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Virginia Business wins two international journalism awards

Virginia Business Deputy Editor Kate Andrews’ story about the October 2024 dockworkers strike won the gold award for best coverage of breaking local news at the Alliance of Area Business Publishers’ () 2025 Editorial Excellence ceremony, held June 20 in Ottawa, Ontario.

It was one of two awards Virginia Business won among competing medium-size business publications at this year’s AABP awards, which were last held in Canada more than two decades ago.

Virginia Business Deputy Editor Kate Andrews
Virginia Business Deputy Editor Kate Andrews

“This reporting includes excellent coverage of the local and global impact to the workforce in this industry,” the judges wrote about Andrews’ story, which covered the start of a three-day that saw 45,000 dockworkers walk off the job from Boston to Texas — the first such action since 1977. “The article was able to validate the local voices while wrapping in the state and federal data.”

Additionally, Virginia Business Associate Editor Katherine Schulte placed silver in the Best Explanatory category for her story, “In critical condition: Independent medical practices face long odds,” from the January 2024 issue of Virginia Business. The story examined why the number of independent medical practices is shrinking, contributing to consolidation in .

In making their selection, the judges wrote of Schulte’s work, “This article uses clear, effective writing to show why independent doctors are vanishing. The writer pairs local voices and examples with national data to provide a comprehensive look.”

The 2025 AABP awards were judged by faculty members from the University of Missouri School of Journalism. Each award category was judged by a panel of three judges. The awards ceremony was held as part of AABP’s three-day annual conference.

Founded in 1979, AABP is a Norwalk, Connecticut-based nonprofit organization representing 57 regional and local business publications based mostly in the United States, but also including publications in Canada and Western Australia.

Virginia Bar Association cancels gubernatorial debate after candidates don’t RSVP

The  has canceled its scheduled July 19 after neither candidate accepted an invitation before the organization’s June 9 deadline.

The VBA said April 28 that it invited the two nominees, Democrat former U.S. Rep. and Republican Lt. Gov. , to debate during the association’s summer meeting at the Omni Homestead Resort in . The VBA hosted debates for the statewide races for governor and U.S. senator from 1985 to 2020.

In 2021, Gov. Glenn Youngkin, then the Republican nominee for Virginia governor, broke with tradition in skipping what traditionally is the first debate between Virginia’s gubernatorial candidates. Youngkin defeated former Gov. Terry McAuliffe that fall.

“For years, the nonpartisan VBA informed its members and the public on candidates’ views through debates that were the first of the campaign season,” VBA President Kimberlee Harris Ramsey said in a statement. “We regret that we will be unable to continue this tradition, but we cannot hold debates that encourage participation in the election process when the candidates decline to take part.”

Spanberger and Earle-Sears earned their parties’ respective gubernatorial nominations after being the only candidates to file by deadline. The Nov. 4 election will determine Virginia’s first woman governor, while Earle-Sears would become the country’s first Black woman governor if elected.

In place of the debate, the VBA will offer on conflict resolution and pro bono service.

PRA Group’s new president and CEO takes reins

Martin Sjolund became ‘s president and this week, succeeding Vikram “Vik” Atal at the -based global nonperforming loan business.

Sjolund, who was named as Atal’s successor in April and officially took the post June 17, was previously president of PRA Group Europe. According to a PRA spokesperson, Sjolund will split his time between London and Norfolk. Atal plans to serve as a senior adviser through the end of the year.

Atal, who was named CEO in 2023, stated at the time in a letter to shareholders that his goal was to stabilize the company, which reported a net loss of $83.5 million in fiscal 2023. PRA recorded $70.6 million in income in 2024, and Atal noted in a statement that it was “a transformational year reflecting decisive action and rigorous execution, which drove significantly improved results.” Last year, PRA made $1.4 billion in portfolio purchases, up 22% year-over-year.

“I am honored to have the opportunity to lead PRA Group as we enter our next phase of growth,” Sjolund said in a statement. “As a team, we have already achieved record global portfolio purchases and double-digit cash growth, expanded our leadership team, improved operational processes and strengthened our capital structure. These actions have positioned us to continue driving the company forward while delivering value to our shareholders.”

Sjolund served as PRA’s Europe president since 2018, overseeing 15 markets in Europe, Canada and Australia, where PRA has nearly $3 billion in portfolio investments. He joined the company in 2014 after PRA Group acquired Aktiv Kapital, where Sjolund was director of group strategy and corporate development. From 2015 to 2018, he was PRA’s chief operating officer for Europe.

Formerly a management consultant with McKinsey, Sjolund graduated from the University of Chicago’s business school and Georgetown University.

Also this week, Owen James was named PRA’s Europe president, succeeding Sjolund. He joined PRA Group in 2012 through the company’s acquisition of Mackenzie Hall Holdings.

Atlantic Union to expand Henrico office, add 50 jobs

Atlantic Union Bank is investing $5.1 million to upgrade its corporate offices in to accommodate growth, the bank announced this week.

The -based bank says it will make improvements to an existing two-story, 39,000-square-foot office building within Henrico’s mixed-use Innsbrook corridor to accommodate 50 additional corporate positions.

Executive Director Anthony J. Romanello says this new building will be ‘s third in Innsbrook. He said the bank plans to do a full interior renovation of the building, which is vacant.

“Our growth in Henrico reflects more than just momentum,” said Duane Smith, chief enterprise services officer and chief of staff of Atlantic Union Bank, in a statement. “It’s a commitment to being the kind of partner our communities deserve. We’re serious about our mission of exceeding customer expectations — not just with the products and services we offer, but with good jobs, meaningful investments and a genuine desire to make a difference where we live and work.”

Atlantic Union Bank holds $38 billion in assets, has originated $30 billion in loans and employs over 3,200 people — including more than 460 employees in Henrico.

The bank said it will allocate $21 million of its spending to small, women-owned and minority-owned certified suppliers.

Henrico Board of Supervisors Chair and Brookland District Supervisor Daniel J. Schmitt said in a statement that he was thrilled by the announcement.

“Their $5 million investment speaks volumes about the strength of our business environment and the talent of our workforce,” said Schmitt. “This brings high-quality jobs to our community and reinforces Henrico’s reputation as a premier destination for corporate services.”

Tarley is new president-elect of Virginia State Bar

Williamsburg attorney Susan Bradford Tarley was chosen the 2025-26 president-elect of the  on June 13 during the organization’s annual meeting in Virginia Beach.

Tarley is a partner at , where she focuses her practice on real estate, business matters and creditors’ rights. She has also served as an adjunct professor at the College of William & Mary Law School and as a substitute judge for the Ninth Judicial Circuit.

“I stand before you incredibly honored, deeply grateful, and only mildly terrified to accept the role of president-elect,” Tarley said after her election.

Tarley’s service to the VSB includes time on VSB Council, the Clients’ Protection Fund Board and as co-chair of the Common Interest Community subcommittee of the Real Property Section.

During her career, Tarley has received multiple honors, including being named to Virginia Lawyers Weekly’s inaugural Leaders in the Law class in 2006 and as a 2023 inductee of the Virginia Lawyers Hall of Fame. She was tapped as a Fellow earlier this year.

“We are stronger, wiser, and more just when every voice has a seat at the table,” Tarley said. “If you’ve ever been a person who didn’t get a seat at the table, you know how important it is to have your voice heard. We are better equipped to solve our profession’s challenges when ideas are shared and welcomed.”

Tarley is a graduate of Penn State University and the George Mason School of Law. She practices law alongside her husband, John Tarley Jr.

PACE Equity announces Richmond leader

Wisconsin-based , which specializes in commercial property assessed (C-PACE) financing for development projects, expanded its team this month with the addition of Steve Farbstein as ‘s .

PACE Equity announced Farbstein’s appointment in May, and he began his new role on June 9. He is the company’s first representative for the Richmond area. In this role, he will manage its portfolio in the region, working closely with developers and ensuring that projects progress.

Farbstein has more than 30 years of experience in the industry, and most recently was the chief revenue and development officer at Blue Ridge Bank in Richmond, where he led the bank’s fee income lines of business following its merger with Bay Banks of Virginia.

“Steve’s leadership will help strengthen PACE Equity’s role as a national leader in commercial PACE financing,” Beau Engman, the company’s president and founder, said in a statement. “His passion for leadership and community impact as well as deep industry expertise will help grow PACE Equity’s presence in the Richmond area.”

Farbstein’s previous senior leadership roles include vice president of business development at Cornerstone RPO and head of mortgage banking at both Park Sterling Bank (now South State Bank) and StellarOne Bank.

Headquartered in Milwaukee, PACE Equity has funded C-PACE projects nationwide and helped spur over $6.3 billion in energy-efficient commercial development while eliminating more than 1.4 million metric tons of carbon.

EY names 5 Virginians Mid-Atlantic Entrepreneurs of the Year

SUMMARY:

Five Virginia business leaders have been named winners of Ernst & Young’s Mid-Atlantic Entrepreneur of the Year Award for 2025.

The winners, named Wednesday by the Big Four global professional services company, are:

  • Jeff Beck, and co-founder of AnswersNow in
  • Greg Craddock, CEO of Patriot Group International in Warrenton
  • Shubhi Mishra, founder and CEO of Raft in McLean
  • Ahmad Nassar, CEO of Winners Alliance in
  • Mark Drever, founding partner and CEO of Xcelerate Solutions in McLean

The five are among the 12 mid-Atlantic winners EY recognized, honoring entrepreneurs and businesses from Virginia, Maryland and Washington, D.C. An independent panel of past winners, top CEOs and business leaders chose the regional winners, who will now to on to compete for the national awards later this year.

The candidates were judged on long-term value creation, entrepreneurial spirit, commitment, significant growth and impact. EY founded its EOY award in 1986. While the program has expanded to nearly 60 countries globally, in the U.S. the award is divided into 17 regions.

According to EY, Beck was chosen for revolutionizing virtual applied behavior analysis therapy for children with autism — slashing wait times from over a year to just five days. AnswersNow uses a proprietary digital platform and a network of Ph.D. and master’s-level therapists in centralized locations.

EY selected Craddock for being a key player in national security and government services, with a spokesperson saying he demonstrated “resilience and growth in a competitive GovCon sector.” Patriot Group International delivers mission support services for clients in the intelligence, defense and private sectors.

Mishra was honored for her “leadership in innovative solutions.” Raft is a defense tech company that specializes in autonomous data fusion, agentic artificial intelligence and legacy system modernization. Its work solves challenges for the U.S. and national security agencies, aiding decision-making across air, land, sea, space and cyber domains.

Nassar’s Winners Alliance represents and commercializes the group name, image and likeness rights of professional athletes worldwide. The organization creates group licensing, sponsorship, content and investment opportunities.

Drever was recognized for spearheading growth in consulting and safeguarding federal clients. Xcelerate Solutions is a national security company that helps federal agencies defend themselves from evolving cyber threats.

“All of these entrepreneurs are on a mission to solve problems and shape the future, and their journeys are truly inspirational,” Steve Canaras, program co-director of EOY Mid-Atlantic, said in a statement. “It’s an honor to give them the recognition they deserve through our program.”

The winners will now move on to be considered for the Entrepreneur of the Year national awards, set to be presented in November.

General Dynamics wins $987M submarine contract modification

General Dynamics Electric Boat, the shipbuilding unit of -based aerospace and defense giant , won a $987 million contract modification from the U.S. , the company announced this week.

The modification will allow additional component development, class lead yard support and Industrial Base development in the production of new submarines for the U.S. .

“This contract modification funds important shipyard and supply chain work essential to achieving the necessary growth in output and supports our efforts to accelerate submarine delivery,” Mark Rayha, president of , said in a statement. “The ongoing support for the shipyards and our supply base from the Navy, Congress and the administration is appreciated and necessary for us to meet the Navy’s current and future demand for submarines.”

According to the announcement, most of the work will be completed in Groton, Connecticut — Electric Boat’s headquarters — and about 15% will be performed in . The remaining 15% will be done in Rhode Island. The work is expected to be finished by December 2031, and the Naval Sea Systems Command is the contractor.

Experts urge Boeing 737 Max engine fix after bird strikes

SUMMARY:

  • urges urgent engine changes to 737 Max jets
  • Bird strikes caused smoke in cabins
  • , Boeing previously issued guidance on the issue
  • and Chinese jets may face similar engine risks

Safety experts recommended Wednesday that the engines on Boeing’s troubled 737 Max airplanes be modified quickly to prevent smoke from filling the cockpit or cabin after a safety feature is activated following a bird .

The problem detailed by the National Transportation Safety Board emerged after two bird strikes involving Southwest Airlines planes in 2023 — one in Havana, Cuba, and another in New Orleans. The Federal Aviation Administration and Boeing already warned airlines and pilots about the problem and the engine maker has been working on a fix.

The NTSB said that the engines CFM International makes for the Boeing plane can inadvertently release oil into the hot engine when the safety feature, called a load reduction device, is activated after a or similar engine issue. The resulting smoke feeds directly into either the cockpit or passenger cabin depending on which engine was struck.

Similar engine models with the same safety feature are also used on Airbus A320neo planes and C919 planes made by the Commercial Aircraft Corporation of China. The NTSB urged European and Chinese aviation safety regulators to evaluate those engine models to determine if they could also be susceptible to the smoke problem.

Safety device solved one problem but created another

The new safety device that CFM added to its engines solved one problem by limiting damage when an engine starts to come apart, but created a new problem by releasing the oil that burns and generates smoke.

“This is a case of an unintended consequence of a new and innovative safety idea where if the fan gets unbalanced that this is a way to alleviate the load and thereby doing less damage to the engine, the engine pylon, all of that,” said aviation safety expert John Cox, who is of the Safety Operating Systems consulting firm.

CFM said in a statement that it is “aligned with the NTSB’s recommendations and the work is already underway, in close partnership with our airframers, to enhance the capability of this important system.” The company, which is a joint venture between GE Aerospace and Safran Aircraft Engines, confirmed it is working on a software update for the 737 Max’s engines and said it is evaluating similar engine models.

Boeing said it is working with CFM on the update and the planemaker supports NTSB’s recommendations. Boeing also updated some of the checklists pilots rely on to help them take appropriate actions.

The NTSB investigated a December 2023 incident in which a Southwest Airlines plane struck a bird while taking off from New Orleans and had to land quickly after thick smoke filled the cockpit — even making it hard for the pilot to see the instrument panel or his copilot.

In an incident nine months earlier involving another Southwest 737 Max, smoke filled the cabin after a bird strike after takeoff in Havana.

Air from the left engine on a 737 Max flows directly into the cockpit while air from the right engine flows into the passenger cabin.

FAA says it will require airlines to implement a permanent fix when it’s available

While these incidents were both bird strikes, the NTSB said this could happen in certain other circumstances.

The FAA said in a statement that it agrees with the NTSB recommendations and when “the engine manufacturer develops a permanent mitigation, we will require operators to implement it within an appropriate timeframe.”

Pilots can act to limit smoke in the plane by manually cutting off airflow from the engines, but smoke can quickly start to fill the cabin within a few seconds. The engine manufacturer is working on a software update that should do that automatically, but that’s not expected to be ready until sometime in the first quarter of next year.

The NTSB said in its report that several pilots who fly Boeing 737s told investigators they weren’t aware of these incidents despite the efforts Boeing and the FAA have made. The NTSB said “it is critical to ensure that pilots who fly airplanes equipped with CFM LEAP-1B engines are fully aware of the potential for smoke in the cockpit.”

Airbus didn’t immediately respond to a request for comment.

A Southwest spokesperson said the airline has been in close contact with the FAA, Boeing and the engine maker since the incidents and notified its pilots after they happened. The spokesperson said the airline continues to address the issue through its training and safety management systems.

Persistent troubles for the 737 Max

The planes have been the focus since they were involved in both incidents, and there has been a history of other problems with that plane.

The Max version of Boeing’s bestselling 737 airplane has been the source of persistent troubles for Boeing after two of the jets crashed. The crashes, one in Indonesia in 2018 and another in Ethiopia in 2019, killed 346 people.

The problem in those crashes stemmed from a sensor providing faulty readings that pushed the nose down, leaving pilots unable to regain control. After the second crash, Max jets were grounded worldwide until the company redesigned the system.

Last month, the Justice Department reached a deal to allow Boeing to avoid criminal prosecution for allegedly misleading U.S. regulators about the Max before the two crashes.

Worries about the plane flared up again after a door plug blew off a Max operated by Alaska Airlines, leading regulators to cap Boeing’s production at 38 jets per month. The NTSB plans to meet next Tuesday to discuss what investigators found about that incident.

Aflac finds suspicious activity on US network that may impact Social Security numbers, other data

SUMMARY:

Aflac says that it has identified suspicious activity on its network in the U.S. that may impact Social Security numbers and other personal information, calling the incident part of a against the insurance industry.

The company said Friday that the intrusion was stopped within hours.

“We continue to serve our customers as we respond to this incident and can underwrite policies, review claims, and otherwise service our customers as usual,” Aflac said in a statement.

The company said that it’s in the early stages of a review of the incident, and so far is unable to determine the total number of affected individuals.

Aflac Inc. said potentially impacted files contain claims information, health information, Social Security numbers, and other personal information, related to customers, beneficiaries, employees, agents, and other individuals in its U.S. business.

The Columbus, Georgia, company said that it will offer free credit monitoring and identity theft protection and Medical Shield for 24 months to anyone that calls its call center.

Cyberattacks against companies have been rampant for years, but a string of attacks on retail companies have raised awareness of the issue because the breaches can impact customers.

United Natural Foods, a wholesale distributor that supplies Whole Foods and other grocers, said earlier this month that a breach of its systems was disrupting its ability to fulfill orders — leaving many stores without certain items.

In the U.K., consumers could not order from the website of Marks & Spencer for more than six weeks — and found fewer in-store options after hackers targeted the British clothing, home goods and food retailer. A on Co-op, a U.K. grocery chain, also led to empty shelves in some stores.

A security breach detected by Victoria’s Secret last month led the popular lingerie seller to shut down its U.S. shopping site for nearly four days, as well as to halt some in-store services. Victoria’s Secret later disclosed that its corporate systems also were affected, too, causing the company to delay the release of its first quarter earnings.

The North Face said that it discovered a “small-scale credential stuffing attack” on its website in April. The company reported that no credit card data was compromised and said the incident, which impacted 1,500 consumers, was “quickly contained.”

Adidas disclosed last month that an “unauthorized external party” obtained some data, which was mostly contact information, through a third-party customer service provider.