Tysons-based Freddie Mac announced Monday that Ling Xu has been promoted as the Fortune 500 company’s vice president of multifamily investments and portfolio management.
In her new role, she will oversee market risk and capital strategy, as well as manage multifamily portfolio strategy, hedging and balance sheet management. She is also responsible for expanding the company’s credit risk transfer executions.
Xu joined the company in 2002 and became director in 2006. She briefly left for private equity company American Capital Ltd., which was sold to Ares Management in 2017 for $4.1 billion. Xu rejoined the company in 2009 and was most recently the senior director of multifamily portfolio strategy and execution.
She earned her bachelor’s degree in economics from from the University of International Business and Economics in Beijing and her master’s degree in business administration from the Weatherford School of Management at Case Western Reserve University.
Founded in 1970, Federal Home Loan Mortgage Corp. , better known as Freddie Mac, is a federal government-sponsored enterprise designed to expand the secondary market for mortgages by purchasing mortgages from lenders, pooling them and selling them as mortgage-backed securities to investors.
Last year, Freddie Mac reported $7.8 billion in revenue and in 2020 ranked No. 41 on the Fortune 500, making it the top-ranked company in Virginia.
The KPMG U.S. Customer Experience Excellence report identifies top-performing brands and industries in terms of customer experience based on a survey of approximately 11,000 U.S. consumers. In light of COVID-19, KPMG reported that brands that used technology, including artificial intelligence, to move the customer experience online performed better in the survey.
USAA, H-E-B and Chick-fil-A remained in the top three spots on the list this year, with Navy Federal Credit Union placing fourth. In-N-Out Burger, Publix, Wegmans and Charles Schwab were new to the list. The 2020 top 10 U.S. brands, as reported by KPMG are:
USAA,San Antonio, Texas
H-E-B, San Antonio, Texas
Chick-fil-A,Atlanta
Navy Federal Credit Union, Vienna
Edward Jones, St. Louis
In-N-Out Burger, Irvine, California
Costco Wholesale, Issaquah, Washington
Publix, Lakeland, Florida
Wegmans, Rochester, New York
Charles Schwab, San Francisco
“Leaders in our 2020 index are purpose-led companies with deep connective customer relationships, offering online experiences that are immersive, emotionally connective and safe,” Julio Hernandez, KPMG LLP U.S. customer advisory practice lead, said in a statement “With the move to online accelerating due to COVID-19, the nature of the relationship between brands and their customers has changed, bringing the need for commercial cadence to the forefront.
“Our analysis also shows a move to the age of ‘buying into’ from ‘buying from,’ as customers are seeking companies that make a difference environmentally and socially.”
Established in 1933, Navy Federal is the world’s largest credit union, with more than 9 million members around the globe. The credit union across its 330 branches employs more than 18,000 people, holds $112.09 billion in assets and serves nearly 9 million members. Last year, the Navy Federal added more than 1 million members and opened 20 branches.
President and CEO Mary McDuffie in late 2019 pledged to add another 20 branches this year and work to improve the customer experience. Navy Federal is also in the midst of a $100 million expansion of its Frederick call center, expected to create more than 1,400 jobs. In January, Navy Federal made the top 500 companies on Forbes Magazine’s third annual America’s Best Employers for Diversity list. Only 19 Virginia companies were named to the list this year.
KPMG’s survey asked participants to evaluate integrity, resolution, expectations, time and effort, personalized experience and empathy. The top 10 U.S. brands outperformed the market for integrity and empathy, according to KPMG.
The University of Virginia Foundation announced Monday that Brad Butler has been promoted to chief financial officer.
Established in 1986, the foundation provides real estate, financial and administrative services to U.Va.
Butler joined the organization in 1997 and has served as controller for the past 10 years. He replaces Pat McCann, who retired on June 30 after 11 years with the foundation.
In his new role, Butler will be responsible for all financial aspects of the foundation and its subsidiaries. He will oversee financial services for the benefit of the foundation, U.Va and U.Va.-associated organizations, including financial reporting, property accounting and gift annuity administration.
Butler earned his bachelor’s degree in business administration with a concentration in accounting from Emory and Henry College and his master’s degree in business administration from James Madison University.
Arlington-based defense contractorLeonardo DRS Inc. announced Monday it has won a $120 million U.S. Navy contract to provide engineering design and test software for aircraft protection systems.
The contract was awarded through the U.S. Naval Air Systems Command, and the project will be completed on the AN/AAQ-45 Distributed Aperture Infrared Countermeasure (DAIRCM). The DAIRCM was developed by Leonardo DRS through its three business units: Airborne & Intelligence Systems, Daylight Solutions and Electro-Optical & Infrared Systems.
“Leonardo DRS is proud to provide these state-of-the-art systems to enhance aircraft protection throughout the fleet,” John Baylouny, Leonardo DRS executive vice president and chief operating officer, said in a statement. “This continued strong partnership with our customer has produced technologies that will offer advanced capabilities, including combat survivability for flight crews while supporting their ability to accomplish diverse mission sets for years to come.”
The contract announced Monday builds on a previous contract awarded to the company, the Joint Urgent Operational Needs program, which allowed for the system to be fielded on U.S. Air Force, Army and Navy platforms. Under the new contract, Leonardo DRS will continue to develop, integrate and test new capabilities.
“As missile and other anti-aircraft threats continue to evolve and expand around the world, frontline helicopters will require a small but capable system to defeat these threats,” Leonardo DRS said in the statement issued Monday.
Leonardo DRS will provide engineering, design, development, integration and testing services for the contract. Because the system has open architecture, the system can be altered to adhere to different models, types and series of aircraft. The size, weight and power of the system can support a range of rotary and tilt-wing aircraft, according to the Leonardo DRS statement, and could include vertical lift programs.
Work on the contract will be performed at Leonardo DRS’ locations in Dallas, San Diego and Florida. It is expected to be complete by 2024.
Chesapeake-based Fortune 200 discount retail giant Dollar Tree Stores Inc. announced Monday that CEO Gary Philbin has retired, but will remain an executive and member of the company’s board of directors through Sept. 23. Dollar Tree Enterprise President Michael A. Witynski has been promoted to president and CEO.
“The board and I are grateful to Gary Philbin for his steadfast commitment and tireless efforts over nearly two decades to help make Dollar Tree the company it is today,” Executive Chairman Bob Sasser said in a statement. “Gary’s leadership as CEO brought our banners together as one company in Chesapeake. On behalf of the board, his colleagues and our associates, we thank Gary and wish him all the best in his well-deserved retirement.”
Philbin joined Dollar Tree in 2001 as senior vice president of stores, and became president and CEO of Dollar Tree Inc. in 2017. During his time with the company, he has overseen the development of private brands, customer research, marketing and operations.
He was also heavily involved with merging operations between Dollar Tree and Family Dollar, which Dollar Tree acquired in 2015 for $8.5 billion. Dollar Tree operates more than 15,000 stores across 48 U.S. states and five Canadian provinces. Stores operate under the brand names of Dollar Tree, Family Dollar and Dollar Tree Canada. The company reported more than $22 billion in revenue last year.
Witynski joined the company in 2010 as senior vice president of stores, and became president and chief operating officer of Dollar Tree Stores in 2017. He was promoted last year to his current position, where he has led merchandising, store operations and supply chain functions for the Dollar Tree and Family Dollar brands.
Michael A. Witynski. Photo courtesy Dollar Tree
“Under Mike’s leadership, we have driven outstanding performance — first at Dollar Tree and most recently at Family Dollar,” Sasser said in a statement. “He helped put in place a broad range of operational and talent initiatives to position our company for an even more successful future, as witnessed by the recent successes at Family Dollar.”
Before his time with the company, he held senior leadership positions in merchandising, marketing, private brands and operations for the grocery industry.
“I am honored to take on this new role and excited about Dollar Tree’s opportunities to drive even more value for our customers and shareholders,” Witynski said in a statement. “We have great momentum; our sales and margins are encouraging; our work to improve the customer experience is driving traffic; and we are now capturing more of the benefits inherent in bringing the Dollar Tree and Family Dollar management teams together under one roof.”
The founder and former CEO of Reston-based CommuniClique on Wednesday was sentenced to more than 12 years in prison in an Alexandria federal court for money laundering and fraud that caused losses of $25 million to investors, according to the U.S. Attorney’s Office for the Eastern District of Virginia.
“Andrew B. Powers stole $25 million from nearly 60 people,” G. Zachary Terwilliger, U.S. attorney for the Eastern District of Virginia, said in a statement. “Powers is a con man of the worst sort. His fraud was long-running, well-organized, and relentless. He was motivated by greed and the desire to appear successful, when in fact, he intentionally stole from and deceived his victims for his own self benefit.”
Powers, who was formerly a Virginia resident, started CommuniClique and claimed that he had developed an electronic communication application for businesses to use with their clients. He then reported false revenues of $2 million by 2009 and $180 million by 2019, and lied about having large clients.
“In fact, CommuniClique had no revenues and no large corporate clients,” says the U.S. Attorney’s Office for the Eastern District of Virginia’s press release.
The Virginia State Corporation Commission in August 2018 blocked him from seeking more Virginia investments. At that time, he moved his fraud scheme to California — and by 2019 had defrauded investors of approximately $25 million. By his July 2019 indictment, he was using investors’ money to rent a mansion in California for approximately $35,000 per month.
“Powers created a fake company, cheated investors of tens of millions of dollars, and used it to fund a lavish lifestyle for himself,” James A. Dawson, special agent in charge of the Federal Bureau of Investigation’s Washington Field Office’s Criminal Division, said in a statement. “The FBI is committed to rooting out fraud in all its forms, including investment fraud and money laundering schemes like the one Powers perpetrated, which can destroy companies, wipe out the life savings of families, and cost investors millions of dollars.”
U.S. District Judge Rossie D. Alston Jr. sentenced Powers after U.S. Attorneys Jack Hanly and Kimberly Shartar had prosecuted the case.
Montreal-based software company investor Valsoft Corp. announced Thursday it will acquire Herndon-based AllTrust Networks, which provides check cashing software.
A transaction amount was not disclosed.
“We are proud of what we’ve accomplished and want to continue in that direction within Valsoft,” AllTrust CEO Karl Lewis said in a statement. “We have invested significantly in the technology over the last few years and are excited at the prospect of executing on our mission and expanding our reach in the marketplace with Valsoft resources.”
Lewis will remain with the company and work with Michael Lightfoot on the company’s operations team. Valsoft was represented internally by Giancarlo Ruscio, senior legal counsel, and David Felicissimo, general counsel. AllTrust was represented by Greenberg Traurig LLP and advised by Janney Montgomery Scott.
“A step in the direction we’ve been striving towards recently, AllTrust is a natural fit for us as we grow our Financial Services portfolio,” Valsoft CEO Sam Youssef said in a statement. “Check cashing is a vertical we were aware of and had been targeting this year as we looked to expand the service offering our financial services portfolio could offer and we could not have found a better way in than AllTrust.”
Founded in 1999, AllTrust has more than 9 million customers and has processed more than $55 billion worth of checks.
The specifics of the workplace misconduct have yet to be confirmed. The hiring of Wilkinson Walsh LLP, founded by Beth Wilkinson, was announced Thursday afternoon amid rumors trending on social media and on sports news sites that The Washington Post was going to publish exposé about Snyder (who purchased the NFL team in 1999 from Jack Kent Cooke’s estate for $800 million) and the team.
In a statement published in The Washington Post, the team said: “The Washington Redskins football team takes issues of employee conduct seriously. … While we do not speak to specific employee situations publicly, when new allegations of conduct are brought forward that are contrary to these policies, we address them promptly.”
Snyder himself isn’t directly accused of any misconduct, but nearly all accounts from former female employees mentioned in the article happened during the time he has owned the team. On Friday, Snyder, whom the Post said declined to be interviewed for the story about the alleged harassment, issued a statement to the Post saying such behavior “has no place in our franchise or society,” adding that he is committed “to setting a new culture and standard for our team.”
The National Football League team has operated with a revolving door for months. Larry Michael, who for 16 years was the voice of the team as the play-by-play announcer on radio broadcasts suddenly announced his retirement on Wednesday. The team declined to comment about Michael’s retirement. Director of Pro Personnel Alex Santos and Assistant Director of Pro Personnel Richard Mann II were fired the weekend of July 11. In December and early January, longtime team president Bruce Allen was fired and head athletic trainer Larry Hess, who had been with the organization for 17 years, were also let go.
Among the men accused of harassment and verbal abuse in The Washington Post article are Michael, Santos and Mann, each of whom reporters say were “members of Snyder’s inner circle and two longtime members of the personnel department.”
Female employees cried over former Chief Operating Officer Mitch Gershman’s tirades, Emily Applegate, a former Redskins employee, told The Washington Post. She recalled him calling her ‘f—–g stupid’ and then requesting she wear a tight dress for a meeting with clients, ‘so the men in the room have something to look at.'” Applegate was the only former employee to speak without anonymity, as most cited fear of retaliation for violating nondisclosure agreements.
“While Applegate and others did not accuse Snyder of acting improperly with women, they blamed him for an understaffed human resources department and what they viewed as a sophomoric culture of verbal abuse among top executives that they believed played a role in how those executives treated their employees,” according to The Washington Post article.
Several of the accusers also charged that the Redskins training camp, located in Richmond, was a “hotbed of improper activity,” and say they were told to avoid Richmond bar and restaurant The Tobacco Company, which was frequented by team officials.
“I was propositioned basically every day at training camp,” one female employee who worked for the team in the mid-2010s for several years told The Washington Post. “The overtures came in the form of a whispered invitation from one coach at The Tobacco Company to his hotel room, she said, as well as emails and text messages from other male staffers, also disclosing their room numbers and offering invitations for late-night visits,” according to The Washington Post.
Joe Yasharoff, MyMCMedia director of content and University of Maryland Philip Merrill College of Journalism professor, on Wednesday had tweeted: “Not meant to be cryptic (apologies if it comes across that way): Dan Snyder is going to be in trouble once the story comes out. Big trouble. Possibly no choice but to sell-the-team trouble. The story HAS to drop Thursday. Too much is starting to trickle out. See you tomorrow.”
Not meant to be cryptic (apologies if it comes across that way): Dan Snyder is going to be in trouble once the story comes out. Big trouble. Possibly no choice but to sell-the-team trouble. The story HAS to drop Thursday. Too much is starting to trickle out. See you tomorrow.
Before the subject of The Washington Post article had been known, some postulated that it could be related to sexual misconduct allegations.
In 2018, The New York Times reported that during a 2013 trip to Costa Rica, Washington Redskins cheerleaders’ passports were collected upon arrival at the resort, leaving them without any formal identification. Some cheerleaders were also required to be topless during a photoshoot, to which spectators (all men) had been invited — which The New York Times had reported were team sponsors and FedExField suite holders. Becca Winkert, a D.C.-area reporter who covers the Washington Wizards, reminded followers of the 2018 reporting.
Whatever comes out of these Dan Snyder rumors, it shouldn’t be a complete shock.
This story about the maltreatment of the cheerleaders came out two years ago. I would imagine anything else is just the next step up. https://t.co/4n4kdmbZQ5
The team announced on Monday that it would retire the Redskins name and logo after weeks of discussion over what many see as a discriminatory and derogatory name against Native Americans. Snyder, however, had long denied that he would ever change the name of the team.
“We will never change the name of the team,” Snyder told USA Today in 2013. “As a lifelong Redskins fan, and I think that the Redskins fans understand the great tradition and what it’s all about and what it means. … We’ll never change the name. It’s that simple. NEVER — you can use caps.”
Since the inception of the Redskins name more than 88 years ago, Native Americans and other advocacy groups have pushed for a name change, citing that “redskin” is a derogatory term. The founder and original owner of the Redskins, George Preston Marshall, was in the early 1960s forced to racially integrate his franchise — making him one of the last NFL franchise owners to do so.
On July 2, the team’s stadium sponsor, FedEx, sent a private letter to the football franchise stating that FedEx would remove its signage from the stadium after its 2020 season unless the team changed its name, The Washington Post first reported. The shipping giant signed a $205 million deal for stadium naming rights in 1999 and it isn’t set to expire until 2025.
The most recent public statement from the Redskins was published on Monday, announcing the retirement of the team name and logo.
Despite a losing streak and name controversy, The Washington Redskins in 2019 had the seventh-highest NFL team valuation at $3.4 billion, according to Forbes.
An affordable housing apartment complex in Richmond has sold for $4.8 million, commercial real estate investment firm Greysteel announced Monday.
The McGuire Park Apartments were built in 1945 and redeveloped in the early 2000s through the Low Income Housing Tax Credit program. Richmond Area Housing purchased the 80-unit complex from NRS Realty. The average unit is 742 square feet.
Director Henry Mathies and Senior Investment Associate Fletcher Hultman of Greysteel’s East Coast Affordable Housing group represented the seller. The buyer will adhere to the property’s existing income and rent restrictions.
Through its 11 U.S. offices, Greysteel advises private and institutional real estate investors and developers.
The Roanoke Regional Airport Commission, which owns the Roanoke-Blacksburg Regional Airport, has purchased 17 acres of undeveloped land surrounding the airport for $2.25 million, Roanoke-based Poe & Cronk Real Estate Group announced Tuesday.
The sale includes 3.7 acres at the intersection of Municipal and Aviation Drive, 4.6 acres at the intersection of Thirlane and Tom Andrews Road and 8.7 acres at Precision Circle. The airport is located at 5202 Aviation Drive in Roanoke.
The sellers were not disclosed, but the land was sold by multiple property owners, says Poe & Cronk Chairman and CEO Dennis R. Cronk, who represented the sellers in the sale.
“The undeveloped land is prime for future commercial development as the airport continues to expand services,” Cronk said in a statement. Cronk declined to further comment on what the commercial developments could include.
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