants after construction. But then inflation hit. “It’s just become so cost-prohibitive,” Belcher says. Until prices go down, he and other Southwest Virginia economic development leaders have had to look “more closely at what existing inventory there is in an area.”
New Jersey-based custom resin and vinyl fabric manufacturer Ronald Mark Associates Inc. (RMA) looked to existing inventory for its new Virginia manufacturing operation. In November 2022, RMA announced plans to invest $13.5 million to establish a manufacturing operation at the former Komatsu plant in Bluefield.
Executives at Komatsu, a manufacturer of construction, mining, forestry and industrial heavy equipment, announced in January 2021 their plans to close the Bluefield facility, which produced underground mining products. According to news reports, 120 workers lost their jobs.
In late January, RMA President Michael Satz said he had just hired a production manager who would help him hire 28 more employees. “If Komatsu had over 120 people on staff, hopefully we can find some of those people and bring them back.”
Manufacturing and shipping
In another example of repurposing existing buildings, Signco, a Chicago-based custom sign manufacturer, announced plans in March 2022 to invest $650,000 to establish operations at the former MC Signs facility in Bluefield. Timothy Danielson, director of economic development for Tazewell County, said the company had 21 employees working at the Bluefield operation by early December 2022. “It’s another great addition to the manufacturing base in the area,” Belcher says.
Chilhowie also had big manufacturing news last year.
In June 2022, Illinois-based Scholle IPN, a flexible packaging supplier, announced plans to invest $31.1 million to expand its operation in the Smyth County town by 73,000 square feet to accommodate new manufacturing lines. The company also plans to add 800 feet of new rail track to support the inflow of resin.
Kendra Hayden, economic development project manager for Smyth County, said in early December 2022 that the company had laid a concrete pad for the expansion.
Construction should be completed by late summer or early fall, according to Jake Tabor, business retention and expansion manager for the Mount Rogers Regional Partnership, a nonprofit regional economic development organization.
In Washington County, construction is underway on a 251,000-square-foot distribution center for FedEx Ground. The facility is expected to create 250 jobs, according to Jason Boswell, director of community development for the county.
The warehouse is expected to be operational in 2023, a spokesperson for FedEx said in a statement to Virginia Business.
Tech talent
Southwest Virginia also attracted technology employers in 2022.
In August 2022, Paymerang LLC, a Chesterfield County-based payment and invoice automation company, announced plans to create 50 jobs in software development, payment operations and cloud engineering in Wise County. The new positions will be housed in Big Stone Gap’s downtown coworking space.
As of early December 2022, the company had hired about a dozen of the new employees, according to Will Payne, managing partner of consulting firm Coalfield Strategies LLC, which leads business development for InvestSWVA, a public-private business attraction and marketing campaign for Southwest Virginia that assisted with Paymerang’s move to Wise County.
In October 2022, two Tazewell County residents announced plans to locate a data center hosting and cryptocurrency mining business called Blackstone Data Services LLC at the county’s Bluestone Business and Technology Park.
“We think it will be successful,” Tazewell County Administrator Eric Young says of the project. “Hopefully other data centers will come out into rural areas.”
Co-founders Seth White and Craig Earls have installed two mobile data centers at the park. These centers house technology used for bitcoin mining, a process where high-performance computers solve math equations to validate bitcoin transactions.
White and Earls are working with Appalachian Power and county officials in the hopes of increasing the amount of power available at the technology park. As of December 2022, Blackstone Data Services had 1.5 megawatts of power available to use, according to Earls. Ideally, they’d like access to 10 to 12 megawatts. That will likely require a substation to be built, he says.
“We’re a small company right now,” adds White. “We’ve got aspirations to grow beyond that — assuming we can get more power.”
For Paul Mahoney, chair of the Roanoke County Board of Supervisors, the past year has stood out for bringing an “explosion of development” to the county.
Home improvement retailer Lowe’s Cos. Inc. opened a new distribution center. North American Specialty Laminations LLC established a mid-Atlantic production facility. And Würth Revcar Fasteners Inc. began work on its new North American headquarters and East Coast distribution center.
“The business community is willing to take some chances on the optimistic hope that things are getting back to ‘normal,’” Mahoney says.
Last year, the broader Roanoke region received more than 400 inquiries from prospective companies — more than twice the inquiries received in 2019 — according to John Hull, executive director of the Roanoke Regional Partnership, the nonprofit regional economic development organization representing the counties of Alleghany, Botetourt, Franklin and Roanoke and the cities of Covington, Roanoke and Salem, plus the town of Vinton.
Altogether, the Roanoke region added 434 jobs in 2022 and saw $132 million in new capital investment, says Hull.
About 45 minutes southwest of Roanoke, the economic development picture in the New River Valley is also looking promising, says Sherri Blevins, chair of the Montgomery County Board of Supervisors.
In October 2022, county supervisors eliminated Montgomery County’s merchants’ capital tax — a tax on businesses’ inventory — even though it generated about $1.5 million annually for the county, according to Blevins. The move makes Montgomery more competitive for attracting businesses, she says.
Meanwhile, the New River Valley Regional Commission, working with leaders in Montgomery, Bland and Pulaski counties, is leveraging $69 million in grant funding from the Virginia Telecommunication Initiative, along with private and local investments, to extend high-speed internet to more than 21,000 homes and businesses in the three counties.
In November 2022, the Virginia State Corporation Commission approved a proposal by Appalachian Power to attach fiber-optic cable on its electric poles. Fiber-optic internet will become available to residents throughout this year and into 2024, according to Kevin Byrd, the commission’s executive director.
“Broadband is going to certainly help us to continue to be more competitive in economic development,” he says.
Montgomery County
Falling Branch Corporate Park in Montgomery will soon have two new tenants.
Silver Spring, Maryland-based biotech company United Therapeutics Corp. purchased more than 16 acres at the park from the Montgomery County Economic Development Corp. for $1.06 million in June 2022. While a spokesperson for United Therapeutics declined to comment on its plans for the site, Blevins says the company will occupy a 50,000-square-foot facility. A May 2022 resolution passed by the Montgomery County Economic Development Authority noted United Therapeutics will invest a minimum of $20 million at Falling Branch and will have at least 20 employees there.
United Therapeutics owns local biotech firm Revivicor. Based at the Virginia Tech Corporate Research Center in Blacksburg, Revivicor provides pig organs that have been genetically modified to prevent rejection in human transplant patients.
Also moving to Falling Branch is FedEx Ground. FedEx Corp. ground package delivery subsidiary plans to lease a 251,000-square-foot distribution center currently under construction on 41 acres in the park. The Virginia Economic Development Partnership reported that the facility will create 200 positions.
Roanoke County
Würth Revcar Fasteners announced plans last year for an $11 million new headquarters and distribution center to be located in the former Home Shopping Network building in Roanoke County. (See related story.)
Also in the county, Lowe’s began shipping appliances out of its new 60,000-square- foot warehouse and distribution center in October 2022, creating about 70 jobs, according to company spokesperson Kara Hauck. Roanoke-based Cherney Development, in partnership with North Carolina-based Samet Corp., built the $11 million facility located in the county’s Valley TechPark.
The county also received news in September 2022 that Wisconsin-based North American Specialty Laminations LLC, a lamination solutions provider serving the building products industry, would invest $2 million to open a mid-Atlantic production facility, creating 44 jobs.
Roanoke City
Pennsylvania-based transportation and logistics company A. Duie Pyle Inc. opened a cross-dock service center in Roanoke in April 2022, according to John Luciani, chief operating officer of LTL solutions for A. Duie Pyle. The facility employs 22 full- and part-time workers.
Floyd County
In October 2022, Phoenix Hardwoods, which produces artisan-crafted hardwood furniture and home goods, opened a retail storefront in downtown Floyd, creating eight jobs. Previously, Phoenix had a showroom at its production facility off U.S. 221, but the location meant few shoppers, says owner Jeff Armistead, who, with his wife, Annie, purchased the business in 2020 from company founders Bill and Corinne Graefe. The new showroom has made all the difference, according to Armistead. “We had more people show up at that place in one day than I had in six months at the other place” he says.
Two months later, SWVA Biochar announced it would invest $2.6 million and create 15 jobs to increase capacity at its Floyd County facility, where it produces biochar, a highly absorbent, specially produced charcoal that can be used as a filtration system and a soil conditioner.
Bedford County
In March 2022, Bedford County’s economic development office announced North Carolina-based business and marketing solutions company Source4 would invest more than $4.5 million and add 30 jobs to expand its facility at Vista Centre Drive in Forest. Source4 opened operations in Forest after purchasing Marketing Support Solutions Inc. in 2018. Pam Bailey, the county’s economic development director, says work has been completed on a new 43,000- square-foot-warehouse on the property.
Botetourt County
U.S. Sen Tim Kaine and U.S. Secretary of Energy Jennifer Granholm visited the Troutville facility of Virginia Transformer Corp. on Aug. 25, 2022, to promote the company’s plans to build self-contained power modules for electric vehicle charging stations.
“It’s nice when you have a secretary and a senator coming and saying, ‘Hey, this is a big deal,’” says company spokesperson Kevin Lowery.
A business that wants to open a public charging station can order one of Virginia Transformer’s E2V units and be ready to charge vehicles within a day after delivery, according to Lowery. The unit includes multiple elements needed for charging stations, including transformers, switchgears, distribution circuits and breakers.
“Instead of having to deal with the construction of all of that,” Lowery explains, “it’s all packaged in one. We’ve already done it for them.”
Lowery expects the two manufacturing lines being built to produce the E2V to be in operation by July. He declined to say how much the expansion will cost. The company plans to finish hiring 30 workers for the effort by midyear.
Virginia Business’ annual list of the commonwealth’s 50 most powerful and influential leaders provides our editors’ take on the heaviest-hitting of heavyweights in business, government, nonprofits and higher education. Think of it as an executive committee for the leaders populating our annual Virginia 500 issue — the top 10% of the state’s power elite.
And while this is admittedly a subjective exercise, it’s not too difficult to decide that leaders such as Gov. Glenn Youngkin or Accenture CEO Julie Sweet, who leads a global workforce of 738,000, belong on this list.
That said, our 2023 list brings notable changes. Absent this year is bitcoin whale Michael Saylor, who transitioned from MicroStrategy Inc.’s CEO to executive chairman in August 2022 as the company reported a $1.98 billion impairment loss on its bitcoin holdings. Also gone is Washington Commanders co-owner Dan Snyder, who’s reportedly shopping around the NFL team and has been unable to secure Virginia legislative support for a new football stadium amid high-profile controversies, including a 2009 sexual assault allegation that came to light last year.
New entrants to the list include Martin Agency CEO Kristen Cavallo, who also became global CEO for MullenLowe Group in November 2022, and Dave Calhoun, CEO of the Boeing Co., which moved its headquarters to Arlington County this year.
Read on to learn which executives made the cut this year and how they’re adding to Virginia’s bottom line.
Agee
NancyHowellAgee, president and CEO, Carilion Clinic, Roanoke
Power and influence: Agee, who started out in 1973 as a nurse, has led the $2.3 billion nonprofit health system Carilion Clinic, which serves more than 1 million people in Virginia and West Virginia, since 2011. Carilion includes seven hospitals and a physician group with more than 1,000 physicians, plus outpatient clinics and pharmacies. The system partners with Virginia Tech on the Virginia Tech Carilion School of Medicine and with Radford University on Radford University Carilion, which offers degrees in health sciences. Agee chairs the Virginia Foundation for Independent Colleges.
Recent developments:In June 2022, Modern Healthcare named Agee one of its 50 most influential clinical executives, and she serves on Gov. Glenn Youngkin’s medical advisory team. Last year Carilion announced plans to move its outpatient mental health clinic to Tanglewood Mall in Roanoke County by fall 2023. The 37,000-square-foot space will span two floors and include room for group therapy, clinician offices and telemedicine.
John C. Asbury, CEO, Atlantic Union Bankshares Corp., Richmond
Power and influence: With more than three decades of banking experience, Asbury has led Atlantic Union since 2016. Atlantic Union Bank has 114 branches in Virginia, Maryland and North Carolina. The American Bankers Association’s 2022-23 vice chair, Asbury also serves on the boards of the Virginia Port Authority and the Greater Richmond Partnership. He also chairs educational nonprofit Virginia Learns. A Radford native, Asbury earned his business degree from Virginia Tech and has an MBA from William & Mary.
Recent developments: In January, Atlantic Union transferred its common stock and depositary shares listings from the Nasdaq to the New York Stock Exchange. At the end of 2022, the bank had total assets of $20.5 billion, an approximate 2% increase from the end of 2021, and it made $14.4 billion in loans. Atlantic Union sold part of Dixon, Hubard, Feinour & Brown Inc., a Roanoke-based wealth management firm, to Cary Street Partners in June, although the bank maintains a minority ownership stake.
G. Robert Aston Jr., executive chairman, TowneBank, Suffolk
Power and influence:Since Aston helped launch TowneBank from his garage in 1998, it has grown into one of the largest banks headquartered in the commonwealth, with more than 40 banking offices throughout Eastern and Central Virginia and North Carolina. Aston served as the bank’s chairman and CEO until 2018, when he transitioned to executive chairman. Aston got his start in banking in 1964 as a runner at Citizens Trust Co. in Portsmouth. By 1981, he was the bank’s president and CEO. He went on to lead Commerce Bank and BB&T of Virginia. Aston is a board member of Virginia Wesleyan University and the Virginia Business Higher Education Council.
Recent developments: TowneBank purchased Windsor-based Farmers Bankshares Inc. for $56 million in January, creating a combined company worth $17.5 billion in total assets and adding Isle of Wight and Southampton counties to TowneBank’s service area. The bank also saw a shuffling of leadership at the end of 2022. William I. Billy Foster III succeeded the retired Brad Schwartz as president and succeeded J. Morgan Davis as CEO.
Barkin
Thomas I. Barkin, president and CEO, Federal Reserve Bank of Richmond, Richmond
Power and influence:The Fed was in the news for much of 2022 as it raised interest rates to levels not seen since 2008’s Great Recession, combating sky-high inflation. Barkin has led the bank’s Fifth District since 2018, overseeing monetary policy and security of the financial system for a region that includes Virginia, Maryland, West Virginia and the Carolinas. Barkin previously worked as chief risk officer for global consulting firm McKinsey & Co. and serves on the board of the Community Foundation for a greater Richmond.
Recent developments:At a November 2022 stop in Winchester a week after the Fed approved its fourth 0.75-point rate hike for the year, Barkin said the central bank would do what’s necessary to tame inflation. In January, he acknowledged the inflation rate falling to 6.5% was progress, but said he hopes to see it settle around 2%. This year, Barkin serves as an alternate member of the Federal Open Market Committee, which votes on interest rate changes. He will rotate onto the panel in 2024.
Bland, photo by Mark Rhodes
Gilbert T. Bland, president, chairman and CEO, Urban League of Hampton Roads Inc.; founder and chairman, The GilJoy Group, Norfolk
Power and influence: Bland has owned and operated dozens of fast food restaurants, primarily Burger King and Pizza Hut franchises, through his company The GilJoy Group (named for him and his wife, Joyce). He also serves as leader of the Urban League of Hampton Roads Inc., which runs community service programs helping Black residents, including a new initiative on racial health disparities in partnership with Riverside Health System. Bland sits on boards for Sentara Healthcare, Randolph-Macon College, the Virginia Museum of Fine Arts and Virginia Learns.
Recent developments: In November 2022, the Norfolk-based Civic Leadership Institute presented Bland with the 2022 Individual Darden Award, which celebrates individuals who have had a significant impact in the Hampton Roads area. The same month, Gov. Glenn Youngkin announced an initiative to address learning loss through a tutoring partnership that includes the Urban League and four Virginia HBCUs. Also in 2022, Youngkin appointed Bland to Norfolk State University’s board.
Blue
Robert M. “Bob” Blue, chair, president and CEO, Dominion Energy Inc., Richmond
Power and influence: Blue became CEO of the Fortune 500 utility in October 2020, when Dominion was entering an era with a stronger focus on wind and solar energy aligned with Virginia’s clean energy mandates, including reaching net-zero carbon energy generation by 2045. The utility is now developing a 2.6-gigawatt, $9.8 billion commercial offshore wind farm 27 miles off the coast of Virginia Beach. Dominion, which garners about $14 billion in annual revenue, delivers energy to more than 7 million customers in 16 states. Blue serves as vice chairman of the Nuclear Energy Institute and on the boards of the Federal Reserve Bank of Richmond and the University of Virginia.
Recent developments: The State Corporation Commission in August 2022 approved Dominion’s offshore wind farm, with construction expected to be completed in 2026. The project is likely to be Dominion’s largest single project as well as its largest capital investment. The company also is looking into building small modular nuclear reactors in Virginia, and it recently proposed 23 new solar and energy storage projects that could power 200,000 Virginia homes.
Power and influence: Boykin is the first woman to lead the shipyard, the largest industrial employer in the state, with 25,000 employees, and the only U.S. builder of nuclear aircraft carriers. Boykin began her career at the company’s nuclear engineering division in 1987 and held several executive positions before being named president in 2017. She serves on the boards of the U.S. Merchant Marine Academy, which named her its 2021 alumna of the year, and Old Dominion University’s Women’s Initiative Network.
Recent developments: Parent company HII reported that Newport News Shipbuilding earned $5.8 billion in revenue in 2022, up from $5.6 billion in 2021. In March 2022, the shipyard agreed to a new five-year labor contract with members of United Steelworkers, which will remain in place until February 2027. In October, the USS Gerald R. Ford, an aircraft carrier built by NNS for the Navy, left Naval Station Norfolk on its maiden deployment.
Branch
Victor Branch, Richmond market president, Bank of America Corp., Richmond
Power and influence: The first Black president of Bank of America’s Richmond region, Branch has worked for Bank of America for nearly four decades. Serving as president since 2015, Branch oversees about 2,000 employees at 25 locations. He’s credited with being influential in the bank’s commitment to advance racial equality and economic opportunity. A native of Dinwiddie County and a first-generation college graduate, Branch has for years supported Housing Opportunities Made Equal (HOME), a nonprofit that works to ensure equal access to housing. In 2022, Branch told Virginia Business that he’s passionate about his work because it provides the opportunity “to deploy the bank’s resources into underserved communities to help lift people up and out of poverty.” He sits on several boards, including the Virginia Foundation for Independent Colleges and the Virginia Museum of History and Culture.
Recent developments: Last year, Branch rotated off the board of visitors at William & Mary, his alma mater. In 2022, Bank of America gave $1 million to Virginia Union University to help prepare students for careers in the financial industry. Branch was named to Virginia State University’s board last year by Gov. Glenn Youngkin.
Calhoun
David Calhoun, president and CEO, Boeing Co., Arlington County
Power and influence: A Virginia Tech alum, Calhoun leads the second largest defense contractor in the state and the third largest in the world, with more than 140,000 global employees and $61.4 billion in fiscal 2022 revenue. Boeing made headlines in May 2022 when it announced it would move its headquarters from Chicago to Arlington, where 400 employees already work. Boeing has pledged $50 million to Tech’s Alexandria-based Innovation Campus.
Recent developments: In August 2022, federal regulators allowed Boeing to resume deliveries of its 787 Dreamliner jets after nearly two years. In December 2022, United Airlines placed an order for 100 Dreamliners, a deal worth around $25 billion. And in February, Boeing landed a $45.9 billion deal to sell jets to Air India in Boeing’s third largest sale of all time. Early this year, Boeing ended production of its iconic Boeing 747 jumbo jets, and in late 2022, the company consolidated eight divisions of its Defense, Space and Security unit into four, and finalized its $3.2 billion Artemis contract with NASA.
Cavallo
Kristen Cavallo, CEO, The Martin Agency; global CEO, MullenLowe Group, Richmond
Power and influence: The Martin Agency won Adweek’s Agency of the Year twice under Cavallo’s leadership; the agency’s clients include Geico, Old Navy and DoorDash. From day one of her tenure as CEO, Cavallo has emphasized inclusivity and diversity in hiring, as well as shrinking pay gaps among women and people of color. Her ad career started in 1994 at Mullen, where she would go on to serve as its chief strategy officer. She bounced between Mullen and Martin, until she was named Martin’s CEO in 2017.
Recent developments: In November 2022, Cavallo was also named global CEO of MullenLowe Group, taking on additional leadership duty of 12 advertising firms. Still based in Richmond, Cavallo travels between 20 offices worldwide. At New York Fashion Week in September 2022, Martin joined forces with financial services company TIAA and womenswear brand Fe Noel to debut “The Dre$$,” a gown stitched with artificial money to highlight the gender wage gap.
Cullen
Richard Cullen, counselor to Virginia Gov. Glenn Youngkin, Richmond
Power and influence: Former chairman and senior partner of McGuireWoods, the state’s largest law firm, Cullen joined Youngkin’s administration in January 2022. No novice to public service, Cullen served as U.S. attorney for the Eastern District of Virginia from 1991 to 1994 and as Virginia’s attorney general from 1997 to 1998. He was on President George W. Bush’s legal team during the 2000 Florida recount and represented then-Vice President Mike Pence during special counsel Robert Mueller’s probe into Russian interference in the 2016 election. In 2018, Cullen led the McGuireWoods team that secured a $501 million judgment against North Korea for the torture, hostage taking and death of University of Virginia student Otto Warmbier.
Recent developments: In January, Virginia Democrats criticized Youngkin for reportedly removing the state from consideration for a $3.5 billion Ford Motor Co. electric vehicle battery manufacturing plant in partnership with a Chinese company. Cullen told The Washington Post the plant involved “national security risk-type technology and [Youngkin] stopped that.”
Dreiling
Rick Dreiling, CEO, Dollar Tree Inc., Chesapeake
Power and influence: Dreiling was named CEO of the Fortune 500 discount retailer in late January, replacing former CEO and President Mike Witynski, who had served in the role since 2020. The former CEO and chair of competitor Dollar General, Dreiling was named executive chair of Dollar Tree’s board in March 2022 as part of a settlement with an activist investor group. Dollar Tree operates more than 16,000 Dollar Tree and Family Dollar stores in the United States and Canada. It employs more than 200,000 workers.
Recent developments: Dreiling was named to lead Dollar Tree following a tumultuous period that saw a shake-up of the retailer’s C-suite starting in June 2022. In late 2021, Dollar Tree announced a controversial price increase to $1.25 for most items in its stores, resulting in backlash. Dollar Tree’s third quarter 2022 sales grew 8.1% year over year to $6.93 billion, but rival retailer Dollar General’s sales rose 11% to $9.5 billion during the same period.
DuVal
Barry DuVal, president and CEO, Virginia Chamber of Commerce, Richmond
Power and influence: DuVal has led the state’s chamber of commerce since 2010, and he previously served as state commerce secretary and mayor of Newport News. As head of the Virginia Chamber, DuVal has led the creation of Blueprint Virginia, a state strategic plan that outlines business priorities for Virginia’s economic prosperity.
Recent developments: In June 2022, DuVal attended the signing ceremony for a state bill that allows small businesses to create health insurance consortiums to help them bargain for more affordable health care plans — a change for which DuVal had advocated since 2018. The chamber also announced in June the establishment of the Virginia Small Business Health Alliance, a grouping of small companies that will operate as a self-funded insurance group. A Republican, DuVal also is aligned with Gov. Glenn Youngkin in calling for Virginia’s exit from the Regional Greenhouse Gas Initiative, a multistate effort to reduce carbon emissions; DuVal wrote an op-ed in the Richmond Times-Dispatch last fall bemoaning the program’s regulatory burden on the commonwealth.
Edwards
Stephen Edwards, CEO and executive director, Virginia Port Authority, Norfolk
Power and influence: Edwards joined the Virginia Port Authority, which oversees the Port of Virginia, in January 2021, succeeding John F. Reinhart, one of the port’s most transformative leaders. Edwards previously served as president and CEO of California-based port terminal services company TraPac LLC. For fiscal year 2022, the Port of Virginia processed a record 3.7 million 20-foot equivalent units (TEUs) of cargo, up 14.7% from fiscal year 2021. As CEO, Edwards also serves as a nonvoting member on the Virginia Economic Development Partnership’s board.
Recent developments: In May 2022, the port and the U.S. Army Corps of Engineers formalized their collaboration on the Norfolk Harbor dredging project to deliver the East Coast’s widest and deepest channels by 2024. On Jan. 1, the Virginia Inland Port in Front Royal began receiving electricity from solar installations, a step toward the port’s goal of going completely carbon-neutral by 2040. Also in January, the port finalized its agreement to purchase five ship-to-shore cranes for $61.6 million.
Koubi, photo by James Lee
Jason El Koubi, president and CEO, Virginia Economic Development Partnership, Richmond
Power and influence: VEDP’s board unanimously picked El Koubi to lead the state’s economic development authority in March 2022 after he served in an interim basis following the departure of Stephen Moret. El Koubi joined VEDP in 2017 as executive vice president and was part of a leadership team that helped bring Amazon.com Inc.’s HQ2 East Coast headquarters to Arlington County. Previously, El Koubi served as assistant secretary for economic development in Louisiana under Moret and as president and CEO of One Acadiana, a Lafayette, Louisiana, regional economic development organization.
Recent developments: El Koubi has been vocal about increasing Virginia’s inventory of large, ready-to-build industrial sites to land megaprojects. From 2015 through 2022, Virginia landed just one megaproject — the $1 billion Lego Group plant in Chesterfield County — while other Southern states that had invested more in site preparation secured 120 major projects. Last year, Virginia dropped to third place on CNBC’s America’s Top States for Business rankings after being in first place for an unprecedented two consecutive years.
Fairbank
Richard Fairbank, co-founder, CEO and chair, Capital One Financial Corp., McLean
Power and influence: Fairbank and Capital One co-founder Nigel Morris disrupted the then-staid credit card business by using data to target market different credit card plans to a variety of customers. During Fairbank’s 29-year tenure as CEO, the company’s tagline “What’s in your wallet?” has become one of the most ubiquitous ad slogans ever. One of the nation’s 10 largest banks, Capital One was the third largest issuer of Visa and Mastercard credit cards in 2021. The company ranked 108th on the Fortune 500 last year. A billionaire, Fairbank made about $20.5 million in total compensation in 2021.
Recent developments: Capital One earned $34.3 billion in net revenue for 2022, an increase of 13% from 2021, along with $333 billion in deposits and $455.2 billion in total assets as of Dec. 31, 2022. In January, the bank laid off about 1,100 tech workers amid a wave of similar layoffs nationwide.
Fralin
W. Heywood Fralin, chairman, Retirement Unlimited Inc., Roanoke
Power and influence: A University of Virginia grad, Fralin is known for his support of Virginia Tech, where he, his wife, Cynthia, and their family trust donated $50 million toward the establishment of the Fralin Biomedical Research Institute at VTC in 2018. In 2012, the couple donated their collection of American art to U.Va., and he has served on the U.Va. and Virginia Tech boards of visitors. Fralin practiced law before joining family businesses Retirement Unlimited Inc. and Medical Facilities of America Inc. He chaired the latter before Richmond-based Innovative Healthcare Management bought it in 2021. Retirement Unlimited Inc. operates 19 senior independent living, assisted living and similar communities in Virginia and Florida.
Recent developments: Fralin and Michael Friedlander, the Fralin Biomedical Research Institute’s founding executive director, are set to receive the Gordon and Llura Gund Leadership Award from Research!America in March. The award recognizes people who increased the level of advocacy for health-related research in their communities or on larger levels.
Gilliland
Amy Gilliland, president, General Dynamics Information Technology Inc., Falls Church
Power and influence: Gilliland oversees General Dynamics’ IT business — with more than 30,000 global employees, including 8,500 in Virginia — and also is helping eliminate stigma around seeking mental health support in an industry known for requiring government clearances. After an employee died by suicide, Gilliland launched the “How are you, really?” campaign. GDIT has also focused on building community through employee resource groups that have included focuses on mental health and social justice. She serves on the BNY Mellon board and is board vice chair for the Northern Virginia Technology Council. Gilliland has also helped raise more than $500,000 to research Rett syndrome. Her 10-year-old daughter, Ashley, has the rare genetic mutation, which affects brain development in girls.
Recent developments: In July 2022, GDIT won a $908 million contract to support IT and network systems operated by the Air Force in Europe, a month after the Government Accountability Office sided with Leidos over a $11.5 billion defense contract that GDIT protested. More recently, GDIT formed a 5G and edge computing accelerator as part of a coalition including Amazon Web Services, Cisco and Dell Technologies.
Gifford
William F. “Billy” Gifford Jr., CEO, Altria Group Inc., Henrico County
Power and influence: In 2020, after 25 years at the tobacco products manufacturer, including as president and CEO of subsidiary Philip Morris USA, Gifford was promoted to CEO. Cigarette sales are declining, and Altria reported $25 billion in net revenues in 2022, down 3.5% from 2021. However, Altria is focusing on alternatives to cigarettes, including three smoke-free categories: heated tobacco, e-cigarettes and oral tobacco. Gifford serves on the boards of Anheuser-Busch InBev — in which Altria has a 10% stake — and Catalyst Inc., a nonprofit that supports the advancement of women as business leaders.
Recent developments: In October 2022, Altria announced a $150 million partnership with Japan Tobacco Group to sell heated tobacco products in the U.S. and worldwide. The deal places Altria in direct competition with Juul Labs Inc. and Philip Morris International Inc. In 2018, Altria sank $12.8 billion into a 35% stake in Juul, then the nation’s e-cigarette leader. In September 2022, Altria ended its noncompete deal with Juul, after its investment value had fallen to $450 million. As of Dec. 31, 2022, it had declined to $250 million.
C. Todd Gilbert, speaker, Virginia House of Delegates, Woodstock
Power and influence: A member of Virginia’s House of Delegates since 2006, Gilbert is a former Shenandoah County prosecutor who has wielded the House gavel since the GOP took control last year. Gov. Glenn Youngkin often attends Gilbert’s Bible studies during the General Assembly session; the two politicos have faced the Democratic-controlled Virginia State Senate’s “brick wall” against many social issue bills favored by conservatives. Gilbert was named the Family Foundation’s “Legislator of the Year” in 2013, and in 2017 the National Rifle Association presented him its Defender of Freedom Award. Gilbert has a private law practice in Woodstock.
Recent developments: Gilbert helped shepherd several legislative wins through the General Assembly for Youngkin in 2022, including a biennial budget that provides about $4 billion in tax cuts, eliminates the 1.5% grocery tax and invests $150 million into site development. During the 2023 session, he championed Youngkin’s proposed $1 billion in tax cuts and increasing industrial site development funding to $600 million. House Republicans this session abandoned about 20 constitutional amendments, including a ban on abortions after 15 weeks, acknowledging the amendments had no chance in the Senate.
Harmon
Jonathan P. Harmon, chairman, McGuireWoods LLP, Richmond
Power and influence: A nationally recognized trial lawyer, Harmon has led the state’s largest law firm since 2017, the first Black man to do so. A graduate of the U.S. Military Academy at West Point, he was president of his basic training class and served in Operation Desert Storm before earning his law degree from the University of Texas. Although his clients include Fortune 500 companies, he also has done prison ministry work, serves on the board of the Pro Bono Institute and volunteers with Faith Landmarks Ministries.
Recent developments: In May 2022, Harmon wrote a column in the Richmond Times-Dispatch about the lessons he learned about leadership and selflessness while grieving the untimely deaths of his mother and his wife. Harmon’s wife, Rhonda Harmon, also a West Point graduate and an attorney who worked on a team that won a historic discrimination case involving redlining, died in 2022 of leukemia.
Victor Hoskins, photo by Stephen Gosling
Victor Hoskins, president and CEO, Fairfax County Economic Development Authority, Fairfax County
Power and influence: Hoskins often mentions that he’s saving households when a job is saved, and that drives his passion for his work. He came to Fairfax in 2019 from Arlington County, where he landed Amazon.com Inc.’s multibillion-dollar HQ2 East Coast headquarters. Hoskins also co-founded the Northern Virginia Economic Development Alliance. In 2022, Fairfax worked with 146 business that announced 12,647 jobs. Hoskins also serves on the President’s Innovation Advisory Council at George Mason University and the Northern Virginia Chamber of Commerce board.
Recent developments: Fairfax County scored a big win in 2022 when Hilton Worldwide Holdings Inc. announced it was renewing its headquarters lease for another 15 years in McLean, with plans to invest $50.3 million and add 350 employees. Also last year, Alarm.com Inc. announced its plans to expand its research and development division, creating 180 jobs.
HUSEMAN
Brian Huseman, vice president of public policy, Amazon.com Inc., Arlington County
Power and influence: A former trial attorney for the U.S. Department of Justice and associate general counsel for the Federal Trade Commission, Huseman leads the goliath e-tailer’s federal lobbying efforts. He left Intel Corp. in 2012 to join Amazon as its Americas public policy director before assuming his current role in 2016. He is heavily involved in Amazon’s $2.5 billion-plus HQ2 East Coast headquarters campus in Arlington County and often serves as HQ2’s public face.
Recent developments: The two towers that constitute HQ2’s first phase, Metropolitan Park, are expected to open this year. In June 2022, Amazon bought the property for HQ2’s 12-acre second phase, PenPlace, from developer JBG Smith for $198 million.
Power and influence: Johnson was known first for co-founding BET Networks, but today she is the owner of Salamander Resort & Spa, named the No. 2 hotel in Virginia by U.S. News & World Report last year, as well as other resorts outside Virginia. She also founded the decade-old Middleburg Film Festival, which draws celebrities to the horse and hunt capital, and she holds a stake in three Washington, D.C., professional sports teams through Monumental Sports & Entertainment. Johnson is also president and managing partner of the Washington Mystics WNBA team.
Recent developments: In 2022, Forbes ranked Johnson No. 22 on its list of America’s Self-Made Women, a leap from her previous ranking at No. 39. Johnson co-chairs the Greater Washington Partnership’s Inclusive Growth Strategy Council, which in June released a 10-year plan to increase equity and create a more inclusive economy from Richmond to Baltimore. Salamander, which already operates resorts in Jamaica, South Carolina, Florida and Colorado, expanded to Washington, D.C., in 2022 with the purchase of the former Mandarin Oriental hotel.
Jones
Dr. J. Stephen Jones, president and CEO, Inova Health System, Falls Church
Power and influence: Jones has led Inova Health System since 2018, after previously serving as the Cleveland Clinic’s president of regional hospitals and family health centers. Inova operates Northern Virginia’s only Level 1 trauma center. Its five hospitals have 1,952 licensed beds and employ more than 20,000 workers. A urologist, Jones is a professor of urology for the University of Virginia and editor-in-chief of the American Urological Association’s Urology Practice journal. He is chair-elect of the American Medical Group Association and serves on the boards of the Greater Washington Partnership and the Northern Virginia Chamber of Commerce.
Recent developments: Jones penned an April 2022 op-ed in the Richmond Times-Dispatch, writing that criminalization of mistakes in health care would have a chilling effect on practitioners, and he has also raised awareness of the issue of workplace violence against health care workers. In May, he oversaw the opening of the Inova Saville Cancer Screening and Prevention Center in Fairfax. That same month, demolition of Alexandria’s former Landmark Mall began, clearing the way for the new $1 billion Inova Alexandria Hospital, which celebrated its 150th anniversary in December 2022.
Kastner
Christopher D. Kastner, president and CEO, Huntington Ingalls Industries Inc., Newport News
Power and influence: Kastner is starting his second year leading the state’s largest industrial employer. Fortune 500 military shipbuilder HII employs 44,000 people worldwide, including about 25,000 who work for Newport News Shipbuilding, the only U.S. builder of nuclear-powered aircraft carriers. Kastner serves as vice chair for WHRO Public Media, Hampton Roads’ public broadcasting station, and on the board of trustees for Eastern Virginia Medical School.
Recent developments: HII has diversified into technological solutions and invested in unmanned systems and artificial intelligence. In April 2022, HII’s mission technologies division launched Odyssey, an open-architecture platform that can turn any ship or vehicle into an intelligent, autonomous system; the technology is being incorporated into an unmanned mine-sweeping surface vessel. HII also landed a potential $3.2 billion contract to design and build the Navy’s next amphibious warship.
Nazzic S. Keene, CEO, Science Applications International Corp., Reston
Power and influence: One of the state’s most powerful and well-compensated women CEOs, Keene leads approximately 26,000 employees at Fortune 500 federal contractor SAIC, which saw revenues of about $7.4 billion in fiscal year 2022. Joining the company in 2012 as a sector president, Keene became CEO in 2019, just two years after being named chief operating officer. A native of Libya, Keene previously worked as senior vice president and general manager for U.S. Enterprise Markets at CGI Inc., a Quebec-based IT and business consulting firm. Keene sits on the Inova Health System board and is a member of ADP’s board of directors.
Recent developments: In 2022, SAIC received more than $500 million in Joint All-Domain Command and Control (JADC2)-related contract awards from the Department of Defense. In November 2022, SAIC won a $757 million contract to provide software development and management for the Army’s Enterprise Service Desk.
Krone
Roger A. Krone, chairman and CEO, Leidos Holdings Inc.,Reston
Power and influence: Since 2014, Krone has led the $13.7 billion Fortune 500 federal contractor, which employs 43,000 people worldwide. In February 2022, Leidos won an $11.5 billion contract to consolidate enterprise IT services for 370,000 users across 22 Department of Defense agencies and field activities in 500 sites worldwide. Krone joined Leidos after more than two decades with Boeing Co. and McDonnell Douglas.
Recent developments: While Leidos had already extended support to Ukrainians through D.C-based humanitarian aid organization Project HOPE soon after Russia’s invasion of Ukraine last year, Leidos announced a continuing partnership in August 2022 to keep the support going indefinitely. In November 2022, Leidos completed its $215 million acquisition of Cobham Aviation Services, adding the Australian airborne surveillance and search-and-rescue missions company to its portfolio, and a month later, Leidos won a $334 million contract to help the Air Force develop its Mayhem hypersonic aircraft. On Feb. 27, Leidos announced Krone’s retirement May 4.
Kuhn
Charles “Chuck” Kuhn, founder and CEO, JK Moving Services, Sterling
Power and influence: Founded in 1980 in Kuhn’s parents’ basement, JK Moving Services is the largest independent moving company in the nation. Kuhn is also chairman of CapRelo, an employee relocation services business. The two companies employ about 1,100 people. However, Kuhn is just as well known for his land conservation efforts and his push for data centers. A leader in philanthropy, Kuhn launched JK Community Farm in 2018. The Kuhn family has also placed more than 22,000 acres of land under conservation easement.
Recent developments: The American Trucking Association named JK Moving Services its MSC Independent Mover of the Year last year. In 2022, Kuhn passed responsibility for day-to-day operations of the moving company to David Cox, who was promoted to president. JK Land Holdings LLC, owned by the Kuhn family, is partnering with the Yondr Group, a Netherlands-based company, to build data centers in Loudoun and Prince William counties.
Layne
Aubrey L. Layne Jr., executive vice president of governance and external affairs, Sentara Healthcare Inc., Norfolk
Power and influence: A native of Hampton Roads, Layne served as state finance secretary in the Northam administration. He stepped down in 2021 to join Sentara, one of the state’s largest health care systems, where he focuses on legislative affairs, the Sentara Foundation and the Sentara College of Health Sciences in Chesapeake. He also chairs the Virginia Port Authority’s board of commissioners, which oversees the Port of Virginia. Layne previously served as the state’s secretary of transportation under Gov. Terry McAuliffe and was president and principal broker of Great Atlantic Properties in Virginia Beach.
Recent developments: Layne has been a force behind the merger between Eastern Virginia Medical School and Old Dominion University, which will create the Eastern Virginia Health Sciences Center at ODU after passage of state legislation this spring. He also works as an unpaid special adviser to the Youngkin administration and in January was named a board member for the Virginia Chamber of Commerce.
McDuffie
Mary McDuffie, president and CEO, Navy Federal Credit Union, Vienna
Power and influence: McDuffie took the helm of the world’s largest credit union in 2019. With 22,500 employees at 355 branches, Navy Federal had about $157 billion in assets at the end of 2022 and more than 12 million members globally. McDuffie joined the credit union in 1999 as vice president of marketing. Previously, she worked as senior vice president of marketing for Star Systems Inc. A Wellesley College graduate, McDuffie sits on the board of directors of the Baltimore office of the Federal Reserve Bank of Richmond.
Recent developments: This year McDuffie will help the credit union celebrate its 90th anniversary. Navy Federal ranked in 2022 as one of Fortune’s Best Workplaces for Women, and about 66% of employees and 60% of the management team are female. Navy Federal also made Fortune’s 100 Best Companies to Work For list for the 11th year in a row. The credit union plans to open five new branches in the United States this year. In January, a federal judge dismissed a proposed class action lawsuit against Navy Federal related to fraud on the Zelle app.
McGlothlin, photo by Earl Neikirk
Jim McGlothlin, chairman and CEO, The United Co., Bristol
Power and influence: McGlothlin was building a career as an attorney when he bought a Buchanan coal company for $25,000 at auction in 1970. He went on to launch The United Coal Co., a business that expanded into steel, oil and mining equipment. Instrumental in getting casinos legalized in Virginia, he is a developer and co-owner of the Hard Rock Hotel & Casino Bristol, which opened in a temporary space in July 2022. Casino revenues have so far exceeded expectations, with adjusted gross revenues of more than $67 million earned from July to November 2022. The permanent, $400 million Hard Rock casino is set to open in 2024. McGlothlin and his wife, Frances Gibson McGlothlin, are also major American art collectors and philanthropists.
Recent developments: In December 2022, McGlothlin was named Virginia Business’ 2022 Person of the Year. That same month, Hard Rock broke ground on the permanent Bristol casino, which will include a 3,200-seat theater and a 20,000-person-capacity outdoor entertainment venue. The McGlothlins also donated nearly $60 million to the Virginia Museum of Fine Arts in March 2022, a gift that includes 15 American artworks and will support a new 170,000-square-foot wing.
Nassetta
Christopher J. Nassetta, president and CEO, Hilton Worldwide Holdings Inc., McLean
Power and influence: Since 2007, Nassetta has led Hilton, the Fortune 1000 hospitality company with a portfolio of 7,000 properties in 123 countries and territories. A graduate of the University of Virginia, Nassetta sits on the advisory board for the school’s McIntire School of Commerce and on the board of CoStar Group Inc. He also serves on the Arlington Free Clinic’s community council and is chairman emeritus of The Real Estate Roundtable.
Recent developments: In August 2022, Hilton announced plans to expand its global headquarters in Fairfax County, adding 350 jobs over the next five years. Virginia Gov. Glenn Youngkin approved more than $6 million in state grants to support the $50.3 million deal. After the pandemic hurt the hotel industry, Hilton dropped off the Fortune 500 list in 2021 and ranked No. 538 on the 2022 Fortune 1000 list. Nassetta was Virginia’s third highest-paid CEO in 2021, with total compensation of $23.2 million.
Novakovic
Phebe Novakovic, chairman and CEO, General Dynamics Corp., Reston
Power and influence: Ranked No. 30 on Forbes’ 2022 World’s 100 Most Powerful Women list (just behind Oprah Winfrey and Nancy Pelosi), Novakovic has led the world’s fifth largest aerospace and defense company since 2013. With more than 100,000 employees, General Dynamics reported net earnings of $3.4 billion in 2022, up 4.1% from 2021. In 2021, Novakovic earned about $23.55 million in total compensation, making her the second highest-paid Virginia CEO. She serves on the board of JPMorgan Chase & Co. and chairs the Association of the U.S. Army.
Recent developments: In April 2022, Novakovic was included on a list of executives and other leaders “denied entry to the Russian Federation on an indefinite basis.” Russia imposed the sanctions in response to U.S. sanctions against Russia over its invasion of Ukraine. In August 2022, subsidiary General Dynamics Land Systems was awarded an order from the U.S. Army worth up to $1.1 billion to deliver battle tanks to Poland, and GD’s Electric Boat received a $5.1 billion contract modification for Columbia-class submarines in December.
Rizer, photo by Will Schermerhorn
Buddy Rizer, executive director, department of economic development, Loudoun County
Power and influence: Rizer is the architect behind Loudoun’s reputation as “Data Center Alley.” In 2022, data centers accounted for at least $6.6 billion in new economic development announcements in Loudoun, according to the Virginia Economic Development Partnership. A former radio DJ, Rizer chairs the Northern Virginia Community College Foundation board and is a nonvoting member of the Northern Virginia Technology Council board.
Recent developments: Metro opened its long-awaited $3 billion Silver Line extension in November 2022, adding stops in Loudoun that are expected to fuel more development. Last June, Irish energy management company Hanley Energy announced an $8 million expansion in Ashburn, expected to create 343 jobs. Meanwhile, opposition to data centers is growing in Virginia, chiefly over environmental and noise concerns. Loudoun County supervisors have made moves to prevent construction of data centers in rural areas, but the county also added 3 million square feet of data centers in 2022.
Rozanski
Horacio D. Rozanski, president and CEO, Booz Allen Hamilton Holding Corp., McLean
Power and influence: A native of Argentina, Rozanski got his start in 1991 as an intern at Booz Allen’s Buenos Aires office, and in 2015 he was named CEO of the Fortune 500 global technology and consulting company. Rozanski had earlier helped the company separate its government and commercial businesses into two distinct companies. For fiscal 2022, Booz Allen posted $8.4 billion in revenue, 6.4% more than the previous year. Outside work, Rozanski chairs the Children’s National Medical Center board and sits on the boards of Marriott International Inc. and CARE USA.
Recent developments: In November 2022, Booz Allen Hamilton held a ribbon-cutting for its Washington, D.C.-based Helix Center for Innovation, a space where clients can learn about global defense, national security and climate resilience technologies. Booz Allen is a prime contractor on more than 150 AI projects for the federal government, and last year it started a venture capital fund to invest in AI companies.
Ryan
James E. Ryan, president, University of Virginia, Charlottesville
Power and influence: Previously dean of Harvard’s Graduate School of Education, Ryan has led Virginia’s flagship public university since 2018 and is a graduate of its law school. Launched by Ryan in 2019, U.Va.’s $5 billion “Honor the Future” capital fundraising campaign raised more than $4.3 billion as of last spring. The university’s board of visitors has unanimously voted to extend Ryan’s contract to 2028. He has also been instrumental in launching U.Va.’s Karsh Institute of Democracy and its School of Data Science. In April 2022, U.Va.’s athletics department announced its largest single gift, $40 million from an anonymous former student-athlete.
Recent developments: Ryan invited an external review of the November 2022 shooting by a student who killed three members of the Cavaliers football team and injured two other students after a class field trip. In January, U.Va. announced plans for a $300 million biotechnology institute to produce new medical treatments, funded in part by a $100 million donation by Charlottesville residents Paul and Diane Manning, one of the largest individual gifts in the university’s history.
Salvino
Mike Salvino, president, chairman and CEO, DXC Technology Co., Ashburn
Power and influence: Salvino is leading the Fortune 500 information technology services and consulting company through a multiyear “transformation journey” to become better focused and more cost-effective. He was also Virginia’s highest compensated CEO in 2021, earning more than $28.7 million, a 32% jump over the previous year.
Recent developments: Salvino’s pay went up at a time when DXC’s financial performance has lagged behind previous years. The company posted $16.265 billion in 2022 revenue; it reported $17.729 billion in 2021. In February, the company reported $3.57 billion in revenue for the third quarter of fiscal 2023, down 12.8%, compared with the prior year period. Salvino has said the company missed some revenue goals after encountering unexpected costs and disruptions tied to Russia’s invasion of Ukraine, and the company withdrew business from Russia. In October 2022, Hong Kong’s Baring Private Equity Asia Ltd. approached DXC about potentially acquiring the company, and in February, Salvino said DXC remains in “preliminary discussions” about the deal.
Sands
Timothy D. “Tim” Sands, president, Virginia Tech,Blacksburg
Power and influence: Nicknamed “the Sandsman” (a reference to the Hokies’ football anthem, Metallica’s “Enter Sandman”), Sands became Virginia Tech’s 16th president in 2014. An engineer and researcher, Sands is considered an expert in light-emitted diodes. As Tech’s president, he has overseen the establishment of the university’s $1 billion Innovation Campus set to officially open in Alexandria next year. State leaders are looking to the new campus as a pipeline to fill a much-needed gap in highly skilled tech workers. Sands chairs the board of the Virginia Space Grant Consortium.
Recent developments: Last August, Tech’s board of visitors voted unanimously to extend Sands’ contract through the 2027 academic year. In 2022, the university increased its Boundless Impact fundraising goal from $1.5 billion to $1.872 billion. Announced in 2019, the campaign has already raised more than $1 billion. In September 2022, Tech received a record $80 million grant to lead a climate-smart farming pilot program, and in November 2022, its real estate program became the Blackwood Department of Real Estate.
Shea, photo by Will Schermerhorn
Stu Shea, chairman, president and CEO, Peraton Inc., Reston
Power and influence: Shea oversees one of Northern Virginia’s biggest federal IT contractors, which was founded in 2017 after private equity fund Veritas Capital bought Harris Corp. Government Services. In 2021, Peraton bought Perspecta Inc. and Northrop Grumman’s federal IT services businesses for a total of $10.5 billion. A national security legend, Shea helped build the CIA’s earliest computer systems and came out of retirement to lead Peraton, which now has 19,000 employees. He also founded the U.S. Geospatial Intelligence Foundation and in 2016, Shea received the Intelligence Community Seal Medallion. Last year, Shea received an honorary doctorate from George Mason University.
Recent developments: In December 2022, a Peraton subsidiary won a $2.25 billion contract to perform background investigation field work for the Defense Counterintelligence and Security Agency. Peraton’s corporate headquarters recently moved from Herndon to Reston Town Center.
Staton
Travis Staton, president and CEO, United Way of Southwest Virginia, Abingdon
Power and influence: The United Way of Southwest Virginia’s leader since 2005, Staton has an outsized influence as an advocate for regional solutions to health, education and economic issues challenging one of the poorest areas of the state. Recognized among the nation’s most innovative United Way affiliates, UWSWVA has been through eight mergers and acquisitions under Staton’s leadership, and it now represents 17 counties and four cities — a footprint covering 20% of the state. In 2021, UWSWVA launched Ready SWVA, an initiative to increase the region’s child care options, a key barrier to work. Staton also serves on the Region One Council for GO Virginia, a state economic development initiative fostering private sector growth and job creation.
Recent developments: Last year, Gov. Glenn Youngkin announced $1.24 million in new grant funding for Ready SWVA, which had previously received $3.5 million from the General Assembly. The funding will place 100 new teachers in early child care centers over the next two years.
Sweet
Julie Sweet, CEO and chair, Accenture, Arlington County
Power and influence: Ranked No. 9 on Forbes’ 2022 World’s 100 Most Powerful Women list (Vice President Kamala Harris is ranked No. 3), Sweet joined the Fortune Global 500 professional services company in 2010 as its general counsel and was promoted to CEO in 2019 and board chair in 2021. Working out of Accenture’s Arlington office, Sweet leads a company that employs 738,000 people across 120 nations. She also chairs the board of Catalyst Inc., a nonprofit that promotes women-friendly workplaces, and serves on boards for the World Economic Forum, the Center for Strategic and International Studies, and Bridges from School to Work.
Recent developments: Accenture reported $61.6 billion in fiscal 2022 total revenue, an increase of 26% from the previous year. Following the devastating February earthquakes that killed more than 40,000 people in Turkey and Syria, Sweet said that Accenture, which has a presence in Turkey, would donate $1 million in humanitarian aid, in addition to launching a “global giving campaign with 100% matching funds, to add to the efforts being made to quickly reach those most in need.”
Terry, photo by Mark Rhodes
Eric Terry, president, Virginia Restaurant, Lodging & Travel Association, Richmond
Power and influence: Terry has led the state association advocating for the restaurant, hotel and travel industries for nearly a decade, bringing more than three decades of experience in the entertainment, hotel, casino resort and events industries. A graduate of Virginia Tech’s Hospitality and Tourism Management School, he previously was a vice president for Texas-based Redstone Companies Hospitality.
Recent developments: During the 2022 General Assembly session, Terry successfully championed legislation extending to-go cocktails at restaurants through July 2024.
Thompson, photo by James Lee
Bruce L. Thompson, CEO, Gold Key | PHR, Virginia Beach
Power and influence: A Norfolk native and Virginia Business’ 2021 Person of the Year, Thompson is best known for developing the Cavalier Resort, which includes the restored historic Cavalier Hotel as well as two new hotels, restaurants and residences on 21 acres at the Virginia Beach oceanfront. Thompson’s Gold Key | PHR reports annual revenues exceeding $140 million and employs more than 2,400 people. The politically connected Thompson has chaired inaugural galas for both Democratic and Republican governors, including Gov. Glenn Youngkin.
Recent developments: In August 2022, the city of Virginia Beach revealed proposals from several development groups for the undeveloped Rudee Loop property. Gold Key | PHR’s proposal included plans for a seven-acre park, multifamily housing, a parking garage and possibly a boutique hotel. The city is still evaluating the proposals after collecting citizen input.
Thompson
Warren Thompson, founder, president and chairman, Thompson Hospitality Corp.,Reston
Power and influence: A Windsor native, Thompson decided that he wanted to work in the restaurant industry while eating at a Shoney’s with his parents at age 12. Following graduation from the University of Virginia Darden School of Business, he worked for Marriott International Inc. for several years before launching Thompson Hospitality Corp. in 1992. Today, the company is the largest minority-run food and facilities management corporation in the nation. On top of operating dining services for companies, universities and hospitals, Thompson Hospitality owns several restaurant chains, including Milk & Honey and Matchbox. Thompson also serves on the board of Performance Food Group Co.
Recent developments: In September 2022, Thompson penned an op-ed in The Washington Post, speaking out against Initiative 82, a measure to gradually increase the tipped minimum wage in Washington, D.C. “As restaurants recover from the coronavirus pandemic, the elimination of the tipped wage would force restaurants to reduce staff, increase menu prices and implement policies that would ultimately affect restaurant employees’ earning potential,” he wrote. Even so, D.C. voters overwhelmingly passed the initiative. Thompson Hospitality formed a partnership with Loudoun-based Velocity Restaurant & Hospitality Group in December 2022.
VandeHei
Jim VandeHei, co-founder and CEO, Axios Media Inc.; chair, Axios HQ, Arlington County
Power and influence: In a December 2022 Axios newsletter encouraging entrepreneurs to launch or join a startup, VandeHei called himself “among the most unremarkable, underachieving, unimpressive 20-year-olds you would have stumbled across in 1991.” After a quarter century, and with a résumé much improved upon from his 1.491 grade point average, VandeHei, a Politico co-founder and former Washington Post and Wall Street Journal reporter, launched Axios as an inside-the-Beltway, bullet-point news site in 2016. Axios is also aiming to fill the void left by the contraction of local media outlets and is now offering newsletter coverage in 26 cities, including Richmond and Washington, D.C. VandeHei serves on the board of the Partnership for Public Service.
Recent developments: In August 2022, Axios was sold to Cox Enterprises Inc. for $525 million, and the company expected to reach $100 million in revenue last year. VandeHei retains a seat on the media arm’s board and also became chair of Axios HQ, the company’s software division that was spun off in September 2022.
Weihrauch
Poul Weihrauch, president and CEO, Mars Inc., McLean
Power and influence: A Denmark native, Weihrauch leads Virginia’s largest private company, a global candy and pet food manufacturer that employs about 140,000 people worldwide. In September 2022, Weihrauch succeeded retiring CEO Grant F. Reid, who grew Mars’ annual revenue by more than 50% to nearly $45 billion during his eight-year tenure. Weihrauch, who joined Mars in 2000, previously served as president of Mars Petcare, the company’s pet food and veterinary health division. He had also led its European confectionary business. Weihrauch serves on the foundation board of the International Institute for Management Development, a Swiss executive training school.
Recent developments: Mars filed plans in April 2022 to expand and update its downtown McLean headquarters. In January, Mars announced it had partnered with Harvard University and Massachusetts Institute of Technology to sequence the genomes of 10,000 cats and 10,000 dogs to advance pet health care.
Warden
Kathy J. Warden, chairman, president and CEO, Northrop Grumman Corp., Falls Church
Power and influence: A James Madison University alum, Warden became CEO of the world’s fourth largest aerospace and defense contractor in 2019 after serving as president and chief operating officer. Ranked No. 38 on Forbes’ 2022 World’s 100 Most Powerful Women list, she worked for General Dynamics Corp. and Veridian Corp. before joining Northrop Grumman in 2008. Warden serves on the boards of Merck & Co. Inc. and the Aerospace Industries Association.
Recent developments: Northrop Grumman reported $36.6 billion in 2022 revenue, up 3% from 2021. In August 2022, Northrop Grumman received a nearly $3.3 billion contract from the Missile Defense Agency for work on the next Ground-based Midcourse Defense Weapon System program. In November 2022, NASA launched its Artemis I unmanned moon mission, for which Northrop Grumman provided solid rocket boosters and motors. The Fortune 500 contractor will continue to support Artemis flights under a $3.19 billion contract through 2031.
Williams, photo by Mark Rhodes
Pharrell Williams, musician, producer, developer, entrepreneur and philanthropist, Miami/Virginia Beach
Power and influence: The music superstar has won 13 Grammys, and his triple-platinum single “Happy” was named the most played song of the 2010s. Even so, Williams never forgot about his hometown of Virginia Beach. Williams is partnering with Virginia Beach-based Venture Realty Group on the $350 million Atlantic Park surf park and entertainment center development being planned for the Oceanfront area. Meanwhile, the city of Norfolk is negotiating with Wellness Circle LLC, a group of developers that includes Williams, on a proposal to redevelop Norfolk’s Military Circle Mall with an arena, office space and a hotel, as well as residential properties.
Recent developments: In November 2022, Williams hosted the Mighty Dream Forum in Norfolk, a three-day conference focused on diversity, equity and inclusion in business. During the conference, he announced that his Something in the Water music festival would return to Virginia Beach in late April. Williams moved the event to Washington, D.C., in July 2022, citing the “toxic energy” of Virginia Beach leaders and their handling of the investigation into his cousin’s 2021 killing by a Virginia Beach police officer. In February, French luxury brand Louis Vuitton tapped Williams as the next creative director of its menswear collection.
Youngkin
Gov. Glenn Youngkin, governor of Virginia, Richmond
Power and influence: Born in Richmond and raised in Virginia Beach, Youngkin took office in January 2022 in a near sweep by Republicans, who won the attorney general and lieutenant governor seats, as well as control of the House of Delegates. Formerly co-CEO of The Carlyle Group private equity firm, Youngkin spent much of 2022 stumping for GOP candidates in other states — spurring talk that Youngkin was setting the stage for a 2024 presidential bid, a rumor he has neither confirmed nor denied. His first year in public office included a big economic development win (the Lego Group’s announced $1 billion Chesterfield County factory) and some legislative losses on culture wars topics, including Youngkin’s proposed ban on most abortions after 15 weeks. In January, respondents to a survey by Christopher Newport University’s Wason Center for Civic Leadership gave Youngkin a 50% approval rating, with 59% also saying they didn’t want him to run for president in 2024.
Recent developments: Youngkin was criticized by Democrats for taking Virginia out of the running for a $3.5 billion Ford Motor Co. electric vehicle battery manufacturing plant in Pittsylvania County because of the project’s ties to a Chinese company. In February, Ford announced the plant would be locating in Michigan, with production to begin in 2026.
In early October, Gov. Glenn Youngkin announced his goal of developing a small modular nuclear reactor (SMR) in Southwest Virginia within 10 years, part of a plan to make the region an epicenter of energy innovation.
Not long after, Youngkin said he planned to allocate $10 million to create the Virginia Power Innovation Fund, with $5 million going toward development of the proposed SMR.
An emerging technology, SMRs are being designed to generate up to 300 megawatts per unit, about one-third of the capacity of conventional nuclear reactors. Supporters see SMRs as a solution to the climate crisis because they don’t emit greenhouse gases. Unlike wind or solar energy, nuclear reactors aren’t dependent on the elements and don’t require battery storage, but critics have safety concerns.
Doug Lawrence, vice president of nuclear operations and fleet performance for Dominion Energy Inc., describes SMR as a “clean, reliable source of energy that is always on and not dependent on weather conditions.”
There are more than 70 commercial SMRs in development worldwide, but only one in Russia is operational. The U.S. Nuclear Regulatory Commission approved an SMR design from Oregon-based NuScale Power Corp. in summer 2022.
In a 2022 update to Dominion’s integrated resource plan, the utility said it could add an SMR to its fleet by 2032, with the potential to build one 285-megawatt SMR each year after that.
Critics of the technology claim SMRs are not cost effective and express concern about radioactive waste that could be generated by SMRs, as well as the danger of nuclear accidents. A 2022 study published in the Proceedings of the National Academy of Sciences found that SMRs would likely create more nuclear waste, by a factor of up to 30, than conventional reactors.
Nevertheless, this isn’t a case of Richmond lawmakers trying to dump dangerous but needed technology in a rural part of the state, says Will Payne, director of economic development initiative InvestSWVA. “There are … other regions that want to have SMRs throughout Virginia,” Payne says. “It’s highly competitive.”
It’s too early to know how many jobs an SMR could create or the economic impact a small reactor could have on Southwest Virginia, says Duane Miller, executive director of the LENOWISCO Planning District Commission.
By spring, Miller hopes to have a needs assessment explaining what SMR developers seek in a site location. The next step, he says, would be to identify sites in the region that meet those criteria
Since its approval by Danville voters in November 2020, plans for a casino in the city have shifted.
In August 2022, Caesars Entertainment Inc. announced a partnership with the Eastern Band of Cherokee Indians (EBCI). Together, they upped the size and scope of Caesars Virginia, increasing their investment from $400 million to $650 million.
They’re also planning to open a temporary casino at the former Dan River Inc. Schoolfield mill site this summer, according to a third-quarter earnings call by Caesars President and Chief Operating Officer Anthony Carano. Company officials declined to share details, but Danville City Manager Ken Larking confirmed plans.
“Based on conversations that I’ve had with the Caesars team … they’re planning … a temporary casino, but they are waiting for the lottery to give approval for the license,” Larking says, adding that it could open in July. Caesars broke ground in August 2022 on the permanent casino, which is slated for a 2024 opening adjacent to the temporary casino site.
Cory Blankenship, EBCI’s secretary of the treasury, says all necessary materials for the temporary casino have been submitted to the Virginia Lottery Board. As of November 2022, the board had not scheduled action.
As for the permanent resort casino, Caesars appears bullish on its success, now building 500 hotel rooms, up from its originally proposed 300 rooms. The hotel will also feature a spa, a pool, bars, a 2,500-person entertainment venue and 40,000 square feet of meeting and convention space. The casino will have at least 1,300 slots, 85 live game tables, 24 electronic table games, a poker room and sportsbook.
Part of the increased $250 million investment is due to cost escalation of construction materials, Blankenship says, but he adds that investors also increased the project’s scale because of the strength of the market.
“Following COVID-19 pandemic closures, we found that regional gaming markets across the country recovered more quickly than anticipated,” Blankenship explains. “We are confident that market conditions — regional population, consumer demographics, proximity to other gaming markets and other variables — are favorable to support an expanded scope to the Danville project.”
Ordinarily, Blankenship says, the EBCI wouldn’t have supported opening a temporary casino. With this project, though, he believes it’s the right move. “The temporary facility is really going to help us buy down some of that cost escalation,” he says.
By the end of 2023, portable air purifier maker Oransi hopes to have products on the market designed and manufactured in its new Radford facility.
It’s the second attempt by CEO Peter Mann to build an American-made HEPA (high energy particulate air) air purifier since founding Oransi in 2009.
After initially selling China-made air purifiers, Mann contracted with a Connecticut company in 2013 to manufacture two Oransi-designed models. But that stopped in July 2021 because too few customers were willing to pay made-in-
the-USA prices, he says.
Now, Oransi sells four air purifiers made in China: two designed in-house and two through a collaboration between Oransi and a Chinese factory. Sold online and through major online retailers, Oransi’s purifiers cost $149 to $499. Consumers make up about 70% of Oransi’s customers, and the rest are businesses and government procurers.
Mann worked as a senior manager at Dell Inc.in the early 2000s before co-founding WSA, a business operating as a series of e-commerce sites selling products ranging from tankless water heaters to generators and air purifiers. In 2005, he launched Alen Corp., an in-house brand of air conditioners and purifiers. Around 2009, he sold his interests in WSA and Alen to focus on building Oransi.
“I wanted to create a brand and develop products,” Mann says. “I knew the selling direct to the consumer side, but I wanted to do the whole manufacturing side.”
In 2015, Mann approached Moe Barani, founder of Radford’s Aspen Motion Technologies, about contract manufacturing for Oransi, but it didn’t work out. Time passed, and Barani and Mann reconnected. Barani left Aspen Motion in 2018 and launched Aviemore Technologies Inc., a Radford-based manufacturer of motion control products. The pair started talking again.
In April 2021, Oransi, then based in Raleigh, North Carolina, invested $5.6 million to establish a manufacturing facility in Radford. Four months later, Oransi and Aviemore merged. Barani became chief technology officer and the pair began studying air purifiers from the ground up.
“So, we’ve looked at every component, and reengineered pretty much every component that we are going to use in our new air purifier,” Barani says. “So, it’s not just the motors and the drives — it’s the whole system.”
Oransi’s first air purifier manufactured in Radford will be in production early in the second quarter, and a second purifier will begin production late this year or in early 2024.
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