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byline: Robyn Sidersky

Report: Capital One cuts 1,100 jobs

According to a report Friday in Bloomberg, McLean-based Capital One Financial Corp. eliminated more than 1,100 technology positions this week. The McLean-based Fortune 500 banking company confirmed in a statement that it has cut jobs but declined to disclose how many and where.

“These associates are located throughout our footprint,” a spokesperson said by email Friday. The credit card giant’s headquarters is in McLean, but it also has a significant presence in the Richmond area, including at its campus in Goochland County.

On Wednesday, Capital One eliminated so-called “agile” jobs and integrated the responsibilities into existing engineering and product manager roles, the company said in a statement.

“The agile role in our tech organization was critical to our earlier transformation phases, but as our organization matured, the natural next step is to integrate agile delivery processes directly into our core engineering practices,” the statement said. “Instead of having distinct roles focused on agile delivery, engineering teams and product managers will share accountability for agile ceremonies, routines, and practices. By shifting oversight of execution and risk management to the teams already building and delivering software solutions, we further increase team collaboration and delivery speed.”

Capital One says it is offering “extensive career transition support,” and affected employees have been given at least 60 days notice and are able to apply for other jobs within the company. Associates not hired in other roles will be eligible for a severance package including at least 16 weeks of pay, retraining assistance and outplacement services, according to Capital One.

Capital One, which ranked 108 on the Fortune 500 in 2022,  reported $317.2 billion in deposits and $444.2 billion in total assets as of Sept. 30, 2022, in its third-quarter earnings report. Its total revenue for 2021 was $30.4 billion, and the company had about 55,000 employees in September 2022.
In September 2021, Capital One laid off 147 remote Virginia workers working for a department based in Goochland County that was shut down.

Deputy editor Kate Andrews contributed to this story.

Amazon Web Services to invest $35B in Va. data center campuses

Amazon Web Services plans to invest $35 billion by 2040 to establish multiple data center campuses across Virginia, creating 1,000 jobs, Gov. Glenn Youngkin announced Friday.

Youngkin’s office said in a news release that “numerous localities in the commonwealth are under consideration” for the campuses, and specific sites “will be decided at a later date.”

AWS established its first data centers and operations facilities in Virginia in 2006. AWS has invested $35 billion in Virginia between 2011 and 2020, according to an economic impact study released by the company. It has 8,800 full-time AWS employees, as of Sept. 2021, the study says, but in total supported 13,500 jobs through data center construction and operation. It built a new corporate office in Fairfax County in 2017 and opened the first office in Amazon.com Inc’s new HQ2 East Coast headquarters, in Arlington, in 2019, according to the study.

AWS added 1,400 new full-time positions in 2021 and more than 1,000 contract-based data center roles in areas including security, facility maintenance, electrical and mechanical contracting, according to the study.

“AWS has a significant presence in Virginia, and we are excited that AWS has chosen to continue their growth and expand their footprint across the commonwealth,” Youngkin said in a statement. “Virginia will continue to encourage the development of this new generation of data center campuses across multiple regions of the commonwealth. These areas offer robust utility infrastructure, lower costs, great livability, and highly educated workforces and will benefit from the associated economic development and increased tax base, assisting the schools and providing services to the community.”

The Virginia Economic Development Partnership worked with the General Assembly’s Major Employment and Investment (MEI) Project Approval Commission to secure the AWS expansion for Virginia.

Pending General Assembly approval, the commonwealth is developing a new state Mega Data Center Incentive Program, which AWS would be eligible for. The program would include an up to 15-year extension of data center sales and use tax exemptions on qualifying equipment and enabling software. Also subject to General Assembly approval, AWS would be eligible to receive an MEI custom performance grant of up to $140 million, including site and infrastructure improvements, workforce development and other project-related costs.

The issue of data centers and their locations have become a controversial topic in recent years. Legislation proposed by Del. Danica Roem, D-Manassas, seeks to slow or stop the proposed Digital Gateway in Prince William County, while a joint resolution filed by state Sen. Chap Petersen, D-Fairfax, asks the state’s Department of Energy to study the impacts of data centers on the commonwealth, including how they affect the economy, energy and climate change, WTOP reported. In Fauquier County, residents have fought a proposed 220,000-square-foot AWS data center, citing noise concerns. A public hearing and a vote on the matter is set for Feb. 14, according to the Fauquier Times.

In Loudoun County alone, AWS has 65 data centers in operation or in development.

“It’s always great news to see the commonwealth invest in great businesses and in our most important industries. Amazon Web Services has been actively investing in Loudoun for more than a decade and is one of our largest taxpayers,” Buddy Rizer, executive director for Loudoun County’s economic development department, said in a statement. “Importantly, they are also one of our most active corporate citizens, making major investments in our school system, Northern Virginia Community College and in other important social initiatives in the county. We’re proud to say that Northern Virginia is home to more AWS facilities than anywhere in the world, with more than 65 data centers in operation or in development in Loudoun alone. To see their continued growth in our county and throughout Virginia is great for everyone involved.”

United Way of SWVA appoints development/outreach VP

The United Way of Southwest Virginia has named Beth McConkey as its new vice president of development and outreach, the organization announced Thursday.

McConkey oversees the marketing and communications and development teams. She started her role in mid-December.

She brings 16 years of marketing experience to the organization and has held leadership positions at multiple organizations. Most recently, she was vice president of marketing and communication for Community First Foundation and before that served as assistant director of marketing and communications at Regis University in Colorado, according to her LinkedIn profile.

“We are so excited to have Beth be a part of our team,” UWSWVA President and CEO Travis Staton said in a statement. “As our organization continues its growth, Beth’s vast experience and expertise position us for continued success in the present and future.”

 

Virginia Chamber appoints Transurban exec as board chair

The Virginia Chamber of Commerce has elected Lakshmi Williams, North American general counsel for Transurban, to serve as the 2023 chair of the chamber’s board of directors. Her term will last one year.

Based at Transurban’s U.S. headquarters in Tysons, Williams joined the Virginia Chamber’s board in 2018 and has served on the executive board since 2019. She has also served in leadership roles, such as at-large officer on the executive committee and first vice chair. An Australian company, Transurban is one of the world’s largest operators and developers of toll roads, with operations in Australia, Canada and the United States.

“Lakshmi has been a vital member of the chamber’s board of directors and executive committee for several years and is a valued leader in the business community and the Northern Virginia region,” Barry DuVal, president and CEO of the Virginia Chamber, said in a statement. “I look forward to having Lakshmi serve in this leadership role and am grateful for her strong commitment to implementing Blueprint Virginia 2030 and ensuring Virginia continues to lead as the best state for business, talent and education.”

Williams earned her law degree from the University of Chicago Law School and holds a bachelor’s degree from Rice University. She also earned a certificate in executive management and leadership from the Massachusetts Institute of Technology Sloan School of Management.

“I am thankful for the opportunity to serve and am eager to get to work on behalf of the more than 29,000 members of the Virginia Chamber alongside Barry, the chamber team and fellow board members,” Williams said in a statement. “Together we will work to promote Virginia as a top state to do business.”

The Virginia Chamber elected 14 new members at its annual meeting in Richmond. Virginia Natural Gas President Robert Duvall will serve as first vice chair. Fred Thompson Jr., chief administrative officer for Thompson Hospitality, is the chamber’s immediate past chair. Linda Stanley, senior vice president of corporate banking for First Citizens Bank, is treasurer.

At-large officers include:

  • Gilbert Bland, CEO, The GilJoy Group
  • Janice Crawford, director, safety, security and loss prevention, Framatome Inc.
  • Ben Davenport, chairman, First Piedmont Corp.
  • Tammy Finley, executive vice president, general counsel & corporate secretary, Advance Auto Parts Inc.
  • Mark Hourigan, CEO, Hourigan
  • Chris Kyle, vice president, Shenandoah Telecommunications
  • Stewart Leeth, chief sustainability officer, Smithfield Foods Inc.
  • Mike Melo, CEO, ITA International LLC
  • Jennifer Siciliano, chief external affairs officer, UVA Health
  • Eric Sisco, chairman, Virginia International Gateway Inc.

New members to the board of directors include:

  • Katharine Bates, president and CEO, Arlington Chamber of Commerce, Arlington
    Manmeet Bhatia, president and CEO, TMEIC Corp. Americas, Salem
    James E. Cook, vice president, strategic engagement & partnerships, The MITRE Corp., McLean
    Tom Curtin, senior vice president, Kaiser Permanente, McLean
    John Fox, owner, Fox Urban Farms LLC, Winchester
    Edmond E. Hughes, executive vice president and chief human resources officer, Huntington Ingalls Industries Inc., Newport News
    Ronald J. Lauster Jr., president, W.M. Jordan Co. Inc., Newport News
    Aubrey Layne, executive vice president, governance and external affairs, Sentara Healthcare, Norfolk
    Tavis Maxwell, managing director, Capital One Financial Corp., Henrico County
    Joe Nolan, senior manager government affairs, Lockheed Martin Corp., Arlington
    Erik Rison, senior regional manager, government relations, WestRock Corp., Richmond
    Robert F. Shuford Jr., chairman, president and CEO, Old Point Financial Corp., Hampton
    Cathie J. Vick, chief development and public affairs officer, Port of Virginia, Norfolk
    Richmond Vincent Jr., president and CEO, Goodwill Industries of the Valleys, Roanoke

Qmulos adds three execs

Chantilly-based tech company Qmulos has added three executives to its leadership team.

Nick Jovanovic will serve as chief revenue officer, Theresa Feraren will serve as vice president of marketing and Russ Odom will serve as chief financial officer.

Jovanovic comes to Qmulos with 20 years of experience working in enterprise data storage, cybersecurity, compliance and artificial intelligence. He has worked for CalypsoAI, Thales, CommVault and 3Par. His clients have included the State Department, Joint Staff, Department of Defense, Army Human Resources Command, the Department of Defense Mark Center, the Defense Health Agency and multiple U.S. intelligence agencies, according to a news release.

Feraren most recently worked in marketing at Bureau Veritas.

Before joining Qmulos, Odom was CFO for Trustware Government Solutions, Impexium and Abectra, among other roles, according to his LinkedIn profile.

“As Qmulos celebrated its 10th birthday in 2022 with increased market traction and substantial revenue growth, it was clear that expanding our core team would be a critical step for sustainable success,” Matt Coose, founder and CEO of Qmulos, said in a statement. “I’m thrilled to welcome Nick, Theresa and Russ to the Qmulos team, which will enable us to support more organizations in streamlining their compliance experience through our Q-Compliance and Q-Audit solutions.”

Qmulos helps government, commercial and academic organizations meet and exceed regulatory requirements.

In 2022, Qmulos took the 1,958th spot on the Inc. 5000 list of the fastest-growing private U.S. companies. It reported 308% growth, according to the magazine. The company also landed a spot on the Deloitte Technology Fast 500 list, which ranks the fastest-growing technology, media, telecommunications, life sciences, fintech and energy tech companies in North America.

Colliers promotes two Va. execs

Colliers has promoted two executives to serve in new leadership roles.

Jessica Butterworth, formerly director of engineering, will serve as senior director of operations for Virginia and Raleigh, North Carolina. Greg Nachman, formerly senior portfolio manager, has been promoted to director of operations for Richmond and Charlottesville. Both will be based in Richmond.

Greg Nachman
Courtesy Colliers

Butterworth has been with Colliers since 2007 and in 2021 became a partner in the firm. She oversees more than 200 building engineering employees across Virginia and North Carolina. Nachman joined Colliers in 2013 and moved up the ladder to senior portfolio manager in 2020.

“This is an exciting time for Colliers as we continue to see strong growth in our real estate management services line,” Todd Willett, managing director, said in a statement. “Jessica and Greg have been very key in helping with this growth and their new positions will allow them to continue to support our clients while we seek to provide the best-in-class services.”

 

Mary Washington hires admin/finance VP

The University of Mary Washington has hired Craig Erwin as vice president for administration and finance, effective Jan. 10.

Erwin replaces Paul Messplay, who retires on Jan. 20.

Erwin comes to UMW from Southwestern University, a private liberal arts college in Georgetown, Texas, where he was vice president for finance and administration and chief financial officer. While there, he oversaw the annual operating budget and was responsible for financial statements, tax returns and related functions. He led more than 100 employees in fields including human resources, information technology, facilities management and finance. He also handled risk management, legal and emergency response issues and facilitated the most recent campus master plan and financial strategic plan.

“Craig’s experience in the private sector can bring added value to UMW as we collectively navigate the university through a time of great change and a challenging market,” UMW president Troy Paino said in a news release.

Erwin majored in biomedical engineering at Louisiana Tech University and received his MBA from Texas Christian University. He also worked for Bellevue University in Nebraska.

“Both the University and Fredericksburg feel like a really good fit,” Erwin said, “a great place and position for the next phase of my professional career and also a wonderful community for my family to fully engage and enjoy life.”

TowneBank completes Farmers Bank acquisition

Suffolk-based TowneBank has completed its acquisition of Windsor-headquartered Farmers Bankshares Inc., the parent company of Farmers Bank, TowneBank announced Tuesday.

The $56 million deal created a combined company worth $17.5 billion in total assets, loans of $10.9 billion and $14.5 billion. It adds Isle of Wight and Southampton counties to TowneBank’s service area, as well as expanding revenues for Towne Insurance.

The merger was announced in August 2022 and Farmers shareholders approved the deal in December 2022. The merger was effective on Jan. 13 and Farmers Bank locations will operate as “Farmers Bank, a Division of TowneBank” until mid-April when the core systems and operations will be converted to TowneBank’s.

“Our TowneBank family is delighted to have our long-time friends at Farmers Bank join us,” G. Robert Aston Jr., executive chairman of TowneBank, said in a news release. “We look forward to the expanded products and services we can provide to our growing member base through our partnership and the growth of our role as a community asset.”

The merger also solidifies TowneBank’s No. 1 market share position in Hampton Roads.

 

Cushman & Wakefield | Thalhimer promotes marketing director

Cushman & Wakefield | Thalhimer has promoted Kristan Cole to vice president of marketing and brokerage services, the commercial real estate company announced Jan. 9.

Cole will lead the firm’s overall marketing strategy as well as provide leadership and oversight of Thalhimer’s research, design, communications and brokerage services teams.

“Kristan’s ability to initiate creative solutions to support our brokerage and property management teams is invaluable,” Executive Vice President Eric Robison said in a statement. “She is keenly aware of the resources available on our platform and promotes executing our business with a best-in-class approach to marketing across all of our business lines.  She is a tremendous talent and we look forward to her continued growth at Thalhimer.”

Cole, who joined the firm in July 2021 as marketing director, has 18 years of strategic and creative marketing experience in real estate and higher education. Since joining the firm, she has combined the marketing and brokerage services teams into one department, upgraded Thalhimer’s website, established and executed multiple business development initiatives, overseen automated marketing efforts and established revenue-generating opportunities for the marketing department, according to a news release announcing her promotion.

She is active in Commercial Real Estate Women (CREW) Richmond, serving as chair of the organization’s network liaison committee and previously served on the philanthropy committee. She has a bachelor’s degree in creative advertising from Virginia Commonwealth University.

 

 

 

White Mill project renamed ‘Dan River Falls’

The city of Danville and The Alexander Co. held a groundbreaking Thursday for the redevelopment of the long-vacant White Mill in Danville’s River District.

At the ceremony held Thursday in Danville, officials revealed that the White Mill will now be called “Dan River Falls,” honoring Dan River Fabrics, the textile company White Mill was part of; Wynne’s Falls, the name of the first settlement along the river that became Danville; and the Dan River itself, according to a news release from the city.

The $100 million public-private redevelopment of the 550,000-square-foot former textiles mill is a joint venture between the Industrial Development Authority of Danville and Madison, Wisconsin-based The Alexander Co. It will have 147,000 square feet of commercial space and 150 apartments, 32 reserved for people earning up to 80% of the area’s median income. There will be 219 parking spaces for tenants.

“When this is done two years from now, we will have a real party to celebrate this $85 million investment,” Joe Alexander, president of The Alexander Co., said in a statement. “The city (of Danville) should know its staff is remarkable. This would not be happening here without its perseverance. … Thank you for your faith in us. We have faith in you, and this will be a great project.”

The prominent white building once represented one of the Southeast United States’ largest textile operations, Dan River Mills, which shut down in 2006 after being sold the previous year. But since the White Mill has sat empty, “the building became an ode to the past instead of helping us promote the incredible growth and transformation that is being experienced, not only in the city of Danville, but throughout the entire Southern Virginia region,” Corrie Bobe, Danville’s director of economic development told Virginia Business last year. 

Funding for the project has come from a variety of sources, most recently $5 million from a state Industrial Revitalization Fund grant. Danville has already received a $500,000 state grant, and the city is applying for a $1.7 million Land Water Conservation Fund grant to acquire seven acres and an abandoned bridge. It’s all part of a plan to create a whitewater channel in the canal, and connect the former textile mill to the planned Riverfront Park.

“From today forward, this building will be the backdrop for a story about hope and the clearest evidence yet that Danville is experiencing a remarkable resurgence,” Danville City Manager Ken Larking said in a statement.