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VCU eyes purchasing Altria’s Richmond research facility

Officials with Virginia Commonwealth University are discussing with the Altria Group the possibility of buying its 450,000-square-foot research building in downtown Richmond, the two parties acknowledged separately this week. 

The Altria Center for Research and Technology, which opened in 2007, sits on more than four acres at 600 E. Leigh St. and is assessed for $275 million. School executives have been holding “active discussions with state budget leaders” about purchasing it, VCU spokesperson Grant Heston noted in a statement. 

“Though the building was not listed for sale, Altria agreed to discuss a potential sale when approached by VCU and the Commonwealth of Virginia,” David Sutton, a spokesperson for Altria, the parent company of tobacco products manufacturer Philip Morris USA, said in a statement. 

Sutton added that if the deal comes to fruition, Altria plans to construct a new research facility in Richmond, likely at Philip Morris USA’s Manufacturing Center complex, located near Interstate 95 in South Richmond.

In 2022, the National Science Foundation included VCU for the first time on a list of the top 50 public research universities. 

“This recognition comes despite significant need for new, modern research facilities,” Heston said. “Additional research space is a priority for VCU, Richmond and the Commonwealth and is crucial to delivering new drugs, medical devices, pharmaceutical advancements and breakthroughs in disease prevention and treatments.”

VCU’s Massey Comprehensive Cancer Center and Medicines for All Institute, an initiative to improve global access to medicines, as well as some of the university’s academic health sciences programs such as the School of Pharmacy, could move into the new facility. The space, Heston stated, also “would help the health system add more fully private rooms to the VCU Medical Center.”

Constructing a new building the size of the research facility would likely cost more than $700 million and take at least a decade, according to Heston.

VCU has not set a timetable for making a decision. Any agreements would need to be reviewed and approved by the VCU Board of Visitors, the Virginia General Assembly and the governor’s office, according to the university’s statement.

VCU and VCU Health have had a controversial history with downtown development deals in recent years. In spring 2023, news broke that the university’s health system was planning to pay developers $72.9 million to back out of a $325 million downtown development project with higher costs than the university had anticipated.

Known as the Clay Street Project, VCU planned to build a medical office tower and a multiuse project at the site of the City of Richmond-owned Public Safety Building at 10th and Clay streets. Ultimately, VCU paid about $5 million to demolish the Public Safety Building in a promise to the city — bringing the university’s costs to nearly $80 million. VCU Health also had an agreement with the city government to pay about $56 million to make up for lost tax revenue, but the city and VCU Health have not yet reached an agreement over that money. Ultimately, state watchdog JLARC recommended changes in governance for the health system. In September, VCU Health’s board voted at the request of VCU President Michael Rao to eliminate his dual title as VCU Health president, noting the “title was misleading as it implied an operational role which did not exist.”  

Since real estate owned by VCU would likely be tax exempt, the city’s coffers could take a hit if VCU’s deal to acquire Altria’s research facility becomes a reality. 

In a brief response to a request for comment, Margaret Ekam, a city spokesperson, said in a statement, “At this time, we are still gathering information about the proposed plan.” 

SCHEV approves ODU/NSU Joint School of Public Health

The State Council of Higher Education for Virginia (SCHEV) has approved the Joint School of Public Health (JSPH), offered by Old Dominion University and Norfolk State University, the schools announced on Thursday.

Council members approved the school at a Sept. 17 meeting, according to a SHEV spokesperson.

“We have a real opportunity to create and sustain transformational change in Virginia’s communities where, for too long, we have seen serious health inequities,” ODU President Brian O. Hemphill stated in a release. “The formation of the Joint School of Public Health, in partnership with Norfolk State University, will serve Hampton Roads well as we provide a growing pipeline of health care leaders who are fully dedicated to building and maintaining healthy communities.”

The Joint School of Public Health (JSPH) is part of Macon & Joan Brock Virginia Health Sciences at ODU, an academic health sciences center. Classes will be held at NSU, ODU and Eastern Virginia Medical School at ODU.

NSU is only the second historically Black college or university to offer a public health program.

“This is a unique partnership between our two institutions that in time will show the power of regionalism … and how collaboration can be used to find solutions to improve wellness and health outcomes for everyone, especially in underserved communities,” NSU President  Javaune Adams-Gaston said in the release.

Diabetes and heart disease mortality rates across Hampton Roads are higher than other areas of Virginia, according to the Bon Secours 2023 Community Health Needs Assessment Implementation Plan. Officials leading the JSPH want to improve health equity for the region.

“The Joint School of Public Health is an opportunity for some of the best and the brightest students, faculty and staff in our region to come together to address our most pressing needs around public health and health equity in Hampton Roads,” Dr. Alfred Abuhamad, executive vice president of Macon & Joan Brock Virginia Health Sciences at ODU and dean of the Eastern Virginia Medical School at ODU, stated in a news release.

The JSPH will offer two departments: the Department of Epidemiology, Biostatistics and Environmental Health, and the Department of Health Behavior, Policy and Management. Students can earn bachelor of science degrees in public health; public health with a major in health services administration; and environmental health. Master’s degrees in public health and health care administration and a doctorate in health services research will also be offered.

Next, the JSPH will seek accreditation from the Council on Education for Public Health, a national accreditation body that requires a site visit and curriculum review.

Virginia Natural Gas taps new CEO

Shannon O. Pierce will succeed Robert Duvall as CEO of Virginia Natural Gas when Duvall retires in April, according to an announcement by Southern Company Gas, parent company of the Virginia Beach utility.

A native of Surry, Pierce stepped into the roles of VNG president and senior vice president of Southern Company Gas, VNG’s parent company, on Sept. 28. A year ago, Pierce was named vice president of strategy and chief administrative officer for VNG, which delivers natural gas service to more than 310,000 customers in southeastern Virginia.

Robert Duvall will retire as CEO of Virginia Natural Gas in April.
Robert Duvall will retire as CEO of Virginia Natural Gas in April.

“We are incredibly grateful for Robert’s leadership and significant contributions to our company, customers and communities over decades of service,” Southern Company Gas Chairman, President and CEO Jim Kerr stated in a release. “Shannon brings extensive and unique leadership experiences into her new roles, which align with the company’s values and will help to build on Robert’s legacy of success.”

Duvall has led VNG twice. He served as the utility’s president from 2014 to 2016 before returning to Virginia Beach in 2020 to lead the utility through the pandemic. In between, Duvall worked as senior vice president of customer operations, safety and technical training for Southern Company Gas.

Duvall began his career in 1984 as a distribution engineer at Atlanta Gas Light, also a subsidiary of Southern Company Gas.

Pierce started out as a lawyer for McGuireWoods in Richmond and joined Southern Gas in 2004. Previously, she served as vice president of growth and chief external affairs officer at SouthStar Energy Services, another Southern Company Gas subsidiary. She earned her undergraduate and law degrees from the University of Virginia.

Three Va. CEOs make world’s most powerful women list

Three Virginia CEOs made Fortune’s 2024 list of the world’s 100 Most Powerful Women in business, which the media company released Wednesday.

Kathy J. Warden, chair, president and CEO of Falls Church-based Fortune 500 defense contractor Northrop Grumman ranked highest among the trio of Virginia leaders, taking the No. 25 spot — a drop from 2023 when she ranked as No. 20.

In January, Warden became chair of the Greater Washington Partnership. She also serves on Merck’s board and is board chair of global nonprofit Catalyst.

Northrop Grumman reported $39.3 billion in sales in 2023, an increase of 7% from the previous year. The company employs more than 100,000 workers, including 6,800 in Virginia.

Phebe N. Novakovic, chairman and CEO of Reston-based Fortune 500 defense contractor General Dynamics, immediately followed Warden on the list, ranking No. 26. Novakovic also trailed Warden by one spot on the list last year, when she was ranked No. 21.

General Dynamics Corp. Chairman and CEO Phebe N. Novakovic.

A graduate of Smith College and the Wharton School at the University of Pennsylvania, Novakovic has led the world’s sixth largest aerospace and defense company since 2013. General Dynamics employs more than 100,000 people and recorded $42.3 billion in revenue for fiscal 2023, a 7.3% increase from 2022.

Before joining General Dynamics in 2001, Novakovic worked for the CIA, the federal Office of Management and Budget, and under two deputy defense secretaries.

Toni Townes-Whitley, who took the reins at Reston federal contractor Science Applications International Co. (SAIC) a year ago, made the Fortune list for the first time this year, debuting at No. 95. One of only two Black female Fortune 500 CEOs, Townes-Whitley previously served as president of Microsoft’s U.S.-regulated industries, president of CGI Federal and held management roles at Unisys. SAIC has 24,000 employees and reported revenue of $7.7 billion in FY 2023.

Toni Townes-Whitley, CEO of SAIC.

Internationally, General Motors CEO Mary Barra topped this year’s list, followed by CVS Health CEO Karen Lynch. Accenture Chair and CEO Julie Sweet, who has worked in the past from the international professional services company’s Arlington County office, was ranked No. 4, after Citigroup CEO Jane Fraser.

Compiled by Fortune’s editors, the list is based on the female leaders’ company size and health, career path, influence beyond their organization and how they wield power. The ranking, global in scope for the second year in a row, has 12 leaders from East Asia, eight apiece from France and the U.K., three each from Australia and Singapore, and two apiece from SpainBrazil, and Germany.

“Since its inception, the Most Powerful Women in business list has served as a powerful reminder of the tremendous impact women leaders continue to have in shaping business today,” Alyson Shontell, Fortune’s editor-in-chief and chief content officer, stated in a release. “They are not just adapting to change; they are driving meaningful transformation.”

This article has been corrected since publication. 

Afton Scientific announces $200M Albemarle expansion

Afton Scientific, a manufacturer of sterile injectable pharmaceuticals, plans to invest over $200 million to expand its manufacturing facility in Albemarle County, Gov. Glenn Youngkin announced Wednesday.

The expansion is projected to create more than 200 jobs.

Founded by Thomas Thorpe in Charlottesville in 1991, Afton Scientific is a contract development and manufacturing organization (CMDO), providing comprehensive services including drug development and manufacturing. At its facility at Avon Court, Afton Scientific offers a range of services including sterile manufacturing, packaging and labeling, analytical and micro lab and pharmaceutical support services.

“This announcement represents an exciting advancement in providing critical, life-saving therapies to more Americans, and Afton Scientific is thrilled about our expansion in Central Virginia, where we’ve grown the company since day one,” Thorpe, CEO of Afton Scientific, stated in the announcement.

In January, Arlington Capital Partners, a Washington, D.C.-area private investment firm that specializes in government regulated industries and works to close gaps in sectors like health care, announced it had made a majority investment in Afton Scientific.

“Companies like Afton are mission critical to the safety and well-being of America, and their importance is only going to increase as we continue to onshore and reinforce our pharmaceutical supply chain,” Malcolm Little, a partner at Arlington Capital Partners, said in a statement. “Ensuring systemically important domestic manufacturing is well-optimized has always been a focus of ours and since partnering with Afton nearly a year ago, we have worked hand-in-hand with Thomas, his strong management team and Gov. Youngkin to help meet the ever-increasing demand for its aseptic CDMO services.”

The expansion will allow Afton Scientific to implement new manufacturing technologies and increase manufacturing capacity.

Virginia competed with “several” states for the project, according to Youngkin’s office. The Virginia Economic Development Partnership worked with Albemarle County and the Central Virginia Partnership to secure the expansion for the commonwealth.

Youngkin approved a grant from the Commonwealth’s Opportunity Fund to assist Albemarle County with the project. Additionally, Afton Scientific will receive support through the Virginia Talent Accelerator Program, a VEDP service provided in collaboration with the Virginia Community College System and other higher education partners. Launched in 2019, the program provides direct delivery of recruitment and training services at no cost to companies.

Afton Scientific is a current participant – and a 2012 graduate – of the Virginia Leaders in Export Trade Program, which provides assistance to Virginia exporters.

These six Va. billionaires made Forbes’ 2024 richest Americans list

Six Virginia billionaires are among the 400 richest Americans, according to Forbes’ annual ranking, which the media company released Tuesday.

To make the Forbes 400 list, U.S. citizens had to have a minimum net worth of $3.3 billion — an increase of $400 million over 2023’s list.

Collectively, the members of this elite club are worth a whopping record $5.4 trillion, a nearly $1 trillion increase over 2023. A dozen individuals who made the list are worth more than $100 billion.

The top-ranking Virginian on this year’s list is heiress Jacqueline Mars, one of the family owners behind Virginia’s largest privately owned company, McLean-based candy and pet care empire Mars, which was started by her grandfather, Frank C. Mars. With a net worth of $47.6 billion, Jacqueline Mars, who lives in The Plains in Fauquier County, ranked No. 19 on the Forbes list. She owns an estimated third of the family business, where she worked for nearly two decades and served on its board until 2016.

Her niece, Pamela Mars, who lives in Alexandria, ranked as the 77th richest American, with a net worth of $11.9 billion. Pamela Mars started working at the family business in 1986 and currently serves as the family’s ambassador to the Mars pet care division.

Drop down to No. 283 on the Forbes list and you’ll find the third-ranking Virginian: Winifred J. Marquart of Virginia Beach, with a net worth of $4.7 billion. The great-great-granddaughter of S.C. Johnson & Son founder Samuel Curtis Johnson Sr., Marquart is president of the Johnson Family Foundation, which funds programs that help the environment, promote equality and support education and youth.

The fourth wealthiest Virginian on the Forbes rankings is Carlyle Group co-founder Daniel D’Aniello, who came in at No. 319 with a net worth of $4.3 billion. Since stepping down as chairman of Carlyle in 2018, D’Aniello, who lives in Vienna, retains the title of chairman emeritus of the global private equity firm where Virginia Gov. Glenn Youngkin was CEO. A Vietnam War veteran, D’Aniello worked at Trans World Airlines, Pepsi and Marriott before co-launching Carlyle in 1987.

Bitcoin billionaire Michael Saylor, whom Forbes lists as living in the town of Vienna in Fairfax County but has said in court filings that he lives in Florida, ranked at No. 338 on the list, with a net worth of $3.9 billion. Saylor is founder and chairman of Tysons-based tech company MicroStrategy, which is widely reported to be the world’s largest corporate bitcoin holder.

Carlyle Group co-founder and former co-CEO William Conway Jr., who lives in McLean, is the 347th richest American and the sixth richest Virginian, with a net worth of $3.8 billion, according to Forbes. Conway was also a past chief financial officer of MCI Communications, the now-defuct telecom company.

Nationally, Tesla CEO Elon Musk topped the list of the 400 wealthiest Americans for the third straight year, with a net worth of $244 billion. Amazon founder Jeff Bezos ranked No. 2, with $197 billion. And after not making the cut in 2023, former President Donald Trump ranked at No. 319 this year, with a net worth of $4.3 billion.

“The Forbes 400 is richer than ever, and it’s harder than ever to be one of the 400 richest people in America,” Chase Peterson-Withorn, senior editor at Forbes, stated in an announcement.

Boones Mill store plays Trump card

The red, white and blue Trump Town sign hanging high upon a former Boones Mill church is as prominent as a sign can be without being lit by neon. But in case drivers passing through town somehow miss it, there’s also a 15-foot cutout of a smiling Donald J. Trump leaning up against the building, which once was home to Boones Mill Christian Church and, later, Freemasons before transforming in 2020 into a retail store packed with merchandise celebrating the 45th president.

It’s a spectacle so grand, locals bring their out-of-town friends and relatives, brags Trump Town owner Donald “Whitey” Taylor. On a Friday in August, Susan Whitaker of Rocky Mount and her friend Louie Carbaugh, who was visiting from California, came to marvel at the shop at U.S. 220 and Bethlehem Road. “I’ve never seen a Trump store around L.A.,” Carbaugh says. 

Boones Mill Town Manager B.T. Fitzpatrick doesn’t believe Trump Town has made a significant impact on tourism in the area. “It’s pretty much been the same, other than the fact that some people just come by just to see it,” he says.

However, there have been some complaints about the dozens of Trump signs found on the lawn of  Trump Town. Not long after the Trump-themed store opened, town officials sent Taylor a letter noting that he was violating the town’s sign ordinance.

“We have not taken any code enforcement action on [Taylor] because, and this is where it gets kind of complex, his signs are his merchandise,” explains Fitzpatrick. “So, if I make him take all his signs down and put them inside his building, then I have to go to all the other businesses that have outdoor merchandise and tell them to do the same thing.”

Taylor, 74, also owns Franklin County Speedway, where he built a reputation for boosting racing attendance by staging pig races, mud wrestling matches and wet T-shirt contests. To increase foot traffic at Trump Town, Taylor set up a pen outside the store for three donkeys (dubbed Kamala, Hillary and Pelosi) but later rehomed them after deciding the smell might drive away customers.

Even without burros, business is good, says Taylor, who won’t disclose revenue. “I’m eating really good out of this,” he says. “I eat steak, even though … [the price is] so high with Biden in office.” 

Trump Town’s four part-time employees have sold dozens of pairs of $199 gold Trump sneakers, but hats and flags remain the store’s bread-and-butter, notes Taylor, who says the store saw between 60 to 90 customers an hour immediately following the July 13 assassination attempt against Trump. 

A proud attendee of more than 50 Trump rallies, Taylor claims to have spoken with the former president on three occasions.

Trump, Taylor tells customers, sent his helicopter pilot to scope the store, but the U.S. Secret Service vetoed the visit. (Asked for comment, a Secret Service spokesperson states that the agency “has no record of a request for former President Trump to visit Boones Mill.”)

Regardless of the presidential election’s outcome, Taylor, who is currently running for mayor in Boones Mill, thinks demand for Make America Great Again ballcaps won’t be diminishing anytime soon.

“This store will still sell merchandise 20 years from now,” he says.  

A time of transition

Turns out, Charlie King isn’t a gone fishin’ sort of retiree.

Back in 2021, King retired after serving as James Madison University’s chief financial officer and senior vice president of administration and finance for 25 years.

King and his wife, Sherry, knew they wanted to stay in the area after retirement. Their son Garrett works for the JMU Foundation and their daughter-in-law Lindsay works at the university’s College of Business, so the elder Kings decided to build a house about 20 minutes from campus. 

For two years after retiring, King worked part-time for JMU in government relations, which meant traveling to Richmond to talk up JMU and higher education to lawmakers.

“I was really out of work with not anything to do for a year,” he says. “And quite frankly, I wasn’t enjoying retirement. I had worked my whole life, and I went from going 100 miles an hour to about 10 miles an hour, and I didn’t adjust real well to that.”

In March, Jonathan Alger, who’d served as JMU’s president for a dozen years, announced he would step down over the summer to lead American University in Washington, D.C.

Sherry King asked her husband if he had any interest in the job.

“I’ve been retired for three years,” King, 72, recalls saying. “I just don’t think that’s a possibility.”

But it didn’t take long for King to hear from a waterfall of alumni, former board members and Virginia lawmakers, all of whom encouraged him to lead the college through the transition.

King put his name into the hat.

“There was immediate coalescing around Charlie from all the various sectors,” says Kay Coles James, who sits on JMU’s board of visitors.

King, who started as interim president on July 1, says he’s found his primary role is to “keep the trains on schedule — and there’s a lot of trains on a college campus, particularly one the size of this university,” he adds.

On a typical morning, King might have a phone call with the state secretary of education’s office or sit in on a Zoom call with other public college and university presidents. During a break, he might walk over to the dining halls to see how long students were waiting in line.

The amount of time he spends meeting with other people, even as interim president, caught King by surprise. “I thought I was going to be able to come in here and put my head down and go to work,” he says.

In his last stint working at JMU, King oversaw the construction of numerous buildings — so many that the board of visitors elected in 2021 to rename the Integrated Science and Technology building King Hall. As interim president, King continues to keep a close eye on capital projects, including the renovation and expansion of Carrier Library, which opened in 1939. That reopening is tentatively slated for 2026.

King also puts out fires. Typically, JMU has about 4,800 freshmen students. This year, the university had more than 5,000. “We got a large freshman class, and we had some housing issues we need to resolve,” King says.

He also spends time addressing workforce issues. Like universities across the country, JMU is struggling to fill openings in its nursing department. Jobs that are lower paid — but still essential to the university’s operations — are also a challenge to fill, he notes.

Then, there are loftier matters that require a university president’s attention, like considering the impact artificial intelligence will have on JMU now and in the future.

“There’s always things for me to interject myself into or to help, hopefully, move forward,” he says. Convincing the board members to let him keep the job permanently isn’t one of King’s concerns, however.

“I’m finding out every day this is a young person’s job, not an old man’s job,” King says.

King definitely has energy to champion JMU’s successes, however.

The university had more than 37,000 applications from potential first-year students hoping to snag one of 5,000 slots in the 2024-25 school year.  About 29% of this year’s freshman class is from out of state, according to King. “That’s up for us,” he says. “We’ve been down around 25% or less for a couple years.”

The school is especially popular in the Northeast and the mid-Atlantic, according to the interim president.

“We’re identified by a lot of people as a school that you can come and have a really good experience,” King brags, “And you’re going to graduate on time, and you’re going to get a job and do well.”

Cultivating innovation

The JMU Laboratory School for Innovation & Career Exploration also provides King with a reason to cheer.

A priority of Gov. Glenn Youngkin’s administration, state-designated lab schools, which partner with colleges and universities, are designed to spur innovative education programs from preschool through 12th grade. As of September, the state Board of Education has approved 15 lab schools. In 2022, the General Assembly appropriated $100 million to the Virginia College Partnership Laboratory fund to launch and support the schools.

JMU’s lab school launched in August when educators welcomed 100 ninth graders from East Rockingham and Broadway high schools. A partnership between JMU, Blue Ridge Community College and Rockingham County Public Schools, the lab school offers an interdisciplinary and project-based approach to learning, according to Donica Hadley, its executive director.

It’s had a gradual rollout. Next year, ninth graders at two of the county’s other high schools will be invited to join the lab school. “We will be up and running in all four schools, ninth through 12th grade, hopefully, in the next five years,” Hadley says.

As juniors, students at the Lab School for Innovation & Career Exploration can elect to return to their home schools or attend JMU or BRCC, she explains. “Students have the potential to walk out … with their high school diploma and also college credits on the dime of this initiative.”

Champions of JMU’s lab school tend to stress the importance of giving back to the community surrounding the university. When pressed, they will acknowledge how the lab school benefits the Dukes.

“We are known for producing schoolteachers,” King says. “The school was founded as a teacher’s college, and we produce the second largest number of schoolteachers in the commonwealth now as far as public universities.”

Undergraduate and graduate students in JMU’s College of Education can take advantage of the lab school to see what they’re learning applied in the real world, according to King.

For his work as a graduate assistant, Kevin Wheedleton, a JMU grad who is currently working toward his master’s degree in teacher leadership at his alma mater, assists students and educators at the lab school.

JMU graduate assistant Kevin Wheedleton, who earned his bachelor’s degree in elementary education, says working with Rockingham County students at the lab school provides “an opportunity for me to get to see school education at all levels.” Photo by Norm Shafer

“I am kind of the connection point between …  Rockingham County and JMU,” says Wheedleton, who earned his bachelor’s degree in elementary education in May. “Since it’s a brand-new program this year, there’s a lot of moving parts and a lot of uncertainty and questions.”

Wheedleton says he’s “ecstatic” about having the opportunity to work at the lab school in its first semester.

“Not just because it’s a great thing to have on my résumé, but it’s an opportunity for me to get to see school education at all levels,” he says. “It’s been very insightful to be able to work with Donica Hadley [and] the whole lab school staff on the introduction of this great curriculum and schooling opportunity.”

Being able to take teaching candidates on tours of the lab school will likely make recruiting education professors easier too, adds Kristina Doubet, a professor in JMU’s education department.

Doubet predicts that as education students have the opportunity to work in the lab school, JMU will develop a reputation for training teachers who are open to innovation. “This is a feather in JMU’s cap.”

‘One of the greatest jobs’

Only six presidents have led JMU since its 1908 founding.

It doesn’t take a rocket scientist to understand why university presidents tend to hang around, according to board of visitors member Kay Coles James. A former secretary of the commonwealth, she was appointed to the board by Youngkin and chairs the presidential search committee that will choose King’s successor.

“When people come, they enjoy the culture, the people, the work itself, the university, and so we tend to have longevity,” she says.

Other Youngkin-appointed board members who are serving on the search committee are Republican former state Del. Richard “Dickie” Bell; retired Marine Lt. Col. Jeff Bolander; Teresa Edwards, a regional president for Sentara Health; Food City President and CEO Steve Smith; and Nicole P. Wood, a lobbyist for the Pharmaceutical Research and Manufacturers of America.

James, who was appointed by then- President George W. Bush to be director of the U.S. Office of Personnel Management in 2001, is also a former president of Washington, D.C., conservative think tank The Heritage Foundation and is an adviser to Youngkin’s Spirit of Virginia PAC. She doesn’t hesitate when asked whether she views her role as carrying out the Republican governor’s vision for the commonwealth’s universities.

“The governor does have an agenda,” she says, “and his agenda is to have one of the best quality higher ed systems in the country.”

Critics have said, though, that Youngkin is trying to exercise too much control over curriculum, whether in K-12 schools or colleges. Earlier this year, at Youngkin’s request, his education secretary’s office requested syllabi from George Mason University and Virginia Commonwealth University for courses about race, diversity, equity and inclusion. Ultimately, the two universities canceled the classes. The governor also issued an executive order in 2022 as one of his first acts in office, forbidding the teaching of “inherently divisive concepts, including critical race theory,” in Virginia K-12 public schools. As of July, the governor’s appointees make up the majority of state universities’ board members.

In addition to members pulled from the board of visitors, JMU’s presidential search committee also includes Mike Busing, dean of JMU’s College of Business; Warren Coleman, president and CEO of the JMU Foundation; Maribeth Herod, a former rector; Roger Soenksen, a professor in JMU’s School of Media Arts and Design; and Sydney Stafford, a JMU junior hailing from Bristow.

As of late August, the committee was in the exploratory phase of the search.

“We have done listening tours all across the state, listening to alumni talk about … where we are as a university right now and what are the skill sets that we need,” says James.

At the listening sessions, James has found, speakers often address similar hopes and concerns.

In 2022, the Carnegie Commission awarded JMU with a R-2 distinction, which recognizes doctoral universities with “high” research activity. Speakers at the meetings have wanted the university to continue to embrace research, James says, but to be careful not to sacrifice the university’s tradition of giving undergrads individualized attention.

At a time when higher education enrollment generally is on the decline, stakeholders have stressed it’s important for JMU’s next leader to have bold ideas about how to present the university “to not just Virginians, but to the country, as the school of choice,” she notes.

Additionally, multiple speakers have noted the next president will need to be skilled at fundraising — a necessity for presidents at nearly every university. “You cannot count on the General Assembly to produce your entire budget,” James says.

For the presidential search, JMU is working with Russell Reynolds Associates. The New York global leadership advisory firm will compile feedback from the JMU community to create a profile of what the university wants in its next president.

After that, the search committee, working with the university’s marketing and branding office, will produce a document, James explains, “that’s sort of our pitch piece, that tells why this is one of the greatest jobs in America, that tells about the opportunities that the next president of JMU will have, that will talk about the skill sets that we think we need right now and what the profile of the next president will look like.”

The search committee then will recommend a small pool of candidates, who will be interviewed by members of the board of visitors, who will offer the job to one fortunate candidate.

“It’s a great opportunity,” James says, “and a great place to work.” 


JMU at a glance

Founded

A public research university in Harrisonburg, James Madison University was founded in 1908 as the State Normal and Industrial School for Women. It was renamed Madison College in 1938 in honor of President James Madison and became James Madison University in 1977. JMU’s 728-acre campus is known for its distinctive bluestone buildings, as well as Newman Lake and the university’s 125-acre Edith J. Carrier Arboretum, which has numerous gardens and wooded areas with oak and hickory trees over 100 years old. Harrisonburg, which has a population of 53,000-plus residents, is located in Virginia’s Shenandoah Valley, about 120 miles from Washington, D.C., and Richmond.

Enrollment*

Undergraduate: 21,006

Graduate: 1,752

Student profile*

Male | female: 42% | 58%

International students: 1%

Students of color: 23%

Academic Programs*

JMU offers more than 70 undergraduate programs and 30 master’s degrees, an educational specialist degree and nine doctoral degrees. Fields range from accounting and computer science to international business, psychology and nursing.

Faculty*

Full-time: 1,046

Part-time: 359

Tuition, fees, housing and dining**

$27,158 is approximate annual in-state undergraduate residential cost, including tuition, mandatory fees, housing and meal plan.

*Fall 2023

**2024-25 academic year

Smithfield Foods separates from European arm

Smithfield Foods announced in late August that its European operations have been carved into an independent subsidiary. The action took place a little over a month after Smithfield’s Chinese parent company, WH Group, which has its headquarters in Hong Kong, announced plans to take Smithfield Foods public in the United States. 

Smithfield Europe, now called Morliny Foods, will operate as a subsidiary of the WH Group, like Virginia-based Smithfield Foods. 

“It’s the right time to establish our North American and European operations as stand-alone businesses empowered to execute distinct strategies addressing different market environments and opportunities,” Smithfield Foods President and CEO Shane Smith said in a statement. “In doing so, we provide our respective management teams with increased decision-making agility, optimizing the performance and prospects for each business.”

A spokesperson for Smithfield declined to provide further details. 

Smithfield Foods was delisted on the New York Stock Exchange after WH Group purchased the company in 2013 for $4.7 billion. On July 14, the parent company announced that Smithfield Foods businesses operated in the United States and Mexico would be listed on either the New York Stock Exchange or Nasdaq. 

S&P Global Ratings released a research update the same day as the announcement that stated Smithfield Foods’ credit profile has been unaffected by the European carveout and that WH Group is likely to remain in charge of the business.

“While we are aware of WH Group’s proposal to list Smithfield on a U.S. stock exchange, we currently believe the parent would maintain a substantial long-term majority stake in the business,” the credit reporting agency said. “As such, we continue to believe Smithfield remains important to the group’s long-term strategies and is unlikely to be sold.” 

The largest pork producer in the United States, Smithfield has about 35,000 employees nationwide, according to a company spokesperson.

In January 2023, Gov. Glenn Youngkin made headlines for taking the Southern Virginia Megasite at Berry Hill out of the running for a $3.5 billion Ford Motor Co. electric vehicle battery factory over concerns about a project partner’s ties to the Chinese government. The same year, he signed a bill prohibiting foreign adversaries of the United States from “acquiring or transferring any interest in agricultural land.”

In March 2023, Smith told The Wall Street Journal that Smithfield Foods is “as American today as we were in 2013.”   

Virginia ranks No. 8 in U.S. for VC investment

Virginia was ranked No. 8 in the nation for venture capital investment in 2023, marking the state’s highest rating so far and its first time back in the top 10 in the past 15 years, according to an announcement Thursday by Virginia Innovation Partnership Corp. (VIPC).

Earlier this month, VIPC hosted an event at Amazon.com’s HQ2 in Arlington County that included National Venture Capital Association President and CEO Bobby Franklin, and state and local officials. The NVCA releases an annual report listing how much venture capital funding businesses in all 50 states and the District of Columbia receive annually.

According to VIPC’s calculations based on NVCA’s data, Virginia recorded $2.484 billion in venture capital deal value in 2023, placing it in eighth place in the nation, just ahead of Illinois, which had $2.397 billion. Topping the list is California, with $79.2 billion, followed by New York, Massachusetts, Texas, Colorado, Florida and Washington.

Neighboring states North Carolina and Tennessee were ranked Nos. 13 and 14, with $1.87 billion and $1.7 billion, respectively. 

In the NVCA’s yearbook, released in May, Virginia is listed as having 235 companies that received VC funding last year, or 1.81% of the nation’s businesses that received venture capital investments. Virginia-based businesses raised $1.87 billion in VC funds in 2023, up from $792 million in 2022 and down from an all-time high of $2.82 billion in 2021, the report says. On the other side of the ledger, Virginia had 90 active investors in 2023, well below California and New York’s 1,000-plus investors, but within the top 20 states.

“The commonwealth is not only competing but outpacing other states in attracting investment, thanks to its supportive innovation landscape and growing pipeline of startups,” Franklin said in a statement.

The Top 10 ranking from NVCA comes in a year when Virginia won the title of CNBC’s Top State for Business in America and when the VIPC celebrated 10,000 new, high-growth startup companies being created in Virginia in the first two years of Gov. Glenn Youngkin’s administration. 

“Virginia’s top 10 national ranking demonstrates how dynamic high-growth companies in Virginia are offering VCs from across the country compelling opportunities to deploy capital,” VIPC President and CEO Joe Benevento said. “Capital fuels growth, and VIPC looks forward to fostering continued private sector engagement and investment within our thriving entrepreneur ecosystems, including through our new Virginia Invests venture capital partnership initiative.”

In May, the VIPC unveiled a partnership with seven venture capital fund managers to invest $100 million in 100 Virginia-based startups. VIPC expects Virginia Invests to attract at least $10 of private sector investment for every $1 committed by VIPC, according to Thursday’s release.