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Navy Federal Credit Union CEO McDuffie to retire
Mary McDuffie, president and CEO of Vienna-based Navy Federal Credit Union, the nation’s largest credit union with $168.4 billion in assets and more than 13 million members, is retiring as of the end of February, and Chief Operating Officer Dietrich Kuhlmann will succeed her starting March 1, the credit union announced Wed[...]
Va. unions oppose Alexandria arena, but governor sticks by it
The AFL-CIO’s Virginia member unions announced Tuesday that they oppose the proposed Alexandria arena for the Washington Capitols and Wizards teams and a surrounding entertainment district. The $2 billion deal has been promoted by Gov. Glenn Youngkin and some City of Alexandria officials, while receiving significant pushba[...]
BAE Systems closes $5.6B acquisition of Ball Aerospace
Falls Church-based BAE Systems Inc., the U.S. arm of the British defense giant BAE Systems, has completed its $5.6 billion acquisition of Colorado-based Ball Aerospace from Ball Corp. BAE Systems announced Feb. 14 it earned the necessary regulatory approvals and followed that with a Feb. 16 announcement of the deal’s compl[...]
Va. casinos report almost $53M in January revenue
January gaming revenues from Virginia’s three casinos totaled $52.86 million, according to Virginia Lottery data released Thursday. Virginia’s first casino, the Bristol Casino: Future Home of Hard Rock temporary facility, opened July 2022. The Virginia Lottery Board approved HR Bristol’s casino license in April 2022. Last [...]
Logistics company expanding in Winchester
Third-party logistics warehousing provider WCS Logistics, a Winchester Cold Storage company, will invest $27 million to expand in Frederick County and create an estimated 15 jobs, Gov. Glenn Youngkin announced Tuesday. WCS Logistics will build an 83,000-square-foot cold storage facility with the capacity for more than 13,000 pal[...]
Leidos wins $143M DIA contract
Reston-based Leidos won a contract worth an estimated $143 million from the Defense Intelligence Agency, the Fortune 500 contractor announced Thursday. Under the single award, indefinite delivery, indefinite quantity contract from DIA’s Science and Technology Directorate, Leidos will design and implement a tasking, collection,[...]
Capital One to buy Discover in $35.3B deal
UPDATED 8:35 P.M. Feb. 19 McLean-based Capital One Financial is buying Discover Financial Services for $35.3 billion in an all-stock deal that marks Capital One’s largest ever acquisition, the two credit card giants announced Monday evening. Under the terms of the acquisition agreement, Discover shareholders will receive 1[...]
NoVa, Hampton Roads housing markets show positive signs
The Northern Virginia and Hampton Roads housing markets showed encouraging signs in January, despite the seasonal slowdown. Northern Virginia In Northern Virginia, January closed home sales dipped 0.9% from January 2023, with 771 units sold last month, according to the Northern Virginia Association of Realtors. Homes sold faster[...]
Alexandria arena proposal economic impact report released
An economic and fiscal impact analysis released Friday by the Alexandria Economic Development Partnership forecasts that the proposed Washington Capitals and Wizards arena in Alexandria could generate up to $7.96 billion in annual economic output for the state. Additionally, the report says the arena could be completed as soon a[...]
Armada Hoffler to name Shawn Tibbetts as next CEO
Virginia Beach real estate investment trust Armada Hoffler expects to name Chief Operating Officer Shawn Tibbetts as its CEO next spring, when current CEO Louis Haddad plans to retire. Tibbetts has been promoted to president and will remain COO, Armada Hoffler announced Thursday. Tibbetts has been COO since he joined the company[...]
Lego delays Chesterfield production start to 2027
Lego Group will begin production at its $1 billion Chesterfield manufacturing facility in 2027, at least a year later than originally planned, the Danish toymaker announced Thursday. The company also named Preben Elnef as project lead and Gray | Hourigan, a joint venture between Lexington, Kentucky-based Gray and Richmond-base[...]
Bills advance to protect state employees who access medical cannabis
RICHMOND, Va. — State lawmakers have advanced bills that would allow public sector employees to use medical cannabis without losing their job. House Bill 149, introduced by Del. Dan Helmer, D-Fairfax, extends to state public employees rights that already exist in the private sector. The bill passed with bipartisan support on a[...]
