James D. Campbell plans to retire at the end of June after more than 25 years as executive director of the Virginia Association of Counties.
Campbell, the longest serving executive director in the association’s 81-year history, is credited with raising the organization’s visibility and unifying the commonwealth’s counties to achieve legislative goals.
“It has been an honor to serve the 95 counties of Virginia over the past 25 years,” Campbell said in a statement. “I’ve made many friends along the way and will cherish each friendship. I am proud of what we’ve accomplished during my tenure and believe the association is primed to launch to greater heights in the coming years.”
Campbell oversaw the purchase, renovation and maintenance of VACo’s headquarters, a downtown Richmond building constructed in 1866 that is on the National Register of Historic Places. The renovation preserved the sturcture’s historical significance while achieving gold LEED certification, a widely accepted standard for “green” buildings.
Norfolk Southern Corp. said that its board of directors would review an unsolicited $28.4 billion acquisition offer from Canadian Pacific Railway Ltd., Canada’s second-largest railroad.
The Norfolk-based company’s initial reaction to the offer, however, showed little enthusiasm for a deal.
Norfolk Southern described the offer as a “low-premium, non-binding and highly conditional indication of interest,” in which Canadian Pacific would acquire the company for $46.72 in cash and 0.348 Canadian Pacific (CP) shares for each Norfolk Southern share.
The offer represents “a premium of less than 10 percent based on closing prices” on Nov. 16, Norfolk Southern said. Its stock price was $88.30 that day.
The company also raised questions about potential regulatory hurdles. The deal would have to pass muster with the U.S. Surface Transportation Board and Canadian regulators.
While the offer was disclosed on Nov. 17, it was initially made in a letter to Norfolk Southern CEO James Squires on Nov. 9. “Mr. Squires asked CP CEO Hunter Harrison to hold off on sending this letter until such time as the two CEOs could meet face to face, which occurred last Friday November 13, 2015,” Canadian Pacific said in releasing the letter.
The letter said its acquisition proposal represented a 23 percent premium at that time over Norfolk Southern’s 45-day volume-weighted average of $79.14.
The disclosure of the offer capped weeks of rumors that the two companies had entered preliminary talks.
“We believe that combining our two great organizations will allow us to form an integrated transcontinental railroad with the scale and reach to deliver unsurpassed levels of safety and service to our customers and communities while also increasing competition and creating significant shareholder value,” says the letter, which was signed by Harrison and Andrew F. Reardon, Canadian Pacific’s chairman of the board.
Norfolk Southern shareholders would own 41 percent of the share’s in the combined company, according to the proposal.
The letter says a deal would create a “transcontinental rail network connecting the major industrial production and population centers across North America,” reaching major ports located on the Gulf of Mexico, the Atlantic and the Pacific.
Canadian Pacific said the deal would create $1.8 billion in annual operating savings during the next several years plus substantial tax savings.
Canadian Pacific also said it had a financing commitment of $14.2 billion from J.P. Morgan Securities LLC.
Richmond is filled with monuments, and sometimes they make news.
When cycling’s world championships were held in the city during September, a group protested a race route circling the statues of Jefferson Davis, Jeb Stuart and Robert E. Lee on Monument Avenue.
The protest echoed a national outcry against the display of Confederate symbols after the massacre of nine people in June at an African-American church in Charleston, S.C. Some critics urged Richmond to remove Confederate statues from Monument Avenue, putting them in museums instead.
Richmond Mayor Dwight Jones offered a different solution. “Rather than tearing down, we should be building up in ways that establish a proper sense of balance and fairness by recognizing heroes from all eras to tell a richer and more accurate story of Virginia’s history,” he said in a statement to the Richmond Times-Dispatch.
In October, the city revealed plans for a statue dedicated not to a politician or a general but a Richmond business leader who used private enterprise to improve people’s lives.
That business leader was Maggie L. Walker (1864-1934), the first African-American woman to found a bank in the U.S. She also was a national leader in groups fighting segregation and promoting the empowerment of women.
The site picked for the statue is a triangle-shaped plaza off West Broad Street not far from where Walker’s bank operated in Richmond’s Jackson Ward. That choice raised some eyebrows, because the mayor had mentioned a Walker statue as a possible way to increase diversity on Monument Avenue.
If the Walker statue were placed on Monument Avenue, it would be the second commemorating an African-American and the first honoring a woman.
A statue of African-American tennis champion Arthur Ashe, a Richmond native, was erected in 1996 amid a storm of controversy. While the Richmond City Council and the Ashe family supported placing the statue on Monument Avenue, multiple factions were opposed, with some advocating alternative sites as more appropriate and others calling for a different statue design.
Unlike Ashe, Walker had a personal connection to the Civil War. She was born during the war to a former slave who was assistant cook in the Richmond mansion of Elizabeth Van Lew, a Union spy. (An unforgiving city government tore down Van Lew’s home after her death in 1900.)
The young Maggie Mitchell was a teacher for three years before marrying brick contractor Armstead Walker Jr. After her marriage, she increased her involvement in the Independent Order of St. Luke, a fraternal society she had joined as a teenager. In 1899, she was named to the organization’s top position, executive secretary, and held the post for the rest of her life.
Under Walker’s leadership, St. Luke flourished and branched out into businesses that could aid its members. She established a newspaper to advertise black businesses and started a large department store to sell inexpensive goods and provide employment for women.
In 1903, she founded the St. Luke Penny Savings Bank with the goal of pooling members’ money to provide them with loans. The bank later became Consolidated Bank & Trust, the oldest continually operated African-American bank in the country until its sale in 2009.
Walker began these ventures at a time when no women were allowed to vote and Jim Crow laws were tightening their grip on African-Americans across the South.
Walker wasn’t a passive observer of these conditions. She served on the boards of the National Association of Colored Women, the National Association for the Advancement of Colored People (NAACP) and the Virginia Interracial Commission. Late in life, she became a role model for the disabled, continuing to travel and give speeches despite having to use a wheelchair.
Walker’s two-story Victorian house in Jackson Ward is preserved as she left it as a National Historical Site by the National Park Service. Nonetheless, she likely is best known in her hometown as the namesake of a school.
In 1937, three years after her death, Maggie Walker High School was founded as one of Richmond’s two black high schools. It produced a long list of notable alumni, including Ashe, pro football Hall-of-Famer Willie Lanier and NBA star Bob Dandridge before it closed in the 1990s.
In 2001, the building was brought back to life as the renovated home for a regional governor’s school. Today, the Maggie L. Walker School for Government and International Studies often is ranked among best high schools in the nation. (In the interest of full disclosure, both of my daughters are graduates of the school, and I have contributed to its foundation.)
In announcing plans for her statue, Jones described Walker as “a revolutionary leader in business, a champion for breaking down barriers between communities and showed incredible strength as a person that came out of extraordinarily challenging circumstances to create great things.”
A statue honoring that kind of courage and initiative is good news for a city of monuments.
Falls Church-based CSC confirmed on Monday that it has entered into an agreement to acquire Australian IT services company UXC Ltd. for $307.9 million.
The announcement follows a period of due diligence that began in early October.
News of the acquisition came on the same day that spinoff company CSRA Inc. completed its separation from CSC and acquired SRA International.
UXC is Australia’s largest independent and publicly owned IT services company, with reported fiscal 2015 annual revenues of $493.9 million and nearly 3,000 employees.
“The addition of UXC would continue the process of rebalancing our offering portfolio and strengthening our global commercial business,” Mike Lawrie, CSC’s president and CEO, said in a statement. “UXC’s application platform capabilities – combined with CSC’s existing strengths in cloud, cyber, and big data – would enhance what the two companies already deliver to clients in the region.”
A combined CSC-UXC would be among the region’s largest IT service companies, based on revenues. The combination would offer an expanded client base and deeper industry expertise for both firms.
The Virginia Legal Elite is growing. The annual list of top lawyers as selected by their peers now includes 18 legal categories with the addition of Environmental Law and Corporate Counsel this year.
The Legal Elite had only 10 business-related categories in 2000 when Virginia Business launched it in collaboration with the Virginia Bar Association. The number of specialties on the list gradually increased over the years.
The additional categories contributed to a higher number of nominees this year, nearly 3,800, an increase of more than 9 percent from 2014. Roughly a quarter of the nominees, 992, made the final list.
Voting for the Legal Elite is open to any licensed Virginia lawyer. Electronic ballots are emailed each June to nearly 14,000 lawyers throughout the commonwealth. An online ballot also was available on the magazine’s website during the six-week voting period.
Lawyers are allowed to vote for members of their own firms, but they also must vote for an equal number of attorneys in other firms for their ballots to be counted. “Outside” votes are given a higher value in arriving at each nominee’s total score.
To gain an insight into the lives and careers of Legal Elite lawyers, the magazine profiles a representative from each of the 18 categories. The profile subjects are selected from the top 10 vote getters in each group, but scores are not the sole criteria. Lawyers who have been profiled before — a group which now numbers nearly 200 — are not chosen.
The profile subjects are a diverse group geographically, with six each from Central Virginia and Northern Virginia, four from Hampton Roads and one each from Southwest Virginia and the Shenandoah Valley.
Nonetheless, the lawyers have some common ties. Ten are Virginia natives, with four from the Richmond area. Many of the other eight lawyers are from neighboring states, but two come from as far away as California and Canada.
Four received their law degrees from the University of Virginia, while three attended law school at William & Mary, and two each went to the University of Richmond and Regent University.
Five of the profile subjects earned bachelor’s degrees from U.Va., and two went to VMI.
Five of the lawyers began their careers as law clerks with state or federal judges. Two, Michael Harman and David Dallas, had their first jobs with the same Richmond firm, Browder, Russell, Morris & Butcher. Likewise, Stephen Noona and Jamie Shoemaker both started with Kaufman & Canoles in Hampton Roads where Noona, now an equity partner, has worked for more than 30 years.
Another profiled lawyer who has spent his entire career with one firm is Pete Johnson of Hunton & Williams in Richmond, who is the current president of the Virginia Bar Association. “The goals for my presidency are a function of what the VBA has meant to me, my family, and my career,” he says. “We have focused on two priorities: promoting leadership for young lawyers and pro-bono service.”
Alternative Dispute Resolution Michael E. Harman, Harman, Claytor, Corrigan and Wellman, Richmond LIST
Saladworks, a Pennsylvania chain of salad restaurants, plans to expand in Northern Virginia.
The company says that it expects to open 15 to 20 locations in the region, a move that it says will create 400 jobs.
Saladworks, based in Conshohocken, Pa., has more than 100 locations. In Virginia, it recently opened restaurants in the Richmond area and Virginia Beach.
The fast-casual restaurant chain is based on the idea of providing fresh, made-to-order, entrée-sized salads for consumers on the go.
The first restaurant opened in 1986 in Cherry Hill Mall in Cherry Hill, N.J.
In 2013, the company began opening restaurants in foreign countries. It now has locations in Singapore, Canada, the United Arab Emirates and Qatar.
Last year, the company was bought by Centre Lane Partners, a New York-based private equity firm.
Danville-based American National Bankshares Inc. has increased its quarterly dividend and authorized a share repurchase program.
The parent company of American National Bank and Trust Co. will pay a quarterly cash dividend of 24 cents per common share on Dec. 18 to shareholders of record as of Dec. 4.
The payment presents a 1 cent, 4.3 percent, increase, over the previous quarterly rate and the first change in the dividend since 2007.
Under the share repurchase program, the company will buy up to 300,000 shares of its outstanding common stock, par value $1 a share, on the open market or in privately negotiated transactions. The program is authorized to continue through Dec. 31, 2017.
The new authorization is in addition to an existing repurchase program approved by the board of directors in April 2014.
That program has approximately 43,000 shares remaining for repurchase. It will continue until the authorization is completed or expires at the end of 2017.
American National Bank is a community bank serving Southern and Central Virginia and North Central North Carolina with 25 banking offices and two loan production offices.
Virginia’s seasonally adjusted unemployment rate dipped one-tenth of a percentage point in October to 4.2 percent, the commonwealth’s fourth-consecutive monthly decline.
October’s jobless rate is the lowest in Virginia since August 2008 when it also was 4.2 percent.
In October 2014, the rate was 4.9 percent. The national unemployment rate for October 2015 was 5 percent.
All of the figures are seasonally adjusted, meaning they take into account seasonal fluctuations in the labor force.
Virginia’s October rate was the lowest among the Southeast states and the third-lowest among the states east of the Mississippi.
The commonwealth’s total nonfarm employment rose by 11,900 jobs in October to 3,827,400.
The October job gain was the second-consecutive monthly job gain. A previously reported loss of 200 jobs in September was revised to a gain of 1,100 jobs.
Private sector employment grew by 12,600 jobs, while the public sector fell by 700 jobs.
Employment rose in three industry sectors in October, declined in seven and remained unchanged in one — mining, at 8,800 jobs.
The biggest increase was seen in professional and business services, up 8,800 to 690,900 jobs. The biggest loss occurred in private education and health services, down 1,400 jobs to 505,300.
INIT Innovations in Transportation Inc., a provider of intelligent systems for public transit, plans to move and expand its North American headquarters in Chesapeake.
The company will consolidate its administrative offices, two manufacturing firms and warehouse operations in a new 70,000-square-foot facility in the Oakbrooke Business and Technology Center.
GO-1 LLC., an affiliate of INIT, has signed a contract with the Chesapeake Economic Development Authority for eight acres of land to develop the facility.
Groundbreaking on the site is scheduled for April. The building is targeted for completion in March 2017.
INIT’s existing North American operations are located in Chesapeake’s Greenbrier Business District. It includes the company’s two manufacturing firms, Superior Quality Manufacturing LLC (SQM) and Total Quality Assembly LLC (TQA), and warehouses.
The new offices will house INIT’s staff, including its engineering, development, sales, customer support, information technology, project management and administrative departments. INIT, TQA and SQM currently employ approximately 70 people.
The company’s North American headquarters has been in Chesapeake since 1999. It has moved four times to larger spaces during the past 16 years.
INIT’s parent company, INIT Group, is based in Karlsruhe, Germany.
McLean-based Celerity, a business acceleration consultancy, has agreed to be acquired by AUSY North America.
Financial details of the deal were not disclosed.
AUSY North America, is a subsidiary of AUSY SA. The France-based parent company specializes in IT consulting and engineering.
Celerity had $84 million in revenue in 2014. It has more than 500 employees in nine regional offices.
The company will remain operationally autonomous after being acquired. It is expected to serve as a platform for future North American growth.
Celerity said the deal will enable it to expand service offerings in several key areas, such as offshore development and Open Source expertise.
The Virginia company is AUSY’s first U.S.-based purchase as it builds a footprint in North America.
AUSY has annual revenue of more than $340.9 million. It employs more than 4,000 workers at more than 35 locations in 10 countries.
Celerity’s leadership team will remain in place, and there will be no changes in its personnel as a result of the change in ownership.
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