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byline: Richard Foster

Dominion’s Tom Farrell dies one day after retiring

Thomas F. Farrell II, the longtime chairman, president and CEO of Dominion Energy Inc., died Friday, one day after retiring as the Richmond-based Fortune 500 utility’s executive chair and top leader. Farrell, 66, was battling cancer, according to an announcement from Dominion.

“Tom was a peerless mentor and outstanding leader who sought to find innovative solutions to challenges at Dominion Energy, in the utility industry and in the community he called home,” Robert M. Blue, who succeeded Farrell in October 2020 as president and CEO, said in a statement. “In his tenure at the company, Tom oversaw an era of prosperity and growth, and a long-term transformation that will have a lasting impact on clean energy development and on the health of the environment. Above all else, he loved spending time with his wife, his sons and their spouses, and his grandchildren. We will miss him greatly, and extend our deepest condolences to his loving family.”

Farrell’s cancer had taken a turn for the worse in recent weeks, according to Dominion’s statement. Blue became Dominion’s chairman on Thursday, when Farrell retired as executive chair, passing the utility’s leadership to Blue. According to March Securities and Exchange Commission filings, Farrell had planned to serve in an advisory role to Blue until May 1.

The unexpected news that Farrell was stepping down as Dominion’s executive chairman came on the heels of a March 23 announcement that Farrell was also retiring from Henrico County-based Altria Group Inc.’s board of directors, which Farrell had chaired since April 2020. Farrell’s retirements from the Dominion and Altria boards were both filed with the SEC on the same day. He had transitioned from Dominion’s president and CEO to executive chair in October 2020, leading to Blue’s ascension as Dominion’s top leader.

One of the state’s most powerful leaders, Farrell also chaired the state GO Virginia board, which allocates funding for economic development projects across Virginia. He served on the boards of visitors for Virginia Commonwealth University and the University of Virginia, for which he also served as rector. He held a bachelor’s degree in economics and a law degree from the University of Virginia.

Farrell, who grew up as an Army brat, wrote, funded and produced the 2014 film, “Field of Lost Shoes,” which focused on the 250 teen cadets from Virginia Military Institute who fought for the Confederates during the Battle of New Market in 1864.

Dominion’s annual revenue for 2020 was $14.17 billion. Under Farrell’s leadership, Dominion tripled its philanthropic giving and came close to doubling its earnings per share.

Farrell joined Dominion in 1995 as its general counsel, having previously represented the company as part of a team of attorneys at McGuireWoods. He became its president and CEO in 2006 and was elected chairman of the utility’s board in 2007.

In recent years, Farrell led the utility towards more sustainable sources of energy, including expansions into solar and offshore wind.

Last summer, Dominion canceled its long-delayed $8 billion Atlantic Coast Pipeline and sold its gas transmission and storage business to Berkshire Hathaway Inc. for almost $10 billion, with Farrell saying that Dominion would be narrowing its focus on its utilities business. As part of a state initiative to shift to carbon-free energy production by 2050, Dominion last year completed the pilot phase of its proposed $7.8 billion, 2,640-megawatt wind farm 27 miles off the coast of Virginia Beach. Scheduled for completion in 2026, it is planned to be the nation’s largest offshore wind farm, with at least 180 giant wind turbines.

Farrell also was a prime player in state and local politics. He served on Gov. Bob McDonnell’s five-person transition committee and also led the Virginia Governor’s Commission on Higher Education Reform. Farrell’s son Peter served three terms in the Virginia House of Delegates.

“We are heartbroken. This is an incredible loss of a remarkable man,” said Farrell’s brother-in-law, Richard Cullen, the former state attorney general and former McGuireWoods chairman, in a statement released Friday.

In early 2020, amid community opposition, Richmond City Council defeated the $1.5 billion Navy Hill downtown redevelopment plan Farrell had spearheaded in an attempt to replace the aging Richmond Coliseum.

Among his many civic positions, Farrell chaired the Edison Electric Institute and the Virginia Business Council and was a past member of the board of trustees for both the Virginia Museum of Fine Arts and the Colonial Williamsburg Foundation.

“I know I speak for my fellow members of the Virginia Business Council when I express my deep sadness over the passing of Tom Farrell,” said current Virginia Business Council Chairman William Fralin in a statement. “Tom’s contributions to the energy industry, the commonwealth and the many causes he supported are unparalleled and generations to come will benefit from the legacy he leaves behind. We have lost one of Virginia’s most impactful and compassionate leaders. Without a doubt, Tom will be sorely missed. Our thoughts and prayers go out to his family and those who knew and loved him.”

“Over his years as [Dominion] chairman, Tom shaped the board in his image – strong and able, with a keen eye on ethical behavior, diversity and inclusion, public and community service and innovation,” Robert H. Spilman, lead director of Dominion’s board, added in a statement. “The commonwealth of Virginia has lost a kind soul who was abundantly generous to nonprofits supporting the arts and culture, education and critical community needs.”

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Tom Farrell retiring from Dominion Energy

After 14 years leading Richmond-based Dominion Energy Inc., Thomas F. Farrell II is retiring as the utility’s executive chairman, effective April 1, according to Securities and Exchange Commission filings submitted by the Fortune 500 company last week. Farrell is also stepping down from the company’s board of directors; he will remain on for two months as a special adviser to Dominion President and CEO Robert Blue, who also takes over as board chairman April 1.

“Tom has been an extraordinary leader and mentor to all of us at Dominion Energy, running the company with a nimble, steady hand,” Blue said in a communication to Dominion employees. “We have all benefited, and will continue to do so, from his vision and commitment to improve the communities we serve and build the most sustainable energy company in America.”

Farrell could not be reached for comment for this story.

His retirement comes on the heels of a March 23 announcement that Farrell was also stepping down from Henrico County-based Altria Group Inc.’s board of directors, which Farrell has chaired since April 2020. Farrell’s retirements from Dominion and Altria were both filed with the SEC on the same day. He had previously transitioned from Dominion’s president and CEO to executive chair in October 2020, leading to Blue’s ascension as Dominion’s top leader.

One of the state’s most powerful leaders, Farrell also chairs the state GO Virginia board, which allocates funding for economic development projects across Virginia. He has served on the boards of visitors for Virginia Commonwealth University and the University of Virginia, for which he also served as rector. He holds a bachelor’s degree in economics and a law degree from the University of Virginia.

A former Army brat, he wrote, funded and produced the 2014 film, “Field of Lost Shoes,” which focused on the 250 teen cadets from Virginia Military Institute who fought for the Confederates during the Battle of New Market in 1864.

Dominion’s annual revenue for 2020 was $14.17 billion. Under Farrell’s leadership, Dominion tripled its philanthropic giving and came close to doubling its earnings per share.

Farrell joined Dominion in 1995 as its general counsel, having previously represented the company as part of a team of attorneys at McGuireWoods. He became its president and CEO in 2006. He was elected chairman of its board in 2007.

In recent years, Farrell has led the utility towards more sustainable sources of energy, including expansions into solar and offshore wind.

Last summer, Dominion canceled its long-delayed $8 billion Atlantic Coast Pipeline and sold its gas transmission and storage business to Berkshire Hathaway Inc. for almost $10 billion, with Farrell saying that Dominion would be narrowing its focus on its utilities business. As part of a state initiative to shift to carbon-free energy production by 2050, Dominion last year completed the pilot phase of its proposed $7.8 billion, 2,640-megawatt wind farm 27 miles off the coast of Virginia Beach. Scheduled for completion in 2026, it is planned to be the nation’s largest offshore wind farm, with at least 180 giant wind turbines.

Farrell has also been a prime player in state and local politics. He served on Gov. Bob McDonnell’s five-person transition committee and also led the Virginia Governor’s Commission on Higher Education Reform. Farrell’s son Peter served three terms in the Virginia House of Delegates. And Farrell’s brother-in-law is former state Attorney General Richard Cullen, former chairman of McGuireWoods.

In early 2020, amid community opposition, Richmond City Council defeated the $1.5 billion Navy Hill downtown redevelopment plan Farrell had spearheaded in an attempt to replace the aging Richmond Coliseum.

Among his many civic positions, Farrell is a past chairman of the Edison Electric Institute and is a past member of the board of trustees for both the Virginia Museum of Fine Arts and the Colonial Williamsburg Foundation.

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Loudoun announces major mixed-use development along Silver Line

Loudoun Economic Development unveiled plans Wednesday for Rivana at Innovation Station, a 4.4 million-square-foot mixed-use development adjacent to Metro’s Silver Line extension on a site Loudoun once proposed for Amazon.com Inc.’s HQ2 East Coast headquarters.

Rivana is the first phase of Innovation Station, a 103-acre development to be built on the border of Fairfax and Loudoun counties and connected to the planned Innovation Center Metro station, expected to open later this summer in Herndon on the Silver Line. Rivana include more than 1,950 apartments, 1.8 million square feet of office space, a 265-room hotel and an 11-acre park. It may also include a performing arts venue, according to a co-developer’s website. The property is bounded by Route 28, the Dulles Toll Road and Innovation Avenue.

Loudoun County first began planning the Innovation Station development in 2017 as part of an unsuccessful joint pitch with Fairfax County to land Amazon HQ2, which is now under construction in Arlington County.

The Innovation Station project is being developed by Novais Partners, a Loudoun-based joint venture co-owned by four real estate development and investment firms, mostly from Texas: Chicago-based Origami Capital Partners, Austin, Texas-based Timberline Real Estate Partners, Dallas-based Open Realty Advisors, and Dallas-based Rebees. Novais is partnering with Houston-based real estate company The Hanover Co. to develop Rivana.

“Unlike other developments on the East Coast, the vision for Rivana at Innovation Station is more than square feet and total units; it’s a chance to deliver a more humanized environment that reflects who Loudoun is now and where we are going,” Loudoun Economic Development Executive Director Buddy Rizer said in a statement. “Innovation Station will position Loudoun as an attractive option for major corporate users looking for high-quality office space in a post-COVID environment. Highly walkable, adjacent to Metro and just one stop from Washington-Dulles International Airport, Rivana sets a new bar for mixed-use developments and creates a whole new level of what is #LoudounPossible.”

Groundbreaking is expected to take place in early 2022, with the first phase of 250,000 square feet of office space expected to open in 2024. According to Loudoun officials, the entire Innovation Station project could eventually hold 9 million square feet of development.

“Loudoun County’s vision in the 2019 Comprehensive Plan was to create walkable, urban environments around the upcoming Metro stations, and this project brings that vision to life. Innovation Station will allow generations of Loudoun County businesses, residents, students, and visitors to take advantage of world-class environments in which to live, work, learn, and play,” said Board of Supervisors Chair at Large Phyllis J. Randall. “The Novais plan for Rivana checks all the boxes for a world-class development that will create value and opportunity for everyone in our community for decades to come.”

 

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Volkswagen Group of America pulls ‘shocking’ April Fools’ prank

Calling it a “public declaration” of its priority on electric vehicles, Herndon-based Volkswagen Group of America Inc. unveiled a new company name, Voltswagen of America, accompanied by new branding, in a news release Tuesday. There was just one problem — the U.S. sales arm of the German automaker confirmed to news outlets Tuesday evening that it had just been engaging in a shocking early April Fools’ gag to generate free publicity for its new electric SUV.

“The renaming was designed to be an announcement in the spirit of April Fools’ Day, highlighting the launch of the all-electric ID.4 SUV,” company spokesman Mike Tolbert said in a statement.

In the fake release put out earlier on Tuesday, Volkswagen Group of America had said that its increased focus on electric cars was driving the change. The company wants to “build [electric vehicles] for the millions, not just millionaires,” President and CEO Scott Keogh said in the announcement.

Some advertising influencers and journalists were immediately skeptical, pointing to another a fake name change announcement made to gather free publicity: IHOP, the International House of Pancakes, falsely claimed in 2018 that it was changing its name to IHOB in order to promote its burger menu.

However, media outlets including The Associated Press, The Washington Post and CNBC had reported the name change as fact, with some of the outlets saying that company officials had told them the name change was legitimate. The false news also raised Volkswagen’s stock prices for a few hours.

“The Associated Press was repeatedly assured by Volkswagen that its U.S. subsidiary planned a name change, and reported that information, which we now know to be false,” AP spokeswoman Lauren Easton said, speaking to the AP for an article about the hoax. “We have corrected our story and published a new one based on the company’s admission. This and any deliberate release of false information hurts accurate journalism and the public good.”

Volkswagen Group of America said its first long-range electric SUV, the ID.4, was arriving in dealerships this month. It also noted that it was the first major automaker to support the goals of the Paris Climate agreement, and had set a goal of net-carbon neutrality by 2050. Volkswagen plans to launch more than 70 electric models across its brands by 2029, according to the announcement.

Founded in 1955, the company has made Fairfax County its North American headquarters for more than 10 years. In October 2020, the company signed a 20-year lease agreement for 196,000 square feet in a building under construction at Reston Town Center.

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Blacksburg Partnership president retiring

After 19 years as the founding leader of the Blacksburg Partnership, Diane Akers announced Friday that she will retire on June 30 from her position as president of the private economic development group.

Akers was hired as the Blacksburg Partnership’s founding director in 2002, helping launch the organization that was established as a partnership between the town of Blacksburg, Virginia Tech and the local business community. During her tenure, the partnership expanded from 22 membership organizations to more than 70.

“The past 18 years serving as president of the Blacksburg Partnership have been the most rewarding of my 30-plus year career,” Akers said. “I am so proud of all we have accomplished as an organization and all that we have done together to further the economy and quality of life in Blacksburg and the region.”

Before leading the Blacksburg Partnership, Akers ran a Roanoke-based consulting firm, ComBiz Solutions. She also worked as the economic development director, acting assistant city manager and budget administrator for Roanoke city government.

In a statement, Blacksburg Town Manager Marc Verniel said, “Since becoming the first staff member back in 2002, Diane has led the Blacksburg Partnership from a fledgling organization into the mature economic development partnership it is today. Diane has left a solid foundation for the Partnership’s continued positive contributions to Blacksburg and the New River Valley.”

“As a lead advocate for the interests of Town of Blacksburg, the business community, and Virginia Tech, Diane has been especially adept at recognizing where those interests align, and helping us move forward on that common ground,” said Dwayne Pinkney, senior vice president and chief business officer at Virginia Tech. “The partnership and her leadership have made our quality of life in this area more vibrant and our economic resilience stronger. We owe a debt of gratitude to Diane and the Blacksburg Partnership.”

The partnership is seeking a successor for Akers.

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WSJ reports Axios is eyeing merger with the Athletic

Arlington-based digital news company Axios Media Inc. is in discussions to merge with San Francisco-based sports media firm the Athletic, according to The Wall Street Journal, with the two companies potentially going public through a merger with a blank check company.

According to the article, negotiations are in early stages after the Athletic’s chief executive, Alex Mather, proposed the merger to Axios CEO Jim VandeHei last week. Options on the table include the two companies merging and going public through a special purpose acquisition company, or SPAC, the Journal reports. The two media outlets would continue operating independently under a combined corporate leadership, though it’s unclear which executive would take the lead role, according to the report.

Axios was co-founded in 2016 by VandeHei, a former Wall Street Journal and Washington Post journalist who also co-founded Politico. Axios earned more than $60 million in revenue during 2020. The company operates a daily news website and sends its content to more than 1.4 million subscribers via an array of specialized email newsletters. Axios also produces an HBO cable television news series as well as podcasts.

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Data center air systems manufacturer announces $36M plant in Botetourt

Munters Group AB, a Sweden-based manufacturer of air treatment and cooling systems for data centers and other industrial applications, will invest $36 million to relocate its Buena Vista operations to Botetourt County, company and county officials announced Thursday.

Munters will begin construction in April on a 365,000-square-foot manufacturing facility expected to open in summer 2022 in the county’s Botetourt Center at Greenfield business park in Daleville. The new facility will house manufacturing, research and development, and sales of data center cooling systems and high temperature industrial process systems.

The company’s 200 employees from Buena Vista, where Munters has operated a plant for 23 years, are expected to transfer to the new location, which is about a 45-minute drive south and a few miles off Interstate 81.

“A move to the Roanoke region will allow for the expansion that is needed for the data centers business in the U.S. It also generates an opportunity for our employees to move into a new, upgraded facility suited to our specific needs,” said Michael Gantert, Munters’ president for data centers, in a statement. “Remaining in Virginia allows us to continue caring for our workers while opening doors for new team members to join the Munters family.”

Botetourt County and the Roanoke Regional Partnership worked with Munters to secure the relocation.

Munters Group AB produces air treatment and climate solutions for commercial and industrial applications. It employs 3,500 workers across 17 worldwide manufacturing centers, five of which are located in the United States. The company’s U.S. headquarters is located in Amesbury, Massachusetts.

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SpaceLink establishes HQ in Tysons

Satellite telecommunications company SpaceLink, a subsidiary of Australian aerospace and defense contractor Electro Optic Systems, has established its headquarters in Tysons.

SpaceLink is building a space relay network of satellites in medium Earth orbit that will provide secure, continuous, high-bandwidth communications between its clients’ low Earth orbit spacecraft and the ground. Clients could include commercial space stations and satellite servicers. The company also has operations in Silicon Valley and Huntsville, Alabama.

“The new headquarters office is another indicator of how our business strategy is gaining momentum,” SpaceLink CEO David Bettinger said in a statement. “The Northern Virginia location provides a hub for activities that serve a broad range of spacecraft operators who need continuous connectivity in near Earth orbit.”

 

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Liberty University hires Alaska GOP chair

Liberty University has hired the Alaska Republican Party’s chairman, the Rev. Glenn Clary, for the newly created position of vice president of strategic partnerships and alliances, the Lynchburg-based Christian university announced Tuesday.

Clary became chairman of Alaska’s state GOP in 2018. He also has worked as a pastor at Anchorage Baptist Temple. Alaska’s most influential Baptist church, Anchorage Baptist Temple was founded by acting Liberty President Jerry Prevo, who retired last year as its senior pastor after 47 years.

“I’ve known Glenn for over 40 years, and he is a man of integrity, energy and commitment to Christ,” Prevo said in a statement. “He assisted me for many years at Anchorage Baptist Temple, providing invaluable counsel and skill in the leadership of the church, helping us to grow into one of the largest churches in the state of Alaska. Glenn will bring that same drive and commitment to the task of fulfilling our mission here at Liberty — to train champions for Christ.”

Prevo was chairman of Liberty’s board of trustees when he was appointed acting president of the university in August 2020, following the highly publicized resignation of Jerry Falwell Jr., the school’s controversial previous president and chancellor.

Liberty announced Wednesday that it planned to return to normal campus operations in the fall. “With national and state data showing suppression of the spread of the virus, we are encouraged, foremost, that our prayers are being answered,” Prevo said. “If the data continues on this positive trajectory, and as local and state guidelines continue to be lifted, our campus will welcome students back in the fall — and we will do so without restrictions.”

With more than 127,000 students enrolled, most of them online, Liberty is Virginia’s largest school by enrollment and is the nation’s second-largest online university, behind the University of Phoenix.

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Omnispace, Lockheed Martin join forces for space-based 5G network

Tysons-based satellite telecommunications company Omnispace LLC has entered into a strategic alliance with Lockheed Martin Corp. to explore jointly developing a space-based 5G global network.

“Omnispace is fully committed to the vision of creating a new global communications platform that powers 5G connectivity directly to mobile devices from space,” Omnispace President and CEO Ram Viswanathan said in a statement. “We welcome Lockheed Martin’s holistic approach to complex systems and deep expertise in satellite technology and government markets, along with their commitment to creating innovative communication solutions.”

In a release issued Tuesday, the companies said that the proposed non-geostationary orbit satellite constellation’s 5G network would have the same capacity as leading mobile wireless phone carriers. It would offer worldwide connectivity to commercial and government customers, with “a wide range of civil and commercial applications,” including supporting defense communications.

Rick Ambrose, executive vice president of Lockheed Martin Space, said, “We share a common vision with Omnispace of a space-based 5G global network that would enable users to seamlessly transition between satellite and terrestrial networks — eliminating the need for multiple devices on multiple networks. Ultimately, it’s about empowering end users with low latency connections that work anywhere. This step forward has the potential to upend space-based mobility.”

Based in Bethesda, Maryland, Lockheed Martin is a Fortune 500 global aerospace and defense contractor with 114,000 employees worldwide.

Founded in 2012, Omnispace is focused on developing a global 5G telecommunications network via a constellation of satellites. Company founder Viswanathan is the former CEO of Devas Multimedia, a pioneering satellite-terrestrial broadband internet provider for India.

 

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