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byline: Robyn Sidersky

Virginia Business announces 2022 Va. CFO Awards winners

Virginia Business presented awards to chief financial officers at companies and nonprofits around the commonwealth Thursday night.

This year’s Virginia CFO Awards banquet — which is the largest annual gathering of CFOs in Virginia — was held at The Jefferson Hotel in Richmond.

Fifty-one CFOs from around the commonwealth were nominated in four award categories, representing a variety of nonprofits, government agencies and for-profit businesses, both public and private. Organizations represented ranged from state universities to arts organizations, technology firms, banks and Fortune 500 companies.

The 2022 Virginia CFO Awards were held June 16 at The Jefferson Hotel in Richmond.

“The job of chief financial officer is a challenging one.  They champion both growth and downsizing; they take on risk through acquisitions. They must have the highest degree of accountability, and they must provide CEOs with solid advice, whether the news is good or bad,” Virginia Business President and Publisher Bernie Niemeier said during the awards ceremony. “Recognition and support from above is always important.”

Winners and finalists for the magazine’s 17th annual Virginia CFO Awards were:

  • 2022 SMALL NONPROFIT/GOVERNMENT VIRGINIA CFO OF THE YEAR: Winner: David Argabright, Feeding Southwest Virginia; Finalist: Sheila Wilson, Hampton Roads Planning District Commission
  • 2022 LARGE NONPROFIT/GOVERNMENT VIRGINIA CFO OF THE YEAR: Winner: Hossein Sadid, Virginia Museum of Fine Arts; Finalists: Melody Bianchetto, University of Virginia; Betsy Drewry, Prince George County government; Luther Griffith, Sweet Briar College; Jarred Roenker, Norfolk Airport Authority
  • 2022 SMALL COMPANY VIRGINIA CFO OF THE YEAR: Winner: Cynthia Macturk, Fahrenheit Advisors; Finalists: Joel Flax, Cohen Investment Management Co. LLC; Ana Gomes, Wilbanks Smith & Thomas Asset Management LLC; Cheryl Morris, Salem Montessori School Inc.
  • 2022 LARGE COMPANY VIRGINIA CFO OF THE YEAR: Winner: Sal Mancuso, Altria Group Inc.; Finalists: Harshan Bhangdia, Ellucian; Pete Graham, PRA Group Inc.; AJ Krick, Smith-Midland Corp.; Steve Mast, Criterion Systems Inc.; P.J. Ross, Hitt Contracting Inc.

The winners will be profiled in the August issue of Virginia Business.

 

 

VCU’s theater department receives $5M donation

Virginia Commonwealth University has received a $5 million donation from Charlottesville resident James H.T. McConnell Jr. for the Department of Theatre in the School of Arts, the university announced Thursday.

The gift will create three endowed funds to promote education and social awareness and to examine social justice through the lens of theater, according to a news release from VCU.

“Social justice theatre is focused on getting the audience involved,” McConnell said in a statement. “The purpose is very appropriate today. VCU is the best school in the commonwealth for this purpose.”

McConnell is an investor and philanthropist who has been a prominent supporter of public education and children’s education for most of his adult life and has supported the National Jewish Theater Foundation, according to VCU. He has also been interested in theater much of his life, with involvement in school plays and in college working behind the scenes.

McConnell’s family, the duPonts, have deep roots in Virginia. His family had a land grant from the crown, according to Architectural Digest, which featured McConnell’s home in Orange County in 2007.

“These funds will continue to support rigorous work and expand our interests in the theatre department and social justice,” Carmenita Higginbotham, dean of the School of the Arts, said in a statement. “We are excited and honored to receive this gift to the School of the Arts.”

Of the funds, $1.5 million will be used to establish the James H.T. McConnell Jr. Theatre Fellowship in Social Justice. This fund will support graduate students with a focus on advocating for social justice through theater.

The remaining funds will establish two positions in McConnell’s name, the James H.T. McConnell Jr. Theatre Chair in Social Justice and the James H.T. McConnell Jr. Theatre Faculty Fund in Social Justice, which will support a chair and faculty whose work, teaching curriculum and community focus demonstrate a commitment to social justice.

“The theatre drama department is a great way to reach a lot of people with a lot of messages,” McConnell said in a statement. “There is no right or wrong interpretation of the performance one just saw. It is that each audience member can come out with a different interpretation. The performance can still be very successful. It is a very rare type of educational experience where different people come out from the same exposure with different feelings. It’s a nice teaching tool to not limit the response or the outcome.”

Va. Beach economic development director is finalist for Oregon job

Virginia Beach Deputy City Manager and Director of Economic Development Taylor Adams is one of three finalists to be the next city manager in Salem, Oregon.

Adams has worked for the city of Virginia Beach since 2015 and became deputy city manager in 2021. He heads up the city’s economic development department, and also has responsibility for the city’s convention and visitors bureau and community development. He has been instrumental in several expansion announcements in Virginia Beach, including a $15.8 million investment from Acoustical Sheetmetal Co. to expand its Virginia Beach complex and create 200 jobs and Premium PPE’s $5.3 million expansion creating 180 jobs.

Adams and the two other candidates — Keith Stahley, assistant city manager for Olympia, Washington, and Eric Zimmerman, who served in the U.S. Embassy in Bangladesh and is a previous deputy manager in Medford, Oregon — are the three finalists and are being interviewed all day Wednesday by Salem’s mayor and city council members, as well as the city’s executive leadership team and labor leadership. In the evening, the public will have the chance to ask the candidates questions during a virtual community forum.

Salem began searching for a new city manager in February. Following Wednesday’s interviews, Salem City Council members may visit the candidates’ communities prior to making a hire.

Adams started in Virginia Beach as the city’s purchasing agent in 2015, moving up as finance operations administrator in early 2017, then unexpectedly became the director of economic development in 2018 after his predecessor, Warren Harris, resigned during an audit and was later indicted on 14 counts of felony embezzlement. Harris pleaded guilty to four of those counts and said he would pay back a significant portion of the funds. In 2021, Adams was promoted to deputy city manager.

Before he came to Virginia Beach, Adams served as chief administrative officer and director of finance for the city of Starkville, Mississippi. He was also a purchasing manager for Mississippi State University and a partner and operations officer for Benefits Concepts PA, in Columbus, Mississippi, as well as business development officer and commercial credit analyst for the National Bank of Commerce.

Adams earned his MBA from Hult International Business School and a bachelor’s in business administration in marketing from Mississippi State University.

Virginia Beach is the largest city in the commonwealth, with a population of about 450,000 and an annual operating budget of nearly $2.5 billion. Salem has a population of about 175,000 and is the county seat of Marion County in the Willamette Valley, and the city’s operating budget is $736 million.

Adams could not be reached immediately for comment.

 

VCU buys former Va. ABC property for $16M

Virginia Commonwealth University on Friday purchased the former Virginia Alcoholic Beverage Control Authority’s former central office and warehouse at 2901 Hermitage Road in Richmond for approximately $16 million, according to Virginia ABC.

The sale of the 292,285-square-foot warehouse was included in the state operating budget. The Virginia ABC moved its headquarters and distribution center to a larger property in Hanover County in June 2021.

Purchasing the property is key to VCU’s plans for its Athletic Village project, which will be spread over about 40 acres (including the 20-acre parcel acquired through this transaction).

In December 2021, VCU bought 5.83 acres on Sherwood Avenue to be part of the project.

The whole project is expected to take five to seven years to complete in phases and will have a soccer stadium, indoor-outdoor tennis complex, outdoor track-and-field facility, practice fields and a multipurpose facility.

“The ABC parcel provides the final key piece for our vision of a VCU Athletic Village and allows us to move forward with the project. We have worked on the planning phase of these facilities for some time and now that we have the needed property, we will clear the site in the near future,” Ed McLaughlin, VCU vice president of athletics, said in a statement.

The Athletic Village is part of the city’s master plan for the Diamond District, which includes replacing the Richmond Flying Squirrels’ baseball stadium and revitalizing the area near the Scott’s Addition neighborhood. Three development teams have been chosen as finalists to develop the area, and they are expected to respond to a request for offers by June 28.

 

Greater Washington Partnership unveils 10-year inclusivity plan

The Greater Washington Partnership released its “Regional Blueprint for Inclusive Growth” Monday, a 10-year plan to increase equity and create a more inclusive economy in the capital region, spanning Baltimore to Richmond.

The plan was launched at an event hosted by Sheila Johnson, CEO of Salamander Hotels and Resorts and an owner of three pro sports franchises, and Washington Commanders President Jason Wright, who served as co-chairs of the partnership’s Inclusive Growth Strategy Council, launched in April 2021 with 45 business leaders. More than 35 companies and 200 community members in the Washington, D.C., region were involved in the year-long process of developing the strategy, which includes a 100-plus-page report meant to guide private sector engagement with public sectors.

The focus is on six pillars, including accessible education, inclusive employment opportunities, access to capital, affordable housing, transportation and digital infrastructure and health equity. The report does not include deadlines for achieving benchmarks.

“Collaboration is vital to creating real change across the region,” Johnson said in a statement. “By working together to create a prosperous, equitable and resilient society for people of all backgrounds and incomes, we can ensure that our region and our communities will thrive for generations to come.”

The blueprint comes on the heels of an announcement in March of an initiative to infuse $4.7 billion in funding to advance business efforts by minorities and other underrepresented communities. Included in the total are $2.6 billion in procurement spending with diverse suppliers, including Black and Latino-owned business to support growth and scale and address critical needs; $1.5 billion in other wealth-building efforts, including direct corporate investments in affordable housing and local community organizations leading equity initiatives; and another $619 million for financial investments in financial institutions that provide access to underrepresented populations via loans and other financing to create economic opportunity.

Also in March, Partnership CEO JB Holston stepped down, and a national search for his replacement was launched by the board.

“Through cross-sector collaboration and leadership we have the opportunity to create transformational change throughout our communities,” Wright said in a statement. “The blueprint’s business-oriented approach for area stakeholders harnesses a combination of advocacy, resource sharing, financial investments and organizational change that will pave the way for everyone in our region to succeed.”

In the plan’s executive summary, it says the region’s economic growth rate lags behind that of the national economy. GWP believes “prioritizing inclusive economic growth will ensure all community members prosper and thrive.” An analysis by management firm McKinsey & Co. estimates that in the Capital Region, closing the racial wealth gap has the potential to unlock $35 billion to $50 billion in the region’s gross domestic product by 2028.

Anthem Virginia president to retire

Jeff Ricketts, president of Anthem Blue Cross and Blue Shield Virginia, will retire in September after nearly 40 years with the health insurance company, Anthem announced Friday.

Ricketts has served as leader of Anthem’s operations in Virginia for the past five years. He joined Anthem in 1984 as a sales account representative and climbed the ranks, holding leadership positions within the company. He has been instrumental in expanding Anthem’s coverage across Virginia and maintained the health plan as it became the largest in the state, according to Anthem.

“It has truly been a privilege and an honor to lead this great company over the last five years in a state that has always been my home,” Ricketts said in a statement. “I have seen a lot of change in my career, but one thing that has remained constant is the commitment I’ve seen in our associates in Virginia to take care of their communities and fulfill our purpose to improve the health of humanity.”

In addition to his role at Anthem, he has served on numerous boards, including ChamberRVA, March of Dimes’ Virginia State Board, Virginia Chamber of Commerce, Venture Richmond, Virginia Association of Health Plans, the Virginia Center for Health Innovation and Virginia Learns. He is a member of the Virginia Business Council, Management Roundtable, Governor’s Advisory Council on Revenue Estimates and is the co-chair of the Governor’s Task Force for Primary Care.

“I want to thank Jeff for his unwavering dedication to improving the health of the people in Virginia,” Kurt Small, president of Anthem’s eastern region commercial business, said in a statement. “His work will serve as a foundation for our continued commitment to address the health care needs of Virginia. We will miss Jeff and wish him the best in his well-deserved retirement.”

His successor has not been named.

Amyx CFO to retire; new CFO named

Reston-based federal contractor Amyx Inc. has announced its chief financial officer Rosalind Kadasi will retire on July 1 and Ryan Marsden, her successor, will join the company June 13.

Kadasi has been Amyx’s CFO since 2017 but has more than 20 years of executive experience leading finance, accounting and administration for small, medium and large companies.

“Having joined Amyx over five years ago, I have had the pleasure of helping the company transform from a small business to a strong, mid-sized cybersecurity and technology integrator supporting more than 25 unique organizations across the federal government. It’s been an incredibly exciting time and I couldn’t be more proud of everything the company has accomplished. Amyx’s focus on its customers and employees has really fueled the company’s success and I’m glad to continue my involvement through my role on the board of directors,” Kadasi said in a statement.

Amyx President and CEO William Schaefer complimented Kadasi.

Marsden

“There is no question that she is one of the best in our industry and we’re fortunate to have her continued engagement through her role as a member of Amyx’s board of directors.  I am also excited that Ros now has the opportunity to enjoy time with her family and friends, traveling, and experience all that she worked so hard to achieve throughout her career,” he said in a statement.

Marsden is former chief financial officer of Integral Consulting Services and vice president of finance and controller of Whitney, Bradley & Brown.

“Ryan’s track record as a highly engaged CFO focused on strong corporate growth and employee engagement made him a perfect fit here at Amyx. His experience helping enable mid-sized and large organizations to achieve financial goals as well as familiarity with our customer base is exciting and exactly what we need at this stage,” Schaefer said in a statement.

Founded in 1999, Amyx provides services including IT, systems engineering, cybersecurity and program management.

 

ACI expands Hampton Roads footprint

Richmond-based Atlantic Constructors Inc. is expanding its presence in Hampton Roads with a new 39,000-square-foot facility in Suffolk and 75 new jobs, the company announced June 2.

Previously, ACI had three small offices in Hampton Roads, and the company has consolidated two of them into a larger, more modern facility, a company spokesperson said. The new office is at 2000 Amedeo Court, in the Suffolk Industrial Park.

“Our vision is to set up regional offices with a leadership team responsible for all operations within that region. This will help us provide better support for our customer’s facility needs by allowing us to offer all of our services through one team,” ACI Director of Marketing Eddie Williams said in an email.

ACI moved to its Suffolk location in 2021 and has been expanding it since, consolidating its service group into the facility in May 2022 and adding the fire protection group at the same time.

“We are very excited to share in ACI Atlantic Constructors’ expansion announcement,” Suffolk Mayor Mike Duman said in a statement. “The purchase of this industrial building to establish a larger footprint and expand operations shows their unwavering commitment to this community, our people and our future.”

ACI has 1,100 employees across Virginia and North Carolina and will have 75 employees in the new location within two years.

The industrial and commercial contractor also has offices in Richmond, Roanoke, Sterling and Wilmington, North Carolina.

Blacksburg apartments sell for $4.75M

Ridgeview Apartments in Blacksburg have been sold for $4.75 million, Cushman & Wakefield | Thalhimer announced Thursday.

The 96-unit community is located at 768 Triangle St. in Blacksburg. Ridgeview Apts. Land Trust sold the community to GFI Ridgeview LLC, which intends to renovate the units.

Clay Taylor of Cushman & Wakefield | Thalhimer’s Capital Markets Group out of Roanoke and Jorge Rosa and Anthony “TJ” Liberto of Cushman & Wakefield’s Mid-Atlantic Advisory Team completed the sale.

The Breeden Co. names brand and development manager

The Breeden Co. has named Richard George its brand and development manager, the Virginia Beach company announced June 6.

George will be responsible for maintaining brand integrity across all corporate and divisional marketing initiatives and communications, but will also oversee business functions including communication channels, product development and market research, Breeden wrote in a news release. George was Breeden’s corporate media strategist.

A graduate of Old Dominion University, George has a bachelor’s in TV broadcasting and cinematography.

“Richard has been a key part of our global marketing strategy and success. We are thrilled to promote him to this important role,”  Vice President of Marketing and Public Relations Christine Gustafson said in a statement. “In Richard’s new role, with his innovative ideas and sensibilities, I am confident we will continue to produce more engaging, more memorable and more relatable experiences for the audiences we serve.”