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byline: Veronica Garabelli
James Comey will teach ethical leadership course at William & Mary
Former FBI Director James B. Comey has been tapped to teach a course on ethical leadership at the College of William & Mary starting this fall.
Comey has been appointed as an executive professor in education at the college. He will co-teach the three-credit class with Drew Stelljes, executive assistant professor of education and assistant vice president for student leadership, from fall 2018 to summer 2019.
Offered through the W&M Washington Center, the course will meet primarily in the center’s classroom in Washington, D.C., and once at the W&M School of Education in Williamsburg, with that session being live-streamed back to students in the nation’s capital.
Comey graduated from William & Mary in 1982 as a double major in chemistry and religion. He has held a number of senior leadership positions in and out of government, including U.S. attorney and deputy attorney general before taking the helm of the FBI in 2013. He worked there until last year when President Donald Trump fired him as the agency investigated possible ties between the Trump campaign and Russia.
Throughout the years, he has remained connected to his alma mater, including serving as vice president of the W&M Alumni Association Board of Directors from 2009 to 2011. In 2014, Comey received the Alumni Medallion, the William & Mary Alumni Association’s highest honor.
Photo courtesy College of William & Mary
Nestlé to sell its U.S. confectionery business for $2.8 billion
Nestlé has agreed to sell its U.S. confectionery business to Ferrero SpA for $2.8 billion in cash.
Based in Vevey, Switzerland, Nestlé’s U.S. headquarters is in Arlington. The company’s 2016 U.S. confectionery sales reached about $900 million.
The transaction is expected to close around the end of the first quarter of 2018 following the completion of customary approvals and closing conditions.
With this transaction, Alba, Italy-based Ferrero will become the third-largest confectionary company in the U.S.
The business includes chocolate brands such as Butterfinger, Crunch, BabyRuth, 100Grand, Raisinets, Chunky, OhHenry! and SnoCaps, as well as sugar brands such as SweeTarts, LaffyTaffy, Nerds, FunDip, PixyStix, Gobstopper, BottleCaps, Spree and Runts.
The transaction covers the U.S.-focused confectionery brands only and does not include Nestlé's Toll House baking products.
The company said it also remains committed to growing its international confectionery products, particularly its global brand KitKat.
The U.S. is Nestlé's largest market, with sales of around $27 billion in 2016. Nestlé products include brands such as Purina, Nestlé Pure Life, Coffee-Mate, Gerber and Stouffer's.
The company employs 50,000 people in more than 120 locations in the U.S., including 77 factories and 10 R&D centers.
Events
Electric Motor & Contracting announces $3 million expansion in Chesapeake
Chesapeake-based Electric Motor & Contracting said Friday it is investing $3 million to expand its local manufacturing operation.
The company has added 22,500 square feet to its existing nuclear services building at 3703 Cook Blvd., which is used for servicing equipment for the commercial nuclear power industry.
One hundred and thirty employees will be retrained to support the expansion, with help from the Virginia Jobs Investment Program. The company said it recently worked with the Virginia Department of Labor and Industry and Tidewater Community College to establish a registered apprenticeship, which will be rolled out in the first quarter of 2018.
Established in 1960, Electric Motor & Contracting is one of the largest independently owned, full-service electric motor and pump repair/remanufactures in the United States.
Sumitomo Machinery investing $10 million in Chesapeake headquarters expansion
Sumitomo Machinery Corp. of America (SMA) is investing $10 million to expand its Chesapeake headquarters. The project will create 26 jobs.
The company also is moving its Suffolk operation to Chesapeake, which will result in the transfer of 20 jobs.
SMA makes power transmission components. It is a subsidiary of Sumitomo Heavy Industries, one of the largest manufacturers of machinery in Japan.
SMA plans to add 100,000 square feet to its Chesapeake headquarters, where it now employs 220 people. The 250,000-square-foot headquarters at the Cavalier Industrial Park serves as the company’s main manufacturing plant for North and South America.
Gov. Terry McAuliffe approved a $200,000 grant from the Commonwealth’s Opportunity Fund to assist Chesapeake with the project. Funding and services to support the company’s employee training activities will be provided through the Virginia Jobs Investment Program.
SMA also has a facility in Verona’s Mill Place Commerce Park, where it is moving into a new, larger facility over the next few months. The company has other operations throughout the Americas, including Chicago, Louisville, Ky., and Corona, Calif. in the United States.
Cargo trailer manufacturer bringing 83 jobs to Giles County
Interstate Group LLC, an Idaho-based manufacturer of cargo trailers, is investing $4.1 million to establish an East Coast operation in Giles County. The project is expected to create 83 jobs.
Interstate will set up shop in the former GE Fairchild Mining Equipment plant. The 100,000-square-foot facility will house the company’s manufacturing and distribution operations.
“We looked at other states in the region and at multiple locations in Virginia,” Michael Snow, CEO of Interstate Group, said in a statement.“The opportunity to repurpose an existing facility, combined with the incentives we received from the commonwealth and Giles County, will help us reduce the cost of our investment while preserving our culture of high incentive-based pay for our team members.”
Interstate is based in Nampa, Idaho. The company has manufacturing plants in Arkansas, Arizona and Idaho.
Gov. Terry McAuliffe approved $200,000 in Commonwealth’s Opportunity Funds for the project. The company will be eligible to receive sales and use tax exemptions on manufacturing equipment and also qualifies for a Major Business Facility Job Tax Credit.
Funding and services to support Interstate Group’s employee training activities will be provided through the Virginia Jobs Investment Program.
Business education’s changing face
Nancy Bagranoff hears a constant refrain when she asks companies about skill gaps they see in business-school graduates.
“Data analytics, data analytics, data analytics,” says the dean of the University of Richmond’s Robins School of Business. “That’s all they talk about.”
Graduate business schools across the commonwealth are heeding that call by offering data-analytics and other specialized programs. Schools also are tailoring their offerings to better suit the needs of busy, working professionals.
The data-analytics needs Bagranoff hears about reflect a growing national shortage of job candidates with that skill set.
According to a report by the Business-Higher Education Forum and PwC, job postings in the U.S. calling for data science and analytical skills are expected to reach 2.7 million in 2020, up from almost 2.4 million in 2015.
Randy Raggio, associate dean of the University of Richmond’s MBA program, says technology has made it easier for companies to collect data, but they need to be able to interpret that information.
“What companies are looking for are people who understand not only the statistical analyses but understand the business challenges and can convert the data into insights to help them make these data-driven decisions,” he says.
Data analytics programs
UR plans to add a data-analytics track to its MBA program next fall. The track will include courses such as Applied Statistics and Communicating Research Insights, which will focus on creating data visualization, including charts, to aid business decisions. The move will be the first time a specialized track has been offered in Richmond’s MBA program, Raggio says.
Meanwhile, the College of William & Mary’s Raymond A. Mason School of Business in Williamsburg has a master’s program dedicated to business analytics. The full-time, residential program can be completed in two semesters. Next August, William & Mary plans to launch an online version of the master’s program, which can be completed in five semesters.
“This is intended for the working professional that has a job, wants to keep their job and keep working while they’re getting their education,” says James R. Bradley, director of the business analytics programs.
Similarly, Virginia Tech offers a master’s degree in business administration with a concentration in business analytics that can be completed in a year at its Blacksburg campus. The university also is developing a part-time version of the program for working professionals, which will be available at its Northern Virginia Center in Falls Church. Tech hopes to launch the part-time program next fall.
Virginia Commonwealth University School of Business in Richmond likewise has seen increased interest in its master’s program in decision analytics. The school offers two versions of the program, including a 20-month weekend format geared toward professionals, which requires class attendance only every other weekend. Another version of the program is offered during the week, which students can take on a full-time or part-time basis.
“The executive format has been very good for people to maintain their current jobs, if they want to, and they get through it pretty quickly,” says Ed Grier, the business school’s dean.
Redesigned MBAs
While many business schools are developing specialized programs, some are opting to not offer full-time, residential MBA programs.
George Mason University in Fairfax, for example, eliminated its full-time, residential MBA program in 2013, but it offers part-time programs for students, executives and those pursuing dual law/MBA degrees. Next fall, GMU also will offer an online MBA, which can be completed in two years and nine months.
The Pamplin College of Business at Virginia Tech also dropped its full-time, residential MBA program in Blacksburg two years ago because it wasn’t seeing a large number of applications from highly qualified candidates. The school has focused its programs in larger metro areas, including the Washington, D.C., area where it offers an evening MBA in Falls Church and an executive MBA in Arlington. It also has an MBA program for working professionals that can be completed in two years. It meets monthly, alternating between Richmond and Roanoke.
The College of Business at Harrisonburg-based James Madison University has never had a full-time, residential MBA program, but it offers three part-time MBAs with focuses on innovation, executive leadership and information security. The latter two programs are online and meet every four and eight weeks, respectively, in McLean. The innovation program is based in Harrisonburg. Dean Mary Gowan says many business schools are moving toward specialized degrees because they can be completed quickly and are more tailored to employers’ need.
Staying full time
The University of Virginia’s Darden School of Business, on the other hand, has seen steady enrollment in its full-time, residential MBA program. The school’s executive MBA program has been growing, launching a popular new section in the Rosslyn neighborhood of Arlington County in 2016. The program also is offered in Charlottesville.
“Business education, overall, is growing very strongly; it’s just that now students have a choice of a lot of different formats,” says Dean Scott C. Beardsley.
Likewise, William & Mary’s full-time, residential MBA program welcomed 120 students in fall 2017 — the largest class in its 50-year-history — after revamping its program. It now offers six specializations: business analytics and supply chain, entrepreneurship and innovation, health care, consulting, finance, and marketing.
In adapting the program, the Mason School gathered feedback from 5,000 people from around the world. Those ideas were passed on to faculty and used to craft the new program dubbed “Tomorrow’s MBA.”
“I think some schools are really questioning the role of the full-time MBA in their school. For us, it’s a priority and one in which we are really investing,” says Ken White, associate dean of MBA and executive programs.
No matter how you slice it, Virginia’s business schools are offering students a range of degrees and formats — online, in the classroom or a blend of both.
At the end of the day, students want an education that’s convenient to them, says Virginia Tech College of Business Dean Robert T. Sumichrast. “It’s up to the Pamplin College and other education institutions to adapt to the needs of those students.”
Nexus Services plans to add 200 jobs in 2018
Verona-based Nexus Services said Thursday it plans to add 200 workers nationwide throughout 2018, doubling its workforce. The company also will implement 5 percent raises in January.
Nexus is a family of companies and charities offering migrants services. Libre by Nexus releases undocumented immigrants from detention by guaranteeing bonds and GPS tracking technology.
Nexus says an improved business outlook and tax reform by U.S. Congress has enabled the expansion. On Wednesday, a $1.5 trillion Republican tax overhaul passed Congress, which includes plans to drop the corporate tax rate from 35 percent to 21 percent.
“While the tax reduction for individuals are not that substantial, we at Nexus thought that we could share the gains from the deep corporate tax cuts with our both current employees and our new hires,” Nexus CEO Mike Donovan said in a statement.
According to Nexus, many of the new jobs will be created in the Shenandoah Valley. New positions also will be available in San Juan, Puerto Rico; Hackensack, N.J., and Ontario, Canada; in addition to other sites.
Nexus says the new jobs will have a “living wage” and provide full benefits including, health, dental, vision, and retirement plans.
Instant Systems adding 72 jobs in Norfolk
Biotechnology packaging company Instant Systems is expanding in Norfolk. The company announced Wednesday that it plans to invest more than $900,000 to purchase equipment for new product lines and training related to its packaging technology. The project will create 72 jobs and retain 26 positions, nearly tripling the size of the company’s workforce.
Founded in 2005, Instant Systems makes custom, medical-grade bags for the processing, storage, and transport of biological materials. The Virginia Economic Development Partnership (VEDP) will support the company’s new job creation and job retraining through its Virginia Jobs Investment Program (VJIP). VJIP provides consultation and funding to companies creating new jobs or experiencing technological change to support employee-training activities.
Instant Systems also will enter VEDP’s Virginia Leaders in Export Trade (VALET) Program in 2018. The two-year, application-based program helps companies export their products.