A bill allowing commercial casinos in five cities is expected to be signed by Gov. Ralph Northam after it passed the Virginia General Assembly on Sunday by a 60-35 vote in the House of Delegates, a day after the state Senate passed the bill 27-12.
HB4 authorizes casino gaming in Portsmouth, Richmond, Norfolk, Danville and Bristol, regulated by the Virginia Lottery Board. Each eligible city must hold a referendum on the November ballot for voters to decide whether to allow a casino there.
This means that plans for casinos in the five cities can move forward, including two proposed by the Pamunkey Indian Tribe in Norfolk and Richmond, the Hard Rock Resort and Casino in Bristol and the city of Portsmouth’s casino partnership with Rush Street Gaming. Danville officials have met with casino businesses — including Caesars Entertainment — in recent weeks after issuing a request for proposals in December.
“The Pamunkey Tribe is eager to move forward with its plans to build a world-class resort and casino in Norfolk and ready to respond to Richmond’s request for proposals to bring a casino to the River City,” tribe spokesman Jay Smith said in a statement Sunday. “After centuries of disenfranchisement and social injustices, the Pamunkey Tribe is on the verge of ensuring the long-term success of the tribe. Its plans to build two resorts with casinos will allow the tribe to provide needed programs and services to its members. It will be a great partner for Norfolk and Richmond. The tribe will keep profits in Virginia through reinvestment locally and will provide tremendous benefits to these regions of the commonwealth for years to come.”
The Pamunkey have partnered on both projects with Tennessee investor Jon Yarbrough, who has extensive experience with Indian casinos. Last September, Norfolk City Council voted 7-1 to allow the city to sell the tribe land on the Elizabeth River near Harbor Park where the casino would be built. The city and the tribe signed a development agreement in January to regulate the project. In Richmond, the tribe has proposed a $350 million casino on the city’s South Side, a plan it will submit to the city in a request for proposals.
The bill also requires the Virginia Racing Commission to authorize an additional 600 historical horse-racing machines — the slot-like games at Rosie’s Gaming Emporiums, owned by Colonial Downs — each time a host city is approved, with a limit of 2,500 additional machines statewide. Legislators also added support funds for problem gamblers, which will be administered by the commissioner of Behavioral Health and Development Services and the Virginia Indigenous People’s Trust Fund.
A second bill, SB 384, passed allowing sports betting through mobile apps and websites, with the exclusion of Virginia colleges and universities’ athletic programs. If Northam signs the bill, betting could be available by the end of the year.
Jonathan Cadle has been named senior vice president at Howard Shockey & Sons Inc., a Winchester-based general contractor that is 124 years old. He joins the firm from Glen Allen-based Hitt Contracting Inc., where he served as vice president, Shockey announced this week.
With 25 years in the construction industry, Cadle is a member of the National Association of Industrial and Office Parks, Associated Builders and Contractors, D.C. Metropolitan Subcontractors Association and Washington Building Congress. Based in Shockey’s Winchester headquarters, Cadle will focus on client and subcontractor relationships, as well as developing and attracting top industry talent.
Southside Regional Medical Center in Petersburg is one of three hospitals acquired in January by Bon Secours Mercy Health. Photo by Adrienne D. Reaves
In the year since Bon Secours Health System merged with Mercy Health, the Cincinnati-based hospital group has expanded its holdings in Virginia, where it now owns and operates 12 hospitals.
In January, Bon Secours Mercy Health acquired three hospitals: the300-bed Southside Regional Medical Center in Petersburg, the 105-bed Southampton Memorial Hospital in Franklin and the 80-bed Southern Virginia Regional Medical Center in Emporia, sold by Tennessee-based Community Health Systems Inc., which is now out of Virginia’s health care market completely.
Northern Virginia’s largest nonprofit employer, Inova Health System, also made big changes this year. Its Inova Center for Personalized Health campus on the former Exxon Mobil property in Merrifield got off to a major start in May 2019 with the opening of the $150 million Inova Schar Cancer Institute. President and CEO Dr. Stephen Jones has made some changes in the 117-acre campus’s original focus, announcing in November that Inova Strategic Investments, a venture capital program, and the Inova Personalized Health Accelerator, an incubator for health care startups, would shut down in December.
In a statement, Jones said that the health system’s new strategic focus is on patient care. However, some original elements of the campus remain, including the Global Genomics and Bioinformatics Research Institute, a collaboration between Inova, George Mason University and the University of Virginia’s School of Medicine. Scientists there will conduct research on genetics, bioengineering, biology and genomics. The building is under construction now, and in addition to more academic and research space, the campus will offer housing, retail and hotels in the future. Inova predicts the campus will generate $1.18 billion in economic impact by 2035.
In the Roanoke region, Carilion Clinic launched fundraising last November for its $100 million Carilion Clinic Cancer Center on the Virginia Tech Carilion Health Sciences and Technology campus, which was started with a $1 million donation by Carilion President and CEO Nancy Howell Agee and her husband, U.S. Fourth Circuit Court of Appeals Judge G. Steven Agee. The cancer center is part of $1 billion in total capital improvements over the next seven years, the health care system says.
Roanoke Memorial Hospital will receive a $300 million expansion expected to take five years, plus $200 million in new equipment, and Carilion has said that it will spend more than $6 billion on staffing during the expansion. According to a Carilion-commissioned study by the Weldon Cooper Center for Public Service at the University of Virginia, the nonprofit health system generated more than $3.2 billion in economic impact and 24,000 jobs in the state in fiscal year 2018.
In other health care news last year, more than 382,000 Virginia adults enrolled in Medicaid after state expansion went into effect Jan. 1, 2019, according to the Virginia Department of Medical Assistance Services. In addition to improving health care access, the expansion also is expected to reduce state hospitals’ uncompensated care costs, which amounted to $1.12 billion in 2017, or 5.9% of hospitals’ total operating costs, according to a Virginia Commonwealth University study released last July. The study predicted that uncompensated care costs could decline by $290 million to $480 million, based on other states’ results from Medicaid expansion.
BB&T and SunTrust branches are expected to convert to Truist branding by 2022. PRNewsfoto/Truist
In 2019, banks continued to merge and consolidate, and some closed branches in Virginia’s rural counties and small towns, a trend expected to continue well into the 2020s.
The big news of last year was the completion of the $66 billion merger of BB&T Corp. and SunTrust Banks Inc. in December, creating Charlotte, North Carolina-headquartered Truist Financial Corp., the sixth-largest bank in the country. It’s expected to take up to two years for the banks to fully merge operations and most branches will continue doing business under the BB&T and SunTrust brands until at least summer 2021.
Meanwhile, in November 2019, United Bank’s parent company entered into a $1.1 billion merger agreement with CresCom Bank’s parent. Like the BB&T-SunTrust deal, the two participating banks are headquartered outside of Virginia, but United has more than 60 branch locations here, primarily in Northern Virginia and the Shenandoah Valley. The deal is expected to close in the second quarter of this year.
Local banks had an eventful year, with more branch closures, battles with an activist investment firm and a dispute with Virginia Credit Union.
The Federal Reserve Board noted in a November report that rural counties across the country are losing bank branches, including four counties in Virginia classified as “deeply affected.” In 2015, Virginia had 120 banks, and now there are 100; about 50% of the branch locations in Bland, Lunenburg, Surry and Caroline counties have shut down since 2017.
Also, an activist investment firm founded by a University of Virginia alum has put pressure on two small Virginia banks. Driver Management Co., based in New York, has bought stock to become shareholders on banks’ boards across the country, with the express purpose of convincing them to sell to competitors. Earlier this year, the firm targeted Essex Bank in Richmond and, in 2019, the National Bank of Blacksburg, which repurchased 1 million of its 7 million outstanding shares last March, following investors’ request that the bank share excess capital with them.
In other financial news last year, local banks objected to the Virginia Credit Union’s membership offer to the Medical Society of Virginia’s 10,000 members, a move approved by the state Bureau of Financial Institutions last July. The Virginia Bankers Association and seven community banks filed a request for a stay on the society’s credit union membership, which the State Corporation Commission granted in August. The banks said that VACU, which has more than $3.7 billion in assets and had recently purchased Henrico County real estate firm Joyner Fine Properties, enjoys an uneven playing field with fewer taxes and a lighter regulatory burden — and could cause competing local banks to lose customers.
In late January, the SCC hearing examiner ruled that the case will go to an evidentiary hearing this May or June.
In the wake of Amazon.com Inc.’s late 2018 announcement that its $2.5 billion HQ2 East Coast headquarters would locate in Arlington County, there’s been a game of musical chairs taking place among Northern Virginia’s economic development offices.
Last July, Victor Hoskins, Arlington’s economic development director, left to head up the Fairfax County Economic Development Authority. Soon he was joined by Alex Iams, the acting head of Arlington Economic Development. Iams’ departure made room for the new director, Telly Tucker, who started in January.
The friendly 40-year-old Lynchburg native comes to Northern Virginia after serving for more than five years as economic director for Danville, where he helped turn around the former textile hub’s fortunes after many big employers left town in the 1990s and 2000s. Tucker also has worked as an enterprise zone program administrator for the Virginia Department of Housing & Community Development and was assistant director of economic development for James City County.
Before he started out in economic development in Lynchburg, however, Tucker followed in his parents’ footsteps, teaching middle-school math and Spanish in the city’s public schools for three years. Volunteering at an entrepreneurial camp for seventh-graders led him on his current career path, and he’s still passionate about education. Tucker spoke with Virginia Business during the second week of his new job in Arlington, where he works a few minutes’ drive away from Amazon HQ2, now starting construction in the Pentagon City and Crystal City areas.
Virginia Business: What interested you in this job? What did you think when it came on your radar?
Telly Tucker: Probably a flurry of thoughts, but I think naturally [in] the economic development world, the conversation [centered] around Amazon. The generational economic development project has been the center of conversation in economic development circles over the last few years, and the entire commonwealth of Virginia was ecstatic about the [HQ2] win for Virginia. Naturally, that came to mind. I think one of the other things that has always impressed me about Arlington is it’s been a leader, particularly in the tourism industry.
It’s been ranked No. 1 in Virginia, I think, since 2009 … as far as visitor spending. Arlington has been a trendsetter for the rest of the state.
Looking at my background, I spent time in Williamsburg, and tourism was a big part of economic development strategy there, but at the same time, I’m having the opportunity to work on exciting projects like Amazon, Deloitte and Nestlé USA and a list of other Fortune 500 companies. From a career professional development point of view, it was an ideal opportunity.
VB: What is your philosophy on encouraging further growth in industries where the region is already strong?
Tucker: There’s really been a conscious effort by the county to diversify, and we want to continue to do that. The Deloittes, the Amazons, the legal [firms] — those have helped to diversify the industry base in Arlington.
Similarly, there’s a focus now on making sure that we take care of small business, and there’s going to be a continued conscious effort on making sure we pay enough attention to provide enough support for those small businesses to continue to grow, because they are the backbone of Arlington’s local economy. What’s happening in Rosslyn and what’s happening in Ballston, what’s happening in Crystal City — the staple of much of that is small business.
VB: Obviously, it’s risky to run a small business, and this is an expensive area to try to have a small business, even if it’s something that’s been growing for a while. How do you support small business in this environment?
Tucker: As part of Small Business Week in Virginia, Arlington County is going to participate with the governor in an announcement in May, and it’s going to highlight some of the work that our business launch team has done with small business.
We added a new position over the past year to have more face-to-face interaction and support. Support for small business comes in many shapes and forms. Sometimes it’s guidance on business planning [and] marketing. Sometimes it’s guidance on positioning yourself in the market for pricing [and] advertising. It’s unique for each business.
VB: How does transportation factor into a thriving business environment?
Tucker: Transportation has always been one of the hot topics in Northern Virginia and the Washington, D.C., metropolitan area. One of the things that came out in 2018 was the dedicated Metrorail funding that was a regional cross-jurisdictional [effort] … to pull together that plan … [and] other partnerships like the new Long Bridge across the Potomac River, creating a pathway to passenger and freight operations in the region and to the Washington, D.C., corridor, and expanding the American Legion Bridge. … Transportation directly affects commerce, and so it’s constantly evolving.
VB: Your predecessor, Victor Hoskins, was instrumental in persuading Amazon to locate in Arlington. How will you help Amazon move forward on HQ2?
Tucker:I want to be careful to highlight the strength of the Arlington economic development team. It’s a very high-performing team, a strong team, and one which really operates very independently. Naturally, there’s going to be processes that [Amazon will need] to go through to get approval to build what they’re going to be building, and wanting to make sure all that continues to go smoothly. But at the same time, we want to make sure that we continue to improve the regional partnerships that were developed. The newly formed Northern Virginia Economic Development Alliance is one. The beautiful thing is, I served with many of the other economic developers in the region on the Virginia Economic Development Association board, and I’ve worked with them for the last 15 years. We certainly don’t want to give anybody the impression that because now we’ve landed Amazon, that somehow we close the door, turn off the lights and everyone goes home. We want to continue to diversify because it strengthens the regional economy.
A Lynchburg native who started out as a middle school teacher, Tucker is also a gifted pianist who performed at the Kennedy Center for then-President Bill Clinton and First Lady Hillary Clinton.
VB: Do you think there’s a place for a casino in Northern Virginia, as a November JLARC study suggested?
Tucker: It has not been a focus for Arlington at this point in time that I’m aware of. Certainly no economic developer ever says that they won’t consider opportunities should the opportunity arise, but it really has not been a focus for any of the leadership that I’ve spoken with. … At this point, we are holding pretty true to our economic development strategy. We are now filling the office space that we have and continuing to lower our vacancy rate. Currently, we’re below 15% vacancy, down from somewhere around 23% over the last few years, and that’ll continue to be a focus for us … [and] continuing to support existing small businesses.
VB: You also cultivated regional cooperation in Danville, especially with Pittsylvania County. What lessons will you bring from that job to this one?
Tucker:One of the things I’m most proud of is our ability to work collaboratively and achieve new heights for our region. Some of the things that we did in Danville was really drive relationships between K-12 [and] higher education, community college [and] university-level research institutions, making sure that they understood economic development strategy and where our Venn diagrams overlap.
One of the most frequently asked questions in economic development is now centered around workforce: How will I find a highly skilled, qualified workforce to support not only the target industries but the existing industry and their growth needs?
We’ve seen evidence of what regional collaboration can do now in Northern Virginia. I mentioned the Metrorail project earlier, the Amazon project, and I think that’s just the tip of the iceberg. I think there are other really impactful things that can happen, projects that can happen as a result of us working together.
I’m really looking forward to digging in on the Northern Virginia Economic Development Alliance as one of those methods, but also at the same time, I look forward to working with our local universities — Marymount, George Mason, Virginia Tech — as well. They’re going to be a big part of developing workable solutions, and I think that has to be a collaborative approach.
Our role is to make sure that the voice of the private sector is communicated to our educational partners, and that we keep that at the forefront of our focus to make sure that whatever new programs or curriculum that we develop, that it does indeed meet the goal of supporting our industry long-term.
VB: Considering some of the other big players in the county — Nestlé, Deloitte and Lidl —what skill sets are required to work with global businesses?
Tucker: One of the unique things about Northern Virginia is it’s a melting pot of different cultures, which offers you the opportunity to learn more about cultures that are different than your own.
Nestlé has a major manufacturing facility in Danville that we worked with for the last six years and had to hire employees. I was delighted … to hear that it will be moving its U.S. headquarters from California to Virginia. I got to see their new location in Rosslyn. … [It’s] quite impressive. The original project, I think, was a 205,000-square-foot space with 748 jobs. They continue to expand and, with their sister company Gerber, now they occupy over 300,000 square feet in Rosslyn.
I think communication will play a big role in working with them, listening to what their needs are. We have to be flexible. We have to be willing to adapt to industry needs because they’re constantly changing; they don’t remain stagnant. Our ability to be agile in economic development and as a county, I think, plays a role in supporting industry.
VB: You’re also an accomplished pianist who has performed around the world and directed musical productions. Did you ever consider being a professional musician?
Tucker: Interestingly, I did. I majored in music my freshman year of college. … My freshman year of college I studied at Morgan State University in Baltimore, and it was unbelievably rich in cultural experience during that time. I got to perform at the reopening of the Kennedy Center. President [Bill] Clinton [and first lady Hillary Clinton] were there, and I got an opportunity to meet them and sing “Happy Birthday” to her. I think what ultimately kind of changed the path for me was music has been and continuously is such an outlet for me, a stress reliever, something that takes me to another place. I never wanted it to feel like work. What I do on weekends is part of my outlet, my stress relief. I need to have that separation, and so that’s why I chose to go into business, but music will continue to remain a very big part of my life.
VB: You worked as a public school teacher after graduating from James Madison University. How did that experience shape you?
Tucker: My parents were both school teachers in the public school systemtheir entire career. I had a grandfather who was a principal as well. The value of education was instilled from a very young age. …
The intersection of education and economic development is so critical, which is why I’m so passionate about the intersection of workforce development education. The passion that I had for building those types of relationships in Danville was based largely on my upbringing and understanding how to apply your learning — how does what you learn in the classroom apply to your life beyond school?
Learning is so much richer when you can draw a parallel between how you apply that learning in a real-life setting. That was a focus for us and, if you look at test scores, students in the Danvilleregion who were in career technical fields scored about a 99% passage rate on Standards of Learning tests. The better employees they will be, the more successful the business will be — they will continue to grow, they will continue to innovate.
VB: What’s your focus for your first six months?
Tucker:Getting into the community, talking to as many people as I can, building relationships, continuing to strengthen partnerships, thinking collaboratively. Then listening to what the needs are from the business community. I want that to be driven from information that we receive from our stakeholders and not a top-down approach of, “We know what’s best for everyone,” but really listening and being attentive to their needs and then developing solutions that everybody feels like they had buy-in on. I’ve heard the phrase “The Arlington Way” numerous times since I’ve been here. It speaks to the community-driven collaborative approach to the planning and problem-solving and addressing challenges in the community.
Kehinde Wiley’s “Rumors of War” was installed at the Virginia Museum of Fine Arts in December. Photo by Rick DeBerry
Virginia’s tourism industry has long banked on its history — but this time there’s more context and acknowledgement of different facets of the commonwealth’s heritage.
Last year, the commonwealth held observances marking the 400th anniversaries of the first elected legislative body in the New World and the arrival of the first enslaved people from Africa. Native Americans and enslaved Africans’ role in the early days of the Jamestown Colony were a prominent part of the 1619 remembrance events.
And the Virginia Museum of Fine Arts closed the year by welcoming hundreds of visitors to the December unveiling of acclaimed artist Kehinde Wiley’s “Rumors of War” monument, depicting a modern, androgynous African American figure on horseback in a pose echoing the equestrian statue of Confederate Gen. J.E.B. Stuart a little over a mile away, on Richmond’s Monument Avenue.
More than a billion dollars has been invested in Virginia’s hotel industry in the past year. Among the projects are large hotels with convention space, such as the $125 million Marriott Oceanfront Hotel Virginia Beach, set to open this month, and two new hotels under development in Chesterfield County that will offer conference space and hundreds of guest rooms.
And scattered among these big projects are smaller new hotels dedicated to local history and culture.
In other Virginia localities — including Danville, South Boston and Bristol — developers are transforming historic buildings into boutique hotels that honor historic architecture and industries. Lynchburg’s Craddock Terry Hotel and St. Paul’s Western Front Hotel are among Virginia’s earliest adopters of the boutique hotel trend. Craddock Terry, housed in a former shoe factory, opened as a hotel in 2007 and recalls its original purpose with a large, red high-heeled pump on its exterior. Last year, the hotel added a private rooftop bar.
Western Front opened in 2018 in the tiny town on the border of Wise and Russell counties. The town’s colorful background — tied in with the coal trade and accompanying bordellos and bars — isn’t all pretty, and the hotel exemplifies Virginians’ new way of considering history.
The 70-room, $20 million Sessions Hotel in downtown Bristol is set to open in late March. Housed in three, renovated, century-old buildings, the hotel is named for the legendary 1927 Bristol recording sessions of the Carter Family and Jimmie Rodgers that are widely considered to be the “big bang” of country music.
Also opening in March, Charlottesville’s Quirk Hotel — a sister hotel to Richmond’s Quirk — has gallery space for local and regional artists. Norfolk’s Glass Light Hotel and Gallery, a Marriott property that opened in January, displays glass objets d’art and sculptures created by world-class artists Dale Chihuly and Peter Bremers, plus a restaurant opened by a Michelin-starred French chef, set in a 1912 building.
Virginia’s natural beauty also remains a tourism draw. In Abingdon, a former railroad line has become the Virginia Creeper Trail, featuring 34 miles of Appalachian scenery and foliage. And in bucolic Bath County, the Omni Homestead is restoring its 1700s-era Jefferson Pools; they’re expected to reopen this summer with historical markers describing “the waters’ reputed curative powers.”
Chesapeake’s $300 million Summit Pointe development includes the Helix, a mixed-use building with residential, retail and restaurants. Photo by Mark Rhodes
As several economic development officials have noted wryly over the past year, the construction crane appears to be Virginia’s new state bird. Labor shortages and expensive materials still impact the industry, but by and large, construction companies are busy across the commonwealth.
In January, demolition started at the site in Arlington County where Amazon.com Inc. plans to build its two towers in the first phase of HQ2, its East Coast headquarters. Bethesda, Maryland-based Clark Construction Group, the lead contractor for Metropolitan Park, is expected to finish the two 22-story buildings by the end of 2022.
In Alexandria, construction continues on Carlyle Crossing, a $400 million, 1 million-square-foot project anchored by a Wegmans supermarket and offering 775,000 square feet of residential space. The project’s first phase is expected to be finished next fall, according to developers Stonebridge Associates and Creek Lane Capital, which broke ground last July.
Tysons also has plenty happening. Last fall, Fairfax County supervisors granted approvals for The View, a 3 million-square-foot mixed-use project from Clemente Development Co. Inc. that will include the tallest skyscraper in the state, the Iconic Tower.
In Hampton Roads, the $68 million, 285,000-square-foot Virginia Beach Sports Center is expected to open in November, offering space for 22 sporting events and 41,000 athletes in its first year. The center will have 12 basketball courts, a 200-meter track and seating for 5,000 spectators. Chesapeake’s $300 million Summit Pointe development is finishing up phase two, which includes the 150,000-square-foot office building 555 Belaire and the Helix, a mixed-use residential, retail and restaurant building.
Last spring, Dominion Energy Inc. opened the first of two new office towers in downtown Richmond, a 1 million-square-foot, 20-story glass-heavy structure designed by Kendall/Heaton Associates and constructed by Richmond’s Hourigan and Chicago-based Clayco, with space for about 1,200 employees. As of February, Dominion was preparing to implode its former 21-story office building, One James River Plaza. A second office tower is expected to be built on that site, according to plans filed by Dominion in 2018, but so far, the utility has not yet announced when or whether it will go forward with those plans.
Two lucrative warehouse projects also moved forward last year. Preferred Freezer Services’ $60 million, 200,000-square-foot warehouse in Portsmouth is expected to open this June, and a $41.6 million cold-storage facility built by InterChange Cold Storage LLC in Rockingham County opened last September, with long-term plans to expand from 250,000 square feet to 600,000 square feet. The facilities will collectively create about 100 jobs.
Charlottesville has more than 500,000 square feet of office space under construction, a big footprint for the small university city. Projects under construction late last year include the Center of Developing Entrepreneurs (CODE) building owned by hedge fund founder and philanthropist Jaffray Woodriff, the Apex Clean Energy building and 3Twenty3, where McGuireWoods LLP and CoConstruct LLC have signed on as tenants, although work stopped in January after a crane collapsed at 3Twenty3, injuring a worker.
With 21 companies listed on the Fortune 500, Virginia is home to many powerful and influential business leaders but naturally some are more involved in their communities and exert more pull in the state than others.
This year’s list of Virginia’s most influential businesspeople ranges from defense contractors, bankers and health system CEOs to a hotelier, a grocery chain operator, high-ranking tech executives and one global pop music superstar.
Some of the new additions to this year’s list include:
Federal Reserve Bank of Richmond President and CEO Thomas Barkin
Perspecta Inc. President and CEO Mac Curtis
Amazon.com Inc. Vice President of HQ2 Workforce Development Ardine Williams
Platinum-selling recording artist Pharrell Williams
Read on to find out how each of these leaders is contributing to business and leaving their imprint on the commonwealth.
Nancy Howell Agee, president and CEO, Carilion Clinic Inc., Roanoke
Why she is influential: Agee, the former chair of the American Hospital Association, leads Carilion, which serves one million people and in fiscal 2018 employed 13,317 and drew revenue of $1.8 billion. Carilion has a significant effect not only on the Roanoke and New River valleys and 21 counties in the region, but also on Virginia. The health system has an economic impact on the state of $3.2 billion and 23,719 jobs, according to a January study by the University of Virginia’s Weldon Cooper Center for Public Service.
Recent developments: This spring, Carilion is set to begin a $300 million, multiyear expansion of its flagship Roanoke Memorial Hospital. It’s the beginning of a $1 billion capital improvements initiative announced last year. Also in 2019, Modern Healthcare named Agee one of its Top 25 Women Leaders and she ranked No. 9 on its list of Most Influential Clinical Executives.
Neil Amin, CEO, Shamin Hotels, Chester
Why he is influential: Shamin Hotels, founded by Amin’s father and based in Chesterfield County, is the Richmond region’s largest hotel operator. In January, the company purchased its 60th hotel, the Hyatt Place Richmond Chester. An alum of Goldman Sachs & Co., Amin sits on several Virginia nonprofit boards, including Richmond Region Tourism and the Virginia Council on Economic Education.
Recent developments:In JanuaryShamin purchased the Richmond Times-Dispatch building in downtown Richmond, which the company will use as its new headquarters, while leasing space to the newspaper and other tenants. In Chesterfield, the company is building an upscale, 200-room hotel and conference center in the Stonebridge development. Construction started last fall on Shamin’s long-awaited Moxy Hotels by Marriott project in downtown Richmond, purchased in 2016. And Shamin is collaborating with local developer The Rebkee Co. to build a hotel next to a Henrico County-owned indoor sports arena scheduled to open in 2022 at Virginia Center Commons mall.
John C. Asbury, president and CEO, Atlantic Union Bankshares, Richmond
Why he is influential: Asbury transitioned from a career with large financial institutions to help build a regional Virginia bank. The plan coalesced with the acquisition of Reston-based Access National Bank, a $500 million deal that closed in February 2019. Asbury serves on boards such as the Virginia Chamber of Commerce, Chamber RVA and the Virginia Foundation for Independent Colleges.
Recent developments: The bank’s parent company announced a rebrand of Union Bank & Trust to Atlantic Union Bank in May 2019 and reported net income of $193.5 million last year. Headquartered in Richmond, the bank is expanding into additional office space in Henrico County to accommodate recent growth. In a January earnings call, Asbury said he hopes to “take advantage of the disruption caused by” the merger of SunTrust and BB&T into Truist Financial Corp. The governor appointed Asbury to the Virginia Port Authority Board of Commissioners last year, and in June he becomes chairman of the Virginia Bankers Association.
G. Robert Aston Jr., executive chairman, TowneBank, Portsmouth
Why he is influential: An industry veteran, Aston’s first banking job, in high school, paid $1.15 an hour. In April 1999, he co-founded TowneBank — now one of the biggest banks in the state and the largest regional bank in Hampton Roads, with 42 banking offices throughout Virginia and North Carolina, and $11.95 billion in total assets at the close of 2019.
Recent developments: It’s been a year since TowneBank saw a huge leap in earnings — a 52.62% increase from 2018 to 2019 that Aston attributed to strong performance and a merger with Paragon Commercial Corp. Though less dramatic, the bank’s growth continued last year, with a 3.73% increase in earnings to $138.78 million. The bank opened its first Greensboro, North Carolina, office, with further expansion on tap into the Tar Heel State.
Thomas Barkin, president and CEO, Federal Reserve Bank of Richmond, Richmond
Photo by Caroline Martin
Why he is influential:Taking over leadership of the Richmond Fed in January 2018, Barkin is responsible for the bank’s monetary policy, bank supervision and regulation and oversees information technology for the Federal Reserve System. He also serves as an alternate member on the Federal Open Market Committee, the Fed’s chief monetary policy body that sets interest rates. Before coming to the Fed, Barkin worked for 30 years for McKinsey & Co., the nation’s biggest management consulting firm, where he was a senior partner, recently serving stints as McKinsey’s chief financial officer and chief risk officer.
Recent developments:Barkin has used his clout to bring attention to the economic disparities in rural areas within his purview in the Fed’s Fifth District, which includes Virginia, Maryland, West Virginia and the Carolinas. In October, the Richmond Fed hosted its first Investing in Rural America conference, focusing on issues such as economic development, education, workforce development, broadband and labor force participation. In particular, he lamented the closures of rural banks, hospitals and colleges, which he said have contributed to economic gaps and community isolation.
Gilbert T. Bland, chairman, The GilJoy Group, Virginia Beach
Why he is influential: Bland has owned a portfolio of more than 70 Burger King and Pizza Hut franchises for 35 years. He also serves on a variety of boards, including the Virginia Museum of Fine Arts, Randolph-Macon College, the Virginia Chamber of Commerce and Sentara Healthcare. For the last year and a half, he’s been president and CEO of the Urban League of Hampton Roads Inc.
Recent developments: In the wake of Gov. Ralph Northam’s blackface controversy last year, Bland served on a community advisory group to investigate the matter for Eastern Virginia Medical School. Since then, Northam tapped Bland for a new Virginia African American Advisory Board. In that role, he is one of 21 citizen members advising the governor on strengthening “economic, professional, cultural, educational and governmental links” between state government and the African American community.
Jennifer Boykin, president, Newport News Shipbuilding, and executive vice president, Huntington Ingalls Industries, Newport News
Why she is influential: A marine engineer, Boykin is the first woman to serve as president of Newport News Shipbuilding, the largest industrial employer in Virginia. The division of Huntington Ingalls Industries grew to $4.72 billion in annual revenue in 2018. Boykin also maintains a strong presence in the business community and works to empower women and girls.
Recent developments: Newport News Shipbuilding landed a huge piece of business from General Dynamics when the defense contractor won a $22.2 billion contract from the Navy — the largest-ever awarded — in late 2019. Under the contract, Boykin will continue to ramp up the shipyard’s workforce to help build five high-tech, fast-attack submarines. Also in the last year, Boykin has stepped in to serve as chair of the United Way of the Virginia Peninsula’s annual drive.
Teresa Carlson, vice president, worldwide public sector, Amazon Web Services, Herndon
Why she is influential: The ever-expanding Amazon has shored up its presence in Northern Virginia with its HQ2 East Coast headquarters in Arlington. But Carlson, who spoke at Fortune’s Most Powerful Women Summit in October, has been a formidable presence for a decade. She founded the public-sector unit of Amazon Cloud Services. Its customer count, she said in an October interview with Computer Weekly, includes more than 5,000 government agencies, 10,000 educational institutions and 28,000 nonprofits.
Recent developments:While it grows across the globe, AWS is helping shepherd a state workforce development program in cloud computing announced by the governor in September. It offers educational programs for some K-12 school divisions, the Virginia Community College System and six four-year universities. That includes the launch of a cloud computing degree at Northern Virginia Community College and George Mason University.
Steve Case, chairman and CEO, Revolution LLC, Washington, D.C.
Why he is influential: Case is why everyone over a certain age knows “You’ve got mail!” The co-founder of America Online, Case now helms Revolution, an investment firm that backs startup businesses. He also is chairman of the Case Foundation and joined The Giving Pledge, affirming that he and wife Jean would give away the majority of their wealth to philanthropic causes.
Recent developments: For the ninth time, Case is launching his Rise of the Rest road trip this April, awarding a startup company $100,000 at each of five stops in Kansas, Oklahoma, Arkansas and Missouri. Since 2014, Case has toured 43 cities. Also, in October, Rise of the Rest closed its second $150 million fund with investors such as Amazon’s Jeff Bezos, Google’s Eric Schmidt and Spanx’s Sara Blakely.
C. Daniel Clemente, chairman and CEO, Clemente Development Co. Inc., Tysons
Why he is influential: A Northern Virginia developer since 1965, Dan Clemente has been an instrumental participant in the shaping of Tysons into its present-day status as perhaps the nation’s premiere experiment in urban placemaking. A former rector of George Mason University and chair of its board of trustees, Clemente serves on the board of the Virginia Economic Development Partnership.
Recent developments: The capstone of Clemente’s development career is close to fruition as Fairfax granted key approvals late last year for The View at Tysons, his $1.3 billion, 3 million-square-foot mixed-use, live-work-play development. Its plans include the appropriately named Iconic Tower, which, at 600 feet tall, will rise higher than the Washington Monument and will be the tallest building in Virginia.
Mac Curtis, president and CEO, Perspecta Inc., Chantilly
Photo by Will Schermerhorn
Why he is influential:A Virginia Military Institute alum and member of the Military Bowl’s board of directors, Curtis was named Executive of the Year in the greater than $300 million category at the Greater Washington Government Contractor Awards in November. Based in western Fairfax, Perspecta has more than 14,000 employees and won several big federal contracts last year, including an $824 million, five-year deal with the National Geospatial Intelligence Agency and a $657 million extension on its Next Generation Enterprise Services (NGEN) contract to continue IT services for the U.S. Department of the Navy. The company also completed its first acquisition last July, purchasing Knight Point Systems, a cloud and cyber-focused IT company. In October, Amazon Data Services Inc. bought Perspecta’s 57-acre campus near Route 28, including its headquarters, which once was home to Ross Perot’s Electronic Data Systems Corp.
Recent developments:In February, Perspecta lost the NGEN contract to Reston-based Leidos, which was awarded an eight-year, $7.7 billion deal with team members IBM, Unisys and Verizon, beginning in 2022. The contract makesup more than 15% of Perspecta’s annual revenue.
Benjamin J. Davenport Jr., chairman, First Piedmont Corp. and Davenport Energy Inc., Chatham
Why he is influential: Davenport chairs two companies based in Southern Virginia: Davenport Energy, a petroleum products manufacturer founded by his father, and First Piedmont Corp., a waste-hauling, disposal and recycling company in Virginia and North Carolina. He also has served on numerous boards, including as former rector of Virginia Tech’s Board of Visitors and currently as vice chairman of the Virginia Growth and Opportunity Board.
Recent developments: In January, Davenport was elected an at-large board member with the Virginia Chamber of Commerce. Also that month, Davenport Energy awarded 60 small grants from the ExxonMobil Educational Alliance to classrooms, teachers and students in its service area, including Pittsylvania County and Danville.
William B. “Bill” Downey, CEO, Riverside Health System, Newport News
Why he is influential:Downey oversees a health system with scores of service locations in eastern Virginia, from pediatric centers to retirement communities. They’re located from Hampton, through Williamsburg, into the Northern Neck and over to the Eastern Shore. Downey seems nearly as present, serving on the boards of the Jamestown-Yorktown Foundation, the Virginia Symphony and the Hampton Roads Economic Development Authority.
Recent developments:In February, Riverside marked the conclusion of a $55 million renovation and expansion to its Riverside Walter Reed Hospital in Gloucester. The health system also was cited by The Washington Post as a positive contrast to the University of Virginia Health System, where an examination found a high number of patients in dire straits because of medical billing. The report lauded a policy by Riverside that forgives bills exceeding annual household income.
Barry DuVal, president and CEO, Virginia Chamber of Commerce, Richmond
Photo by Caroline Martin
Why he is influential: Marking his 10th year as president and CEO of the state chamber, DuVal has raised the chamber’s membership from 847 members in 2010 to more than 26,000. A former state secretary of commerce and trade, he also served as mayor of Newport News and was president and CEO of Kaufman & Canoles Consulting LLC.
Recent developments:As a voice for the state’s businesses, DuVal has been a staunch defender of Virginia’s right-to-work laws, which prohibit required union membership as a condition of employment. Economic development officials cite right-to-work as a key advantage for Virginia in attracting new and expanding business. Earlier this year, DuVal launched “Virginians for Employee Free Choice,” a coalition to support right-to-work. Despite a Democratic majority in both General Assembly houses, an effort to repeal right-to-work failed during the 2020 session, dying in the House Appropriations Committee. In 2017, the chamber began work on Blueprint Virginia 2025, a plan to regain Virginia’s No. 1 ranking on CNBC’s annual Top States for Business list after seeing the commonwealth drop several spots in recent years. Last July, Virginia was No. 1 again.
James W. Dyke Jr., senior advisor, State Government Relations, McGuireWoods Consulting LLC, Tysons
Why he is influential: Dyke’s background in law and politics is wide-ranging. He served as secretary of education under former Gov. L. Douglas Wilder and today, as a lobbyist, counts among his clients three Virginia universities — George Washington, Marymount and the foundation at George Mason.
Recent developments:A lawyer, Dyke is entering the third year of a three-year appointment to the board of visitors at Norfolk State University. Last year, he joined the board of the Virginia Early Childhood Foundation. As a board member of GO Virginia, an influential, state-funded economic development initiative promoting regional collaboration and private-sector investment, Dyke has been advocating for the program’s full funding as included in Gov. Ralph Northam’s biennial budget.
Why he is influential:Over the air, on paper or in your earbuds, Edelman answers financial-planning questions in a relatable way. Aside from his podcasts, weekly radio show and books, Edelman has been chairman of the nation’s largest Registered Investment Adviser since his company’s 2017 merger with Financial Engines. Today, Edelman Financial Engines manages more than $213 billion in assets for 1.2 million clients across 170 offices.
Recent developments:Edelman Financial recently launched a Workplace Innovation division to help companies offer financial guidance to their employees. Edelman and his wife, Jean, have focused their philanthropy on furthering research to fight Alzheimer’s disease. In December, they pledged $2 million to back a documentary on Alzheimer’s research scheduled for release next year.
Richard Fairbank, chairman and CEO, Capital One Financial Corp., Tysons
Why he is influential: Fairbank co-founded McLean-based Capital One with Nigel Morris in 1994, and it now ranks No. 11 on the list of the nation’s largest banks by assets, and it’s the second-largest auto-financing company in the U.S. He also serves as chairman of MasterCard’s U.S. board of directors and as non-executive director of MasterCard International. A billionaire thanks to stock holdings, Fairbank has received no base salary from Capital One since 1997.
Recent developments: The bank’s revenues broke a record in 2019, reaching $28.2 billion, although that number is 1% lower than anticipated. And if that weren’t enough, last year pop superstar Taylor Swift signed a multiyear deal to becomeCapital One’s latest celebrity spokesperson.
Thomas F. Farrell II, chairman, CEO and president, Dominion Energy Inc., Richmond
Why he is influential: Farrell has led the state’s largest utility since 2006, but he also has wielded considerable influence on Richmond’s landscape, mostly through public-private partnerships. Last year, Dominion opened its sleek, 20-story headquarters building in downtown Richmond. And Farrell spent much of his local political capital over the last two years spearheading his NH District Corp.’s failed $1.5 billion Navy Hill downtown redevelopment plan, which would have included a replacement for the Richmond Coliseum.
Recent developments: One of the commonwealth’s most powerful business leaders, Farrell became chairman of the GO Virginia board in September. However, he has seen the limits of his influence greatly tested in the last six months. During the fall elections, several state Democrats — now the party in power — declared they would not take donations from Dominion. And in early February, despite promises of more than 9,000 jobs and hundreds of millions of dollars in capital investment, Richmond City Council killed Farrell’s Navy Hill proposal. Nonetheless, Dominion and Farrell retain considerable influence, particularly in the state’s push toward carbon-free energy production, of which Dominion’s plans to build the nation’s largest wind farm off the Virginia Beach coast will play a central role.
Heywood Fralin, chairman, Medical Facilities of America Inc., Roanoke
Why he is influential: A former rector at the University of Virginia, Fralin holds sway across a range of disciplines, from the arts to science. His Medical Facilities of America has 42 locations in Virginia and North Carolina offering skilled nursing and rehab services. He’s chairman of the Virginia Business Higher Education Council and serves on the highly influential GO Virginia board. U.Va.’s Fralin Museum of Art is named after him and his wife, Cynthia.
Recent developments:Last year, Virginia Tech awarded Fralin its highest honor, the William H. Ruffner Medal, recognizing his service to the university, which included seven years on its board of visitors. He and his wife also made a $50 million gift to support the Fralin Biomedical Research Institute at VTC, part of the Virginia Tech Carilion Health Sciences and Technology Campus in Roanoke.
Why he is influential:Haymore took over in 2018 as lead of the new global economic development, commerce and government relations group of Hunton Andrews Kurth — a law firm that resulted from a merger that year between Hunton & Williams and Andrews Kurth Kenyon. Haymore isn’t an attorney, but he has about 1,000 of them on hand. He’s called on for his considerable insight into Virginia government and policy, having worked in the administrations of three governors. He was commissioner of the Department of Agriculture and Consumer Services under Gov. Tim Kaine, and he was secretary of agriculture and forestry under governors Bob McDonnell and Terry McAuliffe, who named him secretary of commerce and trade. Haymore also serves on the board of visitors for Virginia Commonwealth University and the boards of the Washington Airports Task Force, the Virginia Chamber of Commerce and Virginia FREE.
Recent developments:When buzz built around McAuliffe’s possible presidential ambitions, Haymore stepped out to defend his former boss’s economic record in a Roanoke Times op-ed last year. Haymore worked publicly against a repeal of the right-to-work law that was under debate during the 2020 General Assembly session. He’s also helping with InvestSWVA, a new public-private initiative to boost workforce and economic development efforts in Southwest Virginia.
Victor Hoskins, president and CEO, Fairfax County Economic Development Authority, Fairfax
Photo by Stephen Gosling
Why he is influential:Before moving to Fairfax last August, Hoskins played a key role in securing Amazon.com Inc.’s East Coast headquarters for Arlington County, where he led its economic development authority for close to five years. The $2.5 billion deal, expected to create 25,000 jobs by 2030, is said to be the nation’s largest economic development project, based on the number of jobs. It also caps a period for Hoskins that included bringing Nestlé USA’s and Lidl’s headquarters to Arlington, and retaining the headquarters for the Public Broadcasting System and the Drug Enforcement Administration.
Recent developments: As Hoskins gets his feet wet in Fairfax, he and officials in nine other jurisdictions have formed the Northern Virginia Economic Development Alliance, which will help the region compete for large conventions and, overall, promote economic development cooperation. His focus is on workforce development and place-making, a process underway in Tysons, which is turning into a more walkable, urban environment with major multiuse developments. As the former deputy mayor of planning and economic development for Washington, D.C., Hoskins was instrumental in developing places like City Center, the Wharf and Union Market that attract young professionals. He’s likely to do the same in Fairfax.
Steve Johnson, president, Johnson Commercial Development, Bristol
Why he is influential: A significant player on the Southwest Virginia casino scene, Johnson hopes to develop a $200 million casino on 350 acres in Washington County near The Pinnacle, his 1 million-square-foot shopping venue in Bristol, Tennessee. A former Virginia Tech and NFL football player, he’s donated $1 million gifts to his alma mater and the United Way of Bristol in recent years.
Recent developments: There’s been friction between Johnson and the backers of the Hard Rock Bristol Resort and Casino, which has gathered more support among elected officials. In a February interview with the Bristol Herald Courier, Johnson accused Bristol City Manager Randy Eads and developers Jim McGlothlin and Clyde Stacy of “stealing” his idea for a casino in the region, which he said he mentioned to Eads in 2017. Despite numerous likely roadblocks, Johnson still planned to pursue his proposal with the Eastern Band of Cherokee Indians.
Dr. J. Stephen Jones, president and CEO, Inova Health System, Falls Church
Photo courtesy Inova Health System
Why he is influential:Jones left his position as president at Cleveland Clinic Regional Hospitals and Health Centers to take over at Inova in April 2018. He oversees a system in Northern Virginia and D.C. that includes five hospitals with more than 17,500 employees serving more than 2 million patients each year. “All of the pieces are in place for Inova to be the premier health system on the eastern seaboard,” Jones said upon taking the post. “Key to achieving this will be to build upon the strong research and academic programs already in place that help us attract top physicians.” Inova’s board cited his leadership in medical education and research and noted his national recognition in the fields of prostate and bladder cancer. In June 2018, the University of Virginia School of Medicine named Jones a professor of urology — strengthening ties between U.Va. and Inova’s Fairfax Medical Campus.
Recent developments:The $150 million Inova Schar Cancer Institute, which includes patient-focused cancer care and genomics research, opened in May 2019 as part of the 117-acre Inova Center for Personalized Health campus.
Howard Kern, president and CEO, Sentara Healthcare, Norfolk
Why he is influential: Kern leads a system that includes 12 hospitals with more than 28,000 employees and net annual revenue of $6.3 billion. Sentara’s health care centers primarily are clustered in Hampton Roads but also stretch into Northern Virginia and North Carolina. Sentara’s health plan, Optima, serves more than 500,000 people in Virginia, North Carolina and Ohio. Kern serves on numerous boards, including the Hampton Roads Economic Development Alliance and the Virginia Business Higher Education Council.
Recent developments:In April 2019, The CEO Forum Group’s magazine named Kern one of “10 CEOs Transforming Healthcare in America.” In November, Gov. Ralph Northam appointed him to the state Advisory Council on Revenue Estimates. Kern is also an ardent advocate for addressing social determinants of health, such as the conditions in which people live, work and learn. In October, Sentara announced it would donate $50 million towards a partnership with Local Initiatives Support Corp. to address social determinants of health in underserved Virginia communities. The$93.5 million Sentara Cancer Center opens this May.
Robert C. “Bob” Kettler, CEO and owner, Kettler Inc., McLean
Why he is influential: The company that Bob Kettler founded in 1977 has developed more than 46,000 homes in 25 master-plan communities. Its work includes developing eight championship golf courses and 5 million square feet of commercial space as well as managing 20,000 apartments in the Northeast, mid-Atlantic and Southeast regions. The Washington Capitals’ training center bears his name.
Recent developments: Kettler is working with Ross Perot Jr.’s Hillwood Communities on three development projects with a build-out value of $200 million, including a 44-acre, 80-home, 200-plus town house project in Fredericksburg. As part of its expansion strategy, Kettler announced its first project in Florida in November, breaking ground on a 379-unit apartment community scheduled to open by the close of this year.
Justin G. Knight, president and CEO, Apple Hospitality REIT Inc., Richmond
Why he is influential:Knight is in his sixth year at the helm of Apple Hospitality, a REIT with a 233-hotel portfolio (mostly Marriotts and Hiltons) stretching into 34 states. An officer on the board of the American Hotel & Lodging Association, he serves on the boards of Southern Virginia University, the Valentine Museum and Venture Richmond.
Recent developments:Apple bought The Berkeley Hotel in Richmond for approximately $7 million in October, with plans to retain it as an independent hotel. As of the third quarter, Apple had spent $47 million on capital expenses and said it expected to invest $30 million to $40 million more by year’s end to improve properties including the Richmond Marriott. It’s also converting a Renaissance hotel in New York into an independent boutique hotel.
Roger A. Krone, chairman and CEO, Leidos, Reston
Why he is influential:A pilot and aerospace engineer whose career has taken him to General Dynamics, McDonnell Douglas and Boeing, Krone has served as CEO atLeidos since 2014. The defense contractor reported$11.1 billion in revenue for 2019. His board service includes the Georgia Tech Foundation and WETA public television and radio stations, and in January he began a term with the Greater Washington Urban League.
Recent developments: Last year,Leidos marked the 50th anniversary of its founding by the late J. Robert Beyster, a Navy veteran and nuclear physicist. The company has continued to thrive under Krone, who oversaw the $1.65 billion acquisition of Dynetics Inc. in December and the $1 billion acquisition of the Security Detection and Automation businesses of L3Harris Technologies in February. That same month, Leidos landed a $7.7 billion, multiyear IT contract with the Navy.
John R. Lawson II, executive chairman, W.M. Jordan Co., Newport News
Why he is influential:Lawson served as president and CEO of the construction company his late father co-founded. In a leadership transition,Lawson became executive chairman in 2018, the same year he was named by Virginia Business magazine as the Virginia Business Person of the Year. He’s entrenched in community board service and leads a company that, at any given time, has 50 projects in the works, each worth an average of $50 million.
Recent developments: W.M. Jordan is constructing a 14-story mental health care facility in Norfolk for the Children’s Hospital of the King’s Daughters, which broke ground in September. But Lawson has been involved with the cause for years. His company is host to an annual golf tournament fundraiser, and he’s kicked off a capital campaign for the $214 million hospital, set to open in 2022.
Vincent J. Mastracco Jr., partner and co-chair of the Real Estate Strategies Group, Kaufman & Canoles, Norfolk
Why he is influential:Kaufman & Canoles celebrated its 100th anniversary last year and Mastracco has been practicing there for more than half its history. A noted business attorney and Hampton Roads community leader, he’s a member of myriad boards, including the Hampton Roads Community Foundation and the Virginia Economic Development Partnership, which he chaired in 2018, the year VEDP played a pivotal role in landing Amazon HQ2.
Recent developments:Mastracco continues service on several boards, including as a trustee for Virginia Wesleyan University. In January, the governor reappointed him to the Virginia Economic Development Partnership board.
Terry McAuliffe, global strategy advisor, Centre for Information Policy Leadership, Hunton Andrews Kurth LLP, Washington, D.C.
Photo by Stephen Gosling
Why he is influential: Virginia’s 72nd governor, moderate Democrat McAuliffe built his record on economic development, bringing in more than $20 billion in capital investment, and promoting Virginia on more than 35 trade and marketing missions to five continents. A multimillionaire businessman and prolific political fundraiser, McAuliffe is a former Democratic National Committee chair and a close friend and confidant of Bill and Hillary Clinton.
Recent developments: In April 2019, McAuliffe quashed speculation he would pursue the Democratic presidential nomination, telling The New York Times, “I would have loved to have run for president,” but thought that the field was too crowded and that Joe Biden had the centrist vote. In October, McAuliffe took a job as global strategy advisor for Hunton Andrews Kurth LLP’s international privacy and cybersecurity think tank. But don’t count him out politically — he was a familiar presence campaigning for state Democrats who won control of the General Assembly last fall. And in January, McAuliffe hired away Democratic Party of Virginia Executive Director Chris Bolling to oversee his PAC — a signal, politicos say, that McAuliffe’s seriously mulling a 2021 run for governor.
Why she is influential:After a 30-year career with PricewaterhouseCoopers, McClements was tapped to head the accounting firm’s mid-Atlantic practice in 2017, leading more than 4,000 employees in Virginia, Washington, D.C., Maryland, Pennsylvania and southern New Jersey. She serves on the boards of the Wolf Trap Foundation, The Economic Club of Washington, D.C., and the American Cancer Society.
Recent developments:Washingtonian magazine named McClements to its “Most Powerful Women in Washington” list in 2019. PwC also made headlines in December, signing a 15-year lease on four floors of a huge office redevelopment project at Mount Vernon Triangle in D.C. An ambassador of the company’s digital “upskilling” initiative, McClements said it would be an “innovative workspace.” A majority of PwC’s 2,600 employees in the region will relocate there.
Mary McDuffie, president and CEO, Navy Federal Credit Union, Vienna
Photo courtesy Navy Federal Credit Union
Why she is influential: With more than 18,000 employees, McDuffie leads the largest credit union in the world. It holds $112.09 billion in assets and serves nearly 9 million members. McDuffie started with Navy Federal as vice president of marketing in 1999, and about 20 years later became COO, before taking her current role as president and CEO in January 2019.
Recent developments:The credit union overhauled its mortgage application process, launching a tool called HomeSquad that gives members the ability to apply for mortgages online. Navy Federal also published a list of career opportunities for veterans transitioning to civilian life, Best Careers After Service, in partnership with Hire Heroes USA. In a New Year’s message, McDuffie touted growth: “We grew by more than 1 million members, and we opened 20 new branches, all while upholding our steadfast commitment to top-notch service to each individual member and the membership as a whole.” With more than 330 branches around the world, McDuffie has pledged to open another 20 branches in 2020 and work to improve the customer experience — a goal that she’s called the cornerstone of her mission.
Jim McGlothlin, chairman and CEO, The United Co., Bristol
Why he is influential: McGlothlin has been in the news lately for his partnership with former high school classmate Clyde Stacy (see Page 58) in the proposed Hard Rock Bristol Resort and Casino on the former Bristol Mall property. But McGlothlin’s background is in coal. In 1970, he and his father, along with five other investors, founded Grundy-based United Coal Co., which McGlothlin sold in 1997 and then repurchased in 2004, before selling it to a Ukrainian business group in 2009. The McGlothlin Foundation, his family’s philanthropic arm, contributed more than $5.2 million last year to organizations that provide food, shelter, clothing, education and health programs in Southwest Virginia.
Recent developments: Like other promoters of casinos in Virginia, McGlothlin has been waiting for the General Assembly to pass legislation legalizing casinos at five locations in the state. His $400 million project — in partnership with Hard Rock International — appears to have favor among legislators, as opposed to a more recently announced casino proposal at The Pinnacle in Washington County, proposed by Bristol developer Steve Johnson (see Page 53) and a North Carolina Cherokee Indian chief.
Stephen Moret, president and CEO, Virginia Economic Development Partnership, Richmond
Why he is influential:If he never sealed another deal, Moret would be influential for his key role in landing Amazon’s $2.5 billion HQ2 East Coast headquarters, which, with 25,000 jobs, has been described as the largest single economic development deal in U.S. history. However, as president and CEO of the Virginia Economic Development Partnership, Moret remains a tireless promoter of Virginia as a great location for business. And initiatives such as VEDP’s new Virginia Talent Accelerator Program keep the deal announcements flowing.
Recent developments: Last July, Virginia regained its prestigious CNBC ranking as America’s top state for business, largely due to the state’s successful HQ2 pitch. In December, Virginia Business magazine named Moret its 2019 Virginia Business Person of the Year.
Christopher J. Nassetta, president and CEO, Hilton Worldwide Holdings Inc., Tysons
Why he is influential:Hilton’s leader since 2007, Nassetta graduated from the University of Virginia and serves on the McIntire School of Commerce’s advisory board. He’s also a member of CoStar Group Inc.’s board and is chairman of the World Travel & Tourism Council board. Hilton has a portfolio of 17 hotel brands and 6,110 properties worldwide. In 2018, the company announced it would cut its carbon emissions by 61% and halve its water consumption and produced waste by 2030.
Recent developments: Hilton expects to reach 1 million rooms soon, having added close to 470 hotels in 2019, its 100th year, and achieving 6.6% net unit growth. The company also started construction on nearly 87,000 rooms last year and opened more luxury properties than in any previous year.
Phebe Novakovic, chairman and CEO, General Dynamics, Falls Church
Why she is influential: A former CIA operative, Novakovic leads one of the largest aeronautical and defense companies in the world. More than 10% of its employees, about 12,000 of them, live in Virginia. The company posted revenue of $8.4 billion in 2019. Novakovic leads the Ford’s Theatre board and serves on the board of the health care and technology company Abbott Laboratories.
Recent developments: Last year, General Dynamics won a record $22.2 billion Navy contract to build nine, and possibly 10, fast-attack submarines. On the commercial side, Novakovic expects to deliver 150 of its Gulfstream jets in 2020 and will see its new model, the G700, take its first flight. Forbes ranked Novakovic as No. 24 on its list of the World’s Most Powerful Women last year — four spots below Oprah Winfrey.
Mike Petters, president and CEO, Huntington Ingalls Industries, Newport News
Why he is influential: Petters is a graduate of the U.S. Naval Academy who leads the country’s largest military shipbuilder. Based in Virginia with its Newport News shipbuilding division, Huntington Ingalls employs more than 41,000 people and posted $8.2 billion in revenue in 2018. Petters, a Navy veteran and former reservist, serves on the executive committee of the Aerospace Industries Association board of governors and the board of the National Association of Manufacturers.
Recent developments: Last year, NBC’s “Today” show featured Petters discussing his early childhood education advocacy with his wife, Nancy, a preschool teacher. In February, Petters announced that Huntington Ingalls Shipbuilding has an “unprecedented backlog” of $46.5 billion worth of work to carry out in the next decade. Huntington announced the acquisition of underwater drones manufacturer Hydroid Inc. And it will reap benefits as a subcontractor for General Dynamics’ record $22.2 billion Navy submarine-building contract.
Gary Philbin, president and CEO, Dollar Tree Stores Inc., Chesapeake
Why he is influential: After nearly 15 years with Dollar Tree, Philbin was tapped to lead the newly purchased Family Dollar Stores in 2015. The $9.1 billion acquisition was a turning point and Philbin helped guide the critical transition. In 2017, he ascended to president and CEO of Dollar Tree, which runs more than 5,000 stores in 48 states and five Canadian provinces and reported net sales of $22.82 billion in 2018.
Recent developments: Dollar Tree has been consolidating into new Chesapeake headquarters. Its stock price struggled in early 2020, as tariffs increased expenses. In a November earnings call, Philbin noted a focus on store renovations and workforce growth. The company aimed to bring on 25,000 associates with a national hiring event in October and held another in January focused on store leadership. Dollar Tree said it promoted about 28,000 associates to new positions in 2019.
John F. Reinhart, CEO and executive director, Virginia Port Authority, Norfolk
Why he is influential: The Port of Virginia, which VPA operates, is a major driver of Virginia’s economy and the third-busiest port on the East Coast, holding a 12.9% market share in 2018. A recent study by William & Mary found that the port generated an impact of $92 billion in fiscal year 2018. Reinhart, CEO since 2014, has led a massive effort to widen and deepen the port’s harbors since 2015.
Recent developments:In December, VPA started the $350 million dredging project to create the East Coast’s deepest port, scheduled for completion by 2024. The port also plans to use $15.5 million in federal funds to increase capacity at its Virginia Inland Port in Front Royal.
Buddy Rizer, executive director, economic development, Loudoun County
Why he is influential: The man nicknamed the “Godfather of Data Center Alley”has been Loudoun’s economic development director since 2007. At the time, the county was home to America Online, which set up shop there in 1997, and Loudoun has since built on its existing tech infrastructure. Ashburn is now the top data center market in the world, with about 70% of all internet traffic running through its 70-plus data centers.
Recent developments: In 2019, Google began developing two data centers in Arcola Center and Stonewall Business Park, investing $600 million in the county. This year, Rizer says his department will review the data center cluster’s branding and how to build its visibility. Aside from the tech sector, Loudoun’s agribusinesses are big contributors to the county’s economy; farms, wineries and breweries generated an economic impact of $413.6 million in 2018.
Steven C. Smith, president and CEO, Food City, Abingdon
Why he is influential: Smith leads Food City, a supermarket chain with $2.5 billion in annual revenues, with more than 16,000 employees working at 123 locations across Virginia, Tennessee, Kentucky and Georgia. It operates under the Food City and Super Dollar Supermarkets brands. Smith serves on the boards of GO Virginia, the Food Industry Association and TOPCO Associates LLC.
Recent developments: Over the last year, Food City has been the focus of news reports revealing that a Knoxville, Tennessee, Food City pharmacy purchased one million OxyContin pills in 2008 alone and acquired 8.5 million oxycodone pills within a six-year period. Tennessee’s attorney general is suing the pharmaceutical supplier, alleging RICO violations. Food City, which has not been accused of criminal wrongdoing, has said it’s “proactively working” with drug enforcement and pharmaceutical experts to refine dispensing practices at its100-plus pharmacies.
Clyde Stacy, CEO, Par Ventures LLC, Bristol
Why he is influential: Stacy is an investor in local businesses and properties around Bristol, most notably the Bristol Mall, which his Par Ventures purchased for $2.6 million in 2018. He and fellow Southwest Virginia native Jim McGlothlin (see Page 56) plan to turn the mall into the Hard Rock Bristol Resort and Casino – pending the expected legalization of casinos by the General Assembly. Before starting Par Ventures, Stacy was head of Rapoca Energy Co., a coal mining company based in Bristol.
Recent developments: Bristol Mall is currently home to CBD processing facility Dharma Pharmaceuticals, in which Par Ventures holds a financial interest. In January, Dharma became the first company licensed by the Board of Pharmacy in Virginia to process CBD oil.
Bruce L. Thompson, CEO, Gold Key | PHR, Virginia Beach
Why he is influential: Thompson started two companies, Professional Hospitality Resources and Gold Key Resorts, in the hotel, ski resort and vacation ownership sectors, beginning in 1986. But most Virginians know Thompson for his remake of Virginia Beach’s oceanfront, which started in 2011 and has led to the newly refurbished Cavalier Hotel and the $125 million Marriott Virginia Beach Oceanfront, opening in March. He’s also been active in civic service, raising more than $5 million for ALS research and securing funding for a fully accessible park at the oceanfront.
Recent developments: The opening of the Marriott property — a 305-room hotel with more than 25,000 square feet of meeting space — and the completion of the 42 Ocean condominium project mark the conclusion of phase two of Thompson’s $350 million master plan for the neighborhood. Next up: another hotel, which will complete the all-in-one resort.
Warren Thompson, founder, president and chairman, Thompson Hospitality, Reston
Why he is influential: Thompson runs the largest minority-owned food and facilities management company in the country, with 5,500 employees and revenue of $760 million. A graduate of Hampden-Sydney College and U.Va.’s Darden School of Business, Thompson founded the company in 1992 with the purchase of 31 Big Boy restaurants. Black Enterprise ranks Thompson on its list of the nation’s largest black-owned companies, noting the company’s contracts with 20 historically black colleges and universities.
Recent developments:Thompson was named to the board of directors for Indianapolis-based Duke Realty Corp. last year. Since acquiring a majority stake in the Matchbox pizza restaurant chain in 2018, Thompson has been working to expand the chain; its first franchise location recently opened in Charlottesville. Thompson also plans to open a Homewood Suites near its headquarters this year, using it to help train Thompson food-service employees.
Jim VandeHei, co-founder and CEO, Axios Media Inc., Arlington
Why he is influential: The former co-founder and CEO of Politico, VandeHei now runs Axios, which, since its 2016 founding, attracts 7 million to 10 million unique visitors a month. Axios’ email newsletters are a must for busy people who rely on its signature “smart brevity” to deliver political, business, media and technology news with a bottom-line focus on “why it matters.” In challenging times for media, Axios generated $25 million in 2018 revenue and reportedly garnered $150,000 weekly newsletter sponsorships in 2019.
Recent developments: At the close of last year, Axios was poised to raise another $20 million in venture capital, upping its valuation to $200 million. And in March, Axios begins airing the third season of its HBO documentary series.
Kathy Warden, president and CEO, Northrop Grumman Corp., Falls Church
Why she is influential: Warden has now been at the helm of the federal defense contractor for more than a year, having started as CEO and president on Jan. 1, 2019. She joined Northrup Grumman in 2008 and previously worked for General Dynamics and the Veridian Corp. She chairs the board of directors at the Federal Reserve Bank of Richmond and also serves on James Madison University’s board of visitors.
Recent developments: Northrop Grumman, like other big defense contractors, has benefited from a double-digit increase in classified program work last year at the Pentagon. Warden said in January that “restricted” work accounted for more than a quarter of the company’s $33.8 billion in 2019 sales. Outside of the office, Warden has been named to Merck’s board of directors, effective in mid-March.
Howard A. Willard III, chairman and CEO, Altria Group Inc., Richmond
Why he is influential: Willard is in his second year as chairman and CEO of Altria Group, the country’s largest tobacco company and the parent of Philip Morris USA, which he joined in 1992. Altria contributes millions of dollars to the Richmond region in arts, cultural and educational contributions. Beyond cigarettes, the company holds large investments in two closely watched categories: e-cigarettes and cannabis. Revenues in 2019 were down 1% to $25.11 billion.
Recent developments: In November, Willard attended a tense White House meeting with President Trump about vaping. A partial federal crackdown on flavored e-cigarettes took effect in February. Willard expects the category to decline, he said in January, and Altria was hammered for its $12.8 billion investment in Juul, which it now values at $4.2 billion, due to lawsuits and health concerns about teen vaping. Of Altria’s $1.8 billion investment in Cronos Group, a Canadian cannabis company, Willard said, “The U.S. cannabis market, if reasonably regulated and legalized at the federal level, presents a tremendous opportunity.”
Ardine Williams, vice president of HQ2 workforce development, Amazon.com Inc., Arlington County
Photo by Will Schermerhorn
Why she is influential:Williams is responsible for building the 25,000-person workforce that will be hired during the next decade for Amazon’s HQ2 East Coast headquarters in Arlington. She’s been a highly visible representative for the e-tail Goliath, appearing at events with Gov. Northam, offering advice to thousands of job seekers at Amazon’s outdoor career fair and delivering the November keynote address at George Mason University’s Annual Symposium of the Journal of Law, Economics & Policy. A tech industry veteran who also worked for Hewlett-Packard and Intel Corp., Williams formerly oversaw global talent acquisition for Amazon Web Services.
Recent developments:With three more years to go before Amazon’s two, 22-story HQ2 towers are built, the company had already hired more than 600 employees for HQ2 by mid-February. Many of them are housed in three floors of leased offices that the company has nicknamed “base camp,” decorated with a tongue-in-cheek mural depicting an Amazon delivery truck trekking up a Himalayan-esque peak. HQ2 hires will range from programmers and software developers to employees in consumer affairs, advertising, law, finance and public relations.
Pharrell Williams, Grammy-winning recording artist and performer, developer and founder of the Something in the Water festival, Virginia Beach
Photo by Lionel Hahn/Sipa via AP Images
Why he is influential:Williams, who is behind some of the biggest hip-hop and pop hits of the past decade — perhaps you’ve heard “Happy”? — has never forgotten his Virginia Beach roots. Last November, the music superstar turned up at a City Council meeting to speak on behalf of the proposed $325 million Atlantic Park development — slated to include a surf park, 3,500-seat entertainment venue and residential and retail space — on which he is partnering with Venture Realty Group. He also debuted the wildly successful Something in the Water music festival last April, which delivered an economic impact of $24.11 million to the region.
Recent developments: Something in the Water comes back to the beach in late April with a three-day concert featuring dozens of superstar artists, among them Post Malone, Foo Fighters, Chance the Rapper and, naturally, Williams. And Williams will narrate TV ads for Virginia Beach’s spring tourism campaign, which will feature his new song, “Virginia.” As for Atlantic Park, Virginia Beach City Council gave it the go-ahead in November, with construction set to start in a couple of years on the former Dome site.
Jaffray Woodriff, co-founder and CEO, Quantitative Investment Management, Charlottesville
Photo by Mark Rhodes
Why he is influential:A University of Virginia alumnus, Woodriff co-founded his $3 billion hedge fund, which is run in his hometown of Charlottesville, in 2003. Last January, Woodriff and his wife, Merrill, a fellow Wahoo, pledged $120 million to U.Va. through their nonprofit Quantitative Foundation to launch a new School of Data Science. It is the largest gift of its kind to the university. Woodriff also has supported more than 60 startups (including 40 around Charlottesville) as an angel investor, under his Felton Group LLC family office. Most focus on clean energy, machine learning and scalable technology.
Recent developments:Woodriff’s Center of Developing Entrepreneurs (CODE) building is under construction on the west end of Charlottesville’s Downtown Mall, and startups funded by Woodriff have already claimed five of the building’s nine floors. Completion is scheduled for next summer. Last September, the State Council of Higher Education for Virginia (SCHEV) approved the creation of U.Va.’s School of Data Science, which will offer interdisciplinary courses on artificial intelligence, machine learning and ethical responsibility.
Tysons-based Park Hotels & Resorts acquired Chesapeake Lodging Trust for $2.5 billion last year. Park’s 66-hotel portfolio now includes former Chesapeake properties such as the Hyatt Regency Boston. Photo courtesy Park Hotels & Resorts Inc.
In September 2019, Tysons-based Park Hotels & Resorts Inc. completed its $2.5 billion purchase of Chesapeake Lodging Trust, the largest acquisition in the state last year. Park’s hotel portfolio now includes 66 properties with more than 35,000 rooms, and the company has expanded into San Francisco, Boston, Miami, Los Angeles and other leading markets.
Another notable deal last year was GateHouse Media’s $2.3 billion merger with McLean-based Gannett Co., forming the largest newspaper company in the country and continuing the consolidation of the media industry. Gannett, the parent company of USA Today, and its 100 dailies now belong to a combined company under the Gannett name with New Media Investment Group, owner of GateHouse’s media properties. After the approval of the deal in November, one in five U.S. newspapers belong to the Gannett group.
In June, Tysons-based DXC Technology acquired Luxoft Holding Inc., a software engineering and digital strategy firm, for more than $2 billion, after announcing the deal last January.
DXC has had an active two years, spinning off the federal contractor now known as Perspecta Inc., which has provided network services to the Navy but recently lost that contract to another Fairfax County company, Leidos Holding Inc.
In December 2019, Leidos purchased Dynetics Inc., an aerospace and defense company, for $1.65 billion, and in February, the company announced the $1 billion purchase of L3Harris Technologies’ Security & Detection Systems and MacDonald Humfrey Automation. Two days later, the Navy awarded Leidos its $7.73 billion NGEN-R contract to update the Navy Marine Corps Intranet and provide other IT services. Also in December, the Reston-based company received a $6.52 billion contract from the Department of Defense for IT services and a joint award for the $4 billion Hanford Mission Essential Services Contract.
In Hampton Roads, the big news was a pair of massive Naval Sea Systems Command (NAVSEA) contracts. In November, Reston-based General Dynamics Corp. won the largest Navy contract ever awarded, $22.2 billion, to produce nuclear submarines. (See story here.) It’s a deal that benefits the company’s Electric Boat unit as well as Huntington Ingalls Industries’ Newport News Shipbuilding, which was also awarded a $14.9 billion contract to produce nuclear-powered aircraft carriers for the Navy.
Newport News Shipbuilding, which has hired about 10,000 people since 2016, is expected to deliver five submarines between 2025 and 2029. NNS works with General Dynamics’ Electric Boat, based in Rhode Island, to manufacture different elements of the attack submarines, which are later assembled.
Another potential deal that may have a considerable butterfly effect is Ethos Capital’s $1.135 billion purchase of the Public Interest Registry, a Reston-based not-for-profit created by the Internet Society in 2002 to manage the .org domain. Some tech experts worry that the proposed sale to a private equity firm could raise costs for nonprofit organizations using the .org domain, especially since the Internet Corporation for Assigned Names and Numbers (ICANN) approved a contract last June to eliminate the .org domain price cap of $9.93 a year.
Ethos, founded by Erik Brooks, the former managing partner of investment fund Abry Partners, has said it will not raise prices by more than 10% a year. In late January, ICANN delayed a decision to deny or allow the sale until April, following a request by California’s attorney general.
Amazon.com Inc. had hired about 400 workers for its HQ2 East Coast headquarters by the start of 2020. Photo by Stephen Gosling
Following Amazon.com Inc.’s November 2018 announcement that the online retail giant would locate its $2.5 billion HQ2 East Coast headquarters in Arlington County, the company filled 2019 with hiring announcements, commercial real estate deals and a new push toward regional collaboration in Northern Virginia.
Hiring for Amazon’s estimated 25,000 HQ2 employees started in April 2019, and more than 600 workers were on board by early this year. Demolition to start construction on HQ2 started this January, and the e-tailer announced late last year it would give Arlington County $20 million to develop affordable housing. Washington, D.C. metro leaders have long decried the lack of workforce housing in the region, and costs are anticipated to rise as Amazon moves into town.
To address these concerns, Amazon and developer JBG Smith Properties promised a community benefits deal in their negotiation with the county for the construction of Metropolitan Park, its first office project in Pentagon City. The $20 million will go to Arlington’s Affordable Housing Investment Fund, which subsidizes residences for lower-income people.
Amazon also inspired the September launch of the Northern Virginia Economic Development Alliance, which groups the 10 competitive regional counties and cities into one organization to promote economic growth, transportation, education and affordable housing. NOVA EDA also will work with the Virginia Economic Development Partnership and other regional alliances.
In Pittsylvania County and Danville, VEDP and local economic development staff members scurried to land delivery van maker Morgan Olson LLC to fill an assembly line plant soon to be vacated by Swedish home-goods manufacturer Ikea. It was a major save, creating 703 positions — 400 more than Ikea, which shut down work in December. In February, Morgan Olson President and CEO Mike Ownbey upped that estimate to about 1,000 new jobs.
The story was different in Richmond, where the proposed $1.5 billion Navy Hill redevelopment project ran into public and political resistance. Despite the backing of Dominion Energy President and CEO Tom Farrell, head of the NH District Corp., and Mayor Levar Stoney, Richmond City Council killed the project in early February. Several Council members expressed concern and an independent advisory board deemed the project too expensive and risky for the city.
Nonetheless, it’s possible that the project could go back to the drawing board, as City Council asked the mayor to seek competing proposals for the redevelopment project.
2019 also was dominated by discussions of casino and gaming projects proposed across the state, as the General Assembly considered legislation that would open the commonwealth to a limited number of casinos — a potential boon for economically challenged localities and the state.
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