Please ensure Javascript is enabled for purposes of website accessibility

2025 Virginia C-Suite Awards: Large Private Companies

Caliri

PRESIDENT, , FREDERICKSBURG

Caliri joined SimVentions, a 25-year-old employee-owned defense contractor, in 2009 as its vice president of tactical systems and business development, rising through the ranks to president and soon to the top of the company, succeeding Larry Root, who plans to retire this year.

Caliri became president of SimVentions in 2019 and oversaw the private company’s transition to an employee stock ownership plan (ESOP). Throughout his tenure, the company has seen revenue and employee numbers grow. Since becoming an ESOP in 2020, SimVentions has recorded 46% growth in share price.

Root calls Caliri “a leader that maintains a high level of integrity and has little patience for someone that does not ‘walk their talk.’ Joe is certainly a man of his word, meaning what he says and saying what he means, and then following through.”
A Navy veteran who was an electronics warfare chief and surface warfare specialist, Caliri is a graduate of Saint Leo University and the Florida Institute of Technology, where he earned his MBA. He serves as chairman of the Fredericksburg Regional Military Affairs Council and is an adjunct professor at the University of Mary Washington’s College of Business.

On my business’ responsibility to the community: I live by the idea that a rising tide lifts all ships, and the tides are changing quickly, with many rogue waves causing disruption. This is especially true in these times. For me or my company to succeed, our customers and stakeholders must first be successful.

Faulkner

PRESIDENT AND CEO, THE BREEDEN CO., VIRGINIA BEACH

Faulkner joined The Breeden Co. in 2004 as president of its property management arm, rising to chief operating officer and then president and CEO in 2022. A West Point graduate who earned a degree in operations research and systems analysis, Faulkner spent four years in the U.S. Army, including as a platoon leader. As a civilian, Faulkner worked for Procter & Gamble and Lawton Lumber, where he became president and chief operating officer.

Always a major player in and property management, Breeden was founded by Ramon W. Breeden Jr., whom Faulkner succeeded as CEO. The company has a portfolio of more than 25,000 apartments and 2 million square feet of retail and office space. The company appeared on the Inc. 5000 list of fastest-growing companies in 2022 and 2023, with 205% growth attributed to expansions in its third-party construction and property management divisions.

Outside of work, Faulkner chairs the Virginia Symphony Orchestra board, and he says that supporting animal protection organizations and protecting the region from sea-level rise are important priorities for him. “By raising awareness and advocating for proactive measures, I aim to address the challenges posed by climate change and protect our community’s future,” he says.

Best advice I’ve received: Work hard at the right things and prioritize, and never develop tired eyes — meaning, maintain attention to detail and don’t walk past things that aren’t right.

Fowler

CALVIN W. ‘WOODY’ FOWLER JR.

CHAIRMAN, PRESIDENT AND CEO, WILLIAMS MULLEN,

Fowler joined Williams Mullen more than three decades ago, and he’s currently in his fourth three-year term leading the state’s second largest law firm. With more than 260 attorneys on staff, Williams Mullen saw its profits rise from $106 million in 2013 to $195 million in 2024.

Fowler earned his bachelor’s and law degrees at the University of Virginia and counts among his clients several colleges and universities, health care systems and insurance companies. He was litigation chair at Williams Mullen before becoming the firm’s CEO and president in 2015. David Burton, a partner at the firm, notes that Fowler “is what you want in your CEO: He is direct, responsive and fair.” In addition to his other legal work, Fowler has served as an arbitrator and mediator in alternative dispute resolutions. Under his leadership, the firm has grown its roster of national and international clients, maintaining offices in Richmond, Charlottesville, Virginia Beach, Tysons and the Carolinas.

Fowler is also involved in several civic organizations, including serving on boards for the Virginia Chamber of Commerce and RVA757 Connects, as well as serving as former board chair and Heart Walk chair for the American Heart Association’s Richmond chapter. Fowler has been recognized by his peers annually as one of Virginia Business’ Legal Elite since 2008.

How I foster a positive culture: It’s hard to have a happy life if you don’t find satisfaction and joy in your work. We found that our employees are happier, more productive and more engaged when they clearly understand their role in supporting our strategic plan and see our progress toward meeting our goals. We do that by being very transparent about our results each month.

Halliday

CRAIG HALLIDAY

CEO, UNANET, DULLES

A tech leader whose experience extends from Oracle to Intelex Technologies, Halliday joined Unanet in 2019, driving growth at the Dulles software company. In November 2024, the company acquired Washington, D.C.-based GovPro AI, which provides AI-powered proposal-writing software for government contractors, and in February, Unanet picked up Contraqer, which produces procurement and market intelligence software for the GovCon industry. Unanet also purchased Cosential, a Texas-based customer relationship management software company, in 2020.

Halliday is among 19 Virginia business leaders who are finalists for Ernst & Young’s 2025 Mid-Atlantic Entrepreneur of the Year award, with winners set to be announced June 18. And Unanet has appeared on the Inc. 5000 list of fastest-growing U.S. companies annually since 2019. Halliday also has appeared on Executive Mosaic’s Wash100 Awards list for the past three years, recognizing his prominence in federal contracting.

Acknowledging the current environment of uncertainty among government contractors, he writes, “The wave of austerity measures, and government contracting cancelations and modifications coming from Washington, D.C., has been destabilizing not just for businesses but for people. … As the head of a company, I feel I have a responsibility to our customers (many of which are government contractors) and to our employees to communicate consistently and transparently with them.”

Best advice I ever received: The best advice I ever got came early in my career from my managing partner at Arthur Andersen. He told me that you should always do what you say you will do. That’s how you earn trust from people.

Huffman

CO-CEO AND CHIEF INVESTMENT OFFICER, CAPITAL SQUARE, GLEN ALLEN

One of Virginia’s fastest-growing real estate investment and development companies, Capital Square is deeply involved in Richmond’s Scott’s Addition neighborhood, where it has six multifamily properties that are expected to top out with 1,220 residential units. The Henrico County firm also manages more than $6 billion in assets, mainly in the Southeastern U.S., including a high-rise apartment tower in Raleigh, North Carolina, and major projects in Knoxville, Tennessee, and Charleston, South Carolina.

Huffman joined Capital Square, which was founded by his father-in-law, Louis J. Rogers, as chief strategy and investment officer in 2018, and in 2022, he was named co-CEO. Huffman was instrumental in starting Capital Square Living, the firm’s property management branch, and the company has taken 33 Delaware statutory trusts (DSTs) full cycle since 2018, resulting in 169.15% average total returns, with an average 12.89% rate of return to investors. He previously was an associate with Maryland real estate investment trust JBG Smith Properties.

Huffman also has raised money for the Children’s Tower at the Children’s Hospital of Richmond at VCU, and has volunteered for the March of Dimes, World Pediatrics and the National Multiple Sclerosis Society.

A quote I live by: My grandfather always told me, “No one can take the ultimate weight of decision-making off your shoulders. But the more you know about how things really are, the lighter the burden will be.” Learning is essential. Continuous exploration and analysis are essential. Decision-making can feel like a weight, but nothing is insurmountable with the right knowledge and the right team in place.

Schmuckler

JOSEPH SCHMUCKLER

CEO AND MANAGING DIRECTOR, CARY STREET PARTNERS, RICHMOND

A veteran who joined Richmond-based wealth management firm Cary Street Partners (CSP) in 2015, Schmuckler previously worked for Tokyo-based Mitsubishi UFJ Financial Group as a senior executive officer and spent 17 years at Nomura Holdings, gaining experience in leading securities and capital markets worldwide. Schmuckler is a graduate of the University of Delaware and New York University, where he earned an MBA in finance. He started his career at Kidder, Peabody & Co., where he became a partner.

Since Schmuckler joined Cary Street, the company has grown from 10 to 19 offices, increasing its assets under management from $2 billion to over $10 billion and representing about 7,000 clients. In April, the firm announced that it plans to sell a majority stake to CIVC Partners, a Chicago private equity firm. In 2022, CSP purchased Atlantic Union Bank’s registered investment adviser (RIA) subsidiary, Dixon, Hubard, Feinour & Brown, for $1.6 billion, and Atlantic Union bought a minority stake in Cary Street.

Schmuckler says that accountability and leading by example are two of his pillars of leadership, as well as addressing mistakes when they occur.

On success: When we thrive, we’re able to reward our people and their families, offering competitive pay, benefits and more. Success also enables us to create career opportunities for our current team, as well as for others in the community who might not have access to these chances otherwise.

Virginia 500 Spotlight: Shawn Tibbetts

HOW I CHOSE MY CAREER: Upon graduation from James Madison University, I joined shipping giant A.P. Møller – Mærsk. From there, I led all operating functions at the Port of Virginia. Lastly, I was fortunate to be introduced to Dan Hoffler and Lou Haddad at . The rest is history, and I look forward to making more of it by leading Armada Hoffler into our next chapter of existence as one of the best companies in the country.

ADVICE FOR NEW COLLEGE GRADUATES: Don’t overthink your career path. Be flexible as conditions change over time and manage accordingly. People are looking for shortcuts, however, I believe there is tremendous value in hard work, which, in itself, is often the competitive advantage and differentiator.

ONE THING PEOPLE ARE SURPRISED TO LEARN ABOUT ME: I am naturally an introvert.

DID YOU KNOW? Before leading mid-Atlantic real estate investment trust Armada Hoffler, Tibbetts was of the Port of Virginia, where he managed major projects such as the $320 million Virginia International Gateway expansion and deploying a new terminal operating system and truck appointment system.

Richmond’s new tallest building planned

Between the $30 million outdoor Allianz Amphitheater at Riverfront and CoStar’s $460 million expansion, downtown is transforming — and even more is in the works.

An anonymous-for-now New York developer is working on a potential high-rise project at 703 E. Main St. On the case is architecture firm , which is also designing the new Richmond Flying Squirrels ballpark.

Having lived in Richmond for 23 years, Nick Cooper, Richmond office director for LaBella Associates, says he’s pitched many different land parcels to a variety of developers in Chicago, New York and Washington, D.C., over the years, but this one “really caught the interest of my client in New York for a lot of reasons,” Cooper says, thanks to all the current development in Richmond.

The multiuse building would be about 875,000 square feet, climbing to 475 feet with 43 stories, likely making it the tallest building in Richmond, Cooper says. It would include a boutique hotel, which “is much needed now that you have CoStar and the amphitheater there that will attract lots of great visitors,” he adds.

There would also be condominiums for sale and apartments and office space for lease. The team has also been able to lock in a 200,000-square-foot office tenant, and the building will include Richmond’s first Class A “trophy” office space in the past 20 years, Cooper says. Plus, the building will include retail space, with the developer hoping to attract at least one boutique grocery store or an urban Target “so that we can really bring some activity in that area as well and be a catalyst along Seventh Street,” Cooper says.

The parcel is still owned by the Commonwealth of Virginia, but as of April the state was set to sell it during the following few months and formalize it in November. LaBella doesn’t plan on releasing the name of the developer until the sale goes through to ensure “there’s no hiccups with acquiring the land,” Cooper says.

The project’s anticipated completion is by 2029 or 2030, a more conservative estimate based on the complexity of the structure.

“That’s just kind of the nature of the beast with a really complicated, tall tower like this,” Cooper says. “We have some really great experts on the team, and we’re prepared to kind of work through those challenges and opportunities.”

June 2025 for the record

A massive $80 million, 846,260-square-foot spec industrial building under construction in southern Chesterfield County is expected to be ready for delivery before the end of the year. New York-based real estate developer PNK Group began construction on the building at 1640 Ashton Park Drive during the first quarter of this year. According to a company spokesperson, it is the company’s first Virginia project and the largest industrial building available in the market. The site includes warehouse lighting, docks and office space. It will also include almost 570 trailer spaces and feature 40-foot ceilings. (VirginiaBusiness.com)

The U.K.-based Admiral Group is selling Henrico County-based auto insurer Elephant Insurance to J.C. Flowers & Co., a New York-based private investment firm, according to an April announcement. A news release said the deal is for “an undisclosed cash consideration … representing approximately the net asset value of Elephant.” The transaction, which is subject to regulatory approval, is expected to close in the fourth quarter of the year. The company’s name is not expected to change, and no employees are expected to lose their jobs. Elephant has more than 500 employees. (VirginiaBusiness.com)

The Lego Group announced on May 8 it will invest $366 million to build a 2 million-square-foot warehouse in Prince George County, expected to create 305 jobs. The warehouse and distribution center will be located at 8800 Wells Station Road in the county’s Crosspointe Business Centre. Construction will start later this year, and the Danish toy company expects it to be operational in 2027. The center will support the $1 billion, 1.7 million-square-foot Lego manufacturing campus under construction in Chesterfield County. Lego expects to begin production at the Chesterfield facility in 2027 — at least a year later than originally planned. (VirginiaBusiness.com)

An April U.S. Senate report found that Richmond Community Hospital, which is owned by health system Bon Secours, generated $276 million over five years through a government program known as 340B. The program allowed the hospital to buy expensive drugs at a significant discount because the hospital has a low-income patient demographic. However, Bon Secours ended up selling the drugs to well-insured patients in wealthy Richmond neighborhoods. The Richmond Coalition for Health Equity demanded that Bon Secours reinvest all the 340B revenue into the struggling community hospital. Bon Secours says it has used the program legally. (Richmond Times-Dispatch)

An entity sharing an address with Dallas-based commercial real estate company Stream Realty Partners purchased 4701 and 4949 Commerce Road in Richmond for $97.5 million on April 9, according to city property records. A different entity sharing the Stream Realty Partners address, Chesterfield County records show, purchased roughly 135 acres at 15601 Route 1 in Chesterfield for $3 million on March 28. Amazon.com has been leasing space at the Richmond warehouse campus. But an Amazon spokesperson said in April the company has no plans to vacate the 460,000-plus-square-foot fulfillment and delivery center. (VirginiaBusiness.com)

The Greater Richmond Partnership announced in April that Kansas-based engineering and scientific consulting firm Terracon has opened an office in Richmond that is expected to create 25 jobs within the next year. The office location at 3711 Saunders Ave. is meant to provide the company with access to key industrial and manufacturing clients in the area. Some of the new jobs tied to the office include field technicians and positions related to engineering, project management and administrative support opportunities. Terracon also plans to work with local schools and colleges to offer internship programs and mentorship opportunities. (VirginiaBusiness.com)

Eastern Virginia

Bon Secours on May 6 officially opened its new $80 million, 100,000-square-foot Harbour View Medical Center in Suffolk. The three-story addition adjoins the existing Bon Secours Health Center at Harbour View campus. Bon Secours broke ground on the hospital in October 2022, and construction wrapped up on March 31. The new medical center includes 18 private inpatient rooms and four new operating rooms, a freestanding emergency department and on-site laboratory and imaging services, including CT, MRI and X-ray capabilities. The center also features “smart” hospital rooms, which utilize AI-powered technology that integrates with patients’ electronic medical records. (VirginiaBusiness.com)

During a May 1 earnings call, Dominion Energy and Bob Blue said construction costs from the Coastal Virginia Offshore Wind project off the coast of , which aims to power up to 660,000 homes, could rise due to tariffs on imported goods from President Donald Trump’s trade war. Blue said through the end of the first quarter, the project incurred actual tariff costs of $4 million. If current tariff policies continue through the end of 2026, when the wind farm is expected to be fully operational, it’s estimated that the impact would grow to $500 million. (VirginiaBusiness.com)

Newport News-based Huntington Ingalls Industries and Reston’s General Dynamics have been awarded Navy contract modifications worth up to $18.4 billion to build two Virginia-class submarines, the Department of Defense announced April 30. General Dynamics’ Connecticut subsidiary Electric Boat is being awarded $12.4 billion for construction of the nuclear-powered vessels and investment to improve productivity and workforce support, with options to increase the contracts to a total of $17.1 billion. HII and its Newport News Shipbuilding division is being awarded $1.2 billion. The two ships, contracted by Naval Sea Systems Command, are expected to be completed by June 2036. (VirginiaBusiness.com)

LS GreenLink USA on April 28 broke ground on the tallest structure in Virginia. Gov. Glenn Youngkin, U.S. Sen. Tim Kaine and several Chesapeake officials gathered at 1213 Victory Blvd. in Chesapeake to kickstart construction of the company’s roughly $700 million offshore wind subsea cable manufacturing facility, the first of its kind in the United States. The site will include a 750,000-square-foot production facility with a 660-foot tower needed to support the production of massive cables. Construction should wrap up in the third quarter of 2027, with the site operational in the first quarter of 2028. (VirginiaBusiness.com)

Newport News City Council on April 22 approved the rezoning of a vacant lot at 350 Yorktown Road to allow a 620-unit housing development on historic Endview Plantation. The proposed 282-acre project, called the Parkside at Endview, is near the city’s border with York County. The project calls for nearly 32,000 square feet of commercial space and 125 acres of planned open space, including new trails that will connect to Newport News Park. The Newport News’ Economic Development Authority currently owns the property and will work on the project with D.R. Horton, and WeldenField of Virginia. (The Virginian-Pilot)

Rivers Casino Portsmouth and Chicago-based Rush Street Gaming are planning to break ground on a $65 million hotel in Portsmouth this summer, more than two years after the casino first opened. Portsmouth Mayor Shannon Glover revealed the plans for The Landing Hotel Portsmouth during his annual State of the City address in May. The eight-story hotel will be located directly adjacent to the casino, overlooking the property’s water feature. It will have 106 guest rooms, including 32 suites ranging from roughly 400- to 800-plus square feet. The hotel is expected to open in early 2027. (VirginiaBusiness.com)

Arlington County-based defense contractor AeroVironment on May 1 announced it has completed its $4.1 billion acquisition of Arlington aerospace and defense tech firm BlueHalo. Previously owned by private equity firm Arlington Capital Partners, BlueHalo works in space technologies, counter-uncrewed aircraft systems, electronic warfare, cyber, artificial intelligence and uncrewed underwater vehicles. The deal was announced in November 2024, and AeroVironment expects the combined company to deliver more than $1.7 billion in revenue. (VirginiaBusiness.com)

When Amazon.com picked Arlington County as the site of its HQ2 East Coast headquarters in 2018, the online behemoth said it expected to create 25,000 jobs by 2030. However, in an April 1 application requesting payment of $6.4 million in taxpayer-funded initiatives from the state, Amazon checked the “moderate” box as a reflection of its confidence that it would meet the job target by 2038. In every previous application filed with the state, Amazon checked the “high” confidence box. It also fell short of a goal of hiring 10,000 workers making an average salary of $161,593 by the end of 2024. Amazon says it has hired only 7,232 employees at that wage or higher. (VirginiaBusiness.com)

Beacon Roofing Supply, a Herndon-based Fortune 500 roofing material and building supplies company, was sold to Connecticut software and tech business QXO for $11 billion at the end of April. Beacon CEO Julian G. Francis, who led the company since 2019, has left, QXO said. However, many of Beacon’s employees in Herndon are expected to remain in place. QXO announced its definitive merger agreement in March for $124.35 per share in cash, a 10-cent increase from a January offer that Beacon declined. (VirginiaBusiness.com)

McLean businesswoman Kimmy Duong made a $20 million donation to George Mason University. Her foundation made the gift to support a department in the university’s College of Engineering and Computing; it will be renamed for Duong and her husband as the Long Nguyen and Kimmy Duong School of Computing, according to the April announcement. Nguyen founded Reston IT company Pragmatics, where Duong worked as vice chair and CFO. The couple has retired, but both have philanthropic foundations. (VirginiaBusiness.com)

Northern Virginia business leaders’ confidence in the economy declined in the second quarter of 2025, according to a Northern Virginia Chamber of Commerce survey released in late April. About 59% of the 298 executives responding to the survey said they believe the region’s economy will decline in the next six months, in contrast to a January survey in which 60% of respondents thought the economy would grow over the next six months. Their major concerns were federal job cuts and their impact on federal contracts, according to the report, and tariff policies were also a concern. (VirginiaBusiness.com)

The Washington Commanders are set to return to the nation’s capital as part of an agreement between the NFL franchise and the District of Columbia government to build on the site of the old RFK Stadium. Mayor Muriel Bowser said April 28 that the District of Columbia and the Ashburn-based Commanders reached an agreement to construct a new home for the football team, which has played in Prince George’s County, Maryland, since 1999. The project totals nearly $4 billion, and the new stadium would open in 2030, with groundbreaking expected next year, pending approval by D.C.’s city council. (Associated Press)

/Lynchburg/

U.S. Rep. John McGuire, R-Goochland, and other officials attended an April 15 ground-breaking for a 100,000-square-foot industrial building that will be built at Seneca Commerce Park in Rustburg. An $11 million project, the building is the largest initiative undertaken by Campbell County Economic Development in over a decade. Scheduled to be completed in 2027, the building will be a dark shell, offering few or no interior improvements. Lynchburg’s Architectural Partners designed the structure and will provide engineering services. (VirginiaBusiness.com)

Delta Star, a manufacturer of power trans-formers and mobile transformer substations for the electrical grid, is investing $35 million to expand its Lynchburg operation and expects to create 300 jobs, Gov. Glenn Youngkin announced April 17. The Lynchburg facility is set to expand by 80,000 square feet. Most of the jobs created will be in manufacturing, but there will also be engineering and operational support positions. The news comes less than 24 months after Delta Star announced a $30 million investment to build a metal fabrication facility and corporate headquarters in Lynchburg. (VirginiaBusiness.com)

Virginia Gov. Glenn Youngkin, U.S. Sen. Tim Kaine and other dignitaries broke ground April 24 on the long-awaited New River Valley Rail Project in Christiansburg, which will return passenger service to the New River Valley for the first time since 1979. The $264.5 million project involves railroad infrastructure upgrades that will allow the Virginia Passenger Rail Authority to extend its Amtrak Virginia service from Roanoke to Christiansburg. The extension of service to Christiansburg will be through Norfolk Southern’s main line, the result of a 2024 agreement between VPRA and Norfolk Southern. (VirginiaBusiness.com)

In an unpopular move among restaurant owners, Roanoke’s meals tax will increase by one percentage point to 6.5% starting July 1. The increase on tax paid by restaurants serving food and drinks, with a two-year sunset for the measure, passed by a 5-1 Roanoke City Council vote May 12. Mayor Joe Cobb said it will take five or six years to cover the city’s $25 million deferred maintenance backlog, so he questioned the timing of the tax expiration. (The Roanoke Times)

JAB Holding Co., the Luxembourg-based holding company that owns a majority stake in Krispy Kreme doughnuts, plans to pay $3.1 billion to buy Prosperity Life Group, parent company of Roanoke-based Shenandoah Life Insurance, according to a March filing made with the State Corporation Commission. Applications for approval of acquisition of an insurer typically take between two and six months to complete, according to a spokesperson for the Virginia regulatory agency. Shenandoah Life Insurance had $1.96 billion in assets at the end of 2024. It collected $315 million in premiums last year  (VirginiaBusiness.com)

Volvo announced in April plans to lay off 250 to 350 workers at its Pulaski County facility in June. Between 300 and 450 employees will also be laid off at the company’s Mack Trucks Lehigh Valley Operations in Pennsylvania and at its Volvo Group Powertrain Operations in Maryland. This is a second wave of layoffs for the Dublin facility. In February, Volvo announced layoffs of between 250 and 350 employees, which, due to attrition, ended up impacting about 180 workers. Deliveries of Volvo’s trucks declined by 11% in the fourth quarter of 2024. (VirginiaBusiness.com)

Warrenton Town Council member Eric Gagnon and activist Cindy Burbank spoke to a crowd May 10 in Warren County about their local fight against a planned Amazon data center. The council approved a special-use permit for Amazon to build a 220,000-square-foot data center on 42 acres, despite vocal opposition by town and Fauquier County residents. In
2022, Warren County supervisors rejected a zoning ordinance meant to open the county to data centers. Burbank and Gagnon urged the community to get involved. (The Northern Virginia Daily)

Elkton Brewing Co. in May launched a unique coin called a “pint” as part of an effort to drum up business. The one-ounce coin of pure copper says “Elkton Brewing Co.” on one side and “One Pint” on the other. Customers can purchase the coin for $7.50 and exchange it for one pint of beer at the Elkton Brewing Co. Brewery co-owner August Napotnik has invited several other Elkton businesses to participate, including Funk Trunk and Mr. J’s., where people can spend the coins there as well. (Daily News-Record)

Frederick County Economic Development Authority Executive Director Patrick Barker discussed creating large project-ready sites in the county during a May 1 EDA board meeting. The board previously directed the EDA to create more sites that are 100 to 200-plus acres as a way of attracting large businesses to the area. Barker said the EDA identified five different
sites that are larger than 200 acres, and the goal is to find locations that could be project-ready within 18 to 24 months. But Barker acknowledged potential challenges, including making sure the sites have necessary utilities. (The Winchester Star)

During a May 5 Strasburg Town Council work session, Mount Jackson-based limited liability company Holtzman Mason Property discussed its proposed development near the intersection of Interstate 81 and John Marshall Highway
(Va. 55), within Shenandoah County but outside Strasburg’s corporate boundaries. The development could include a shopping center, up to six standalone restaurants and a gas station. The company wants Strasburg to provide utility service for the site, projecting daily usage of 22,800 gallons. Council members expressed hesitation and were unsure if a decades-old infrastructure agreement would legally compel them to provide service. (The Northern Virginia Daily)

PEOPLE

Farm Credit of the Virginias CEO Brad Cornelius will retire in the fourth quarter, ending a 33-year career with the Farm Credit System, a financial cooperative owned by member-borrowers. Cornelius has led Farm Credit of the Virginias since 2020. Staunton-based Farm Credit of the Virginias provides financing to farmers, agribusinesses and rural homeowners throughout Virginia, West Virginia and western Maryland and is the largest provider of agricultural credit in the United States. The co-op’s board will launch a national search for Cornelius’ successor. (VirginiaBusiness.com)

The Virginia Military Institute Board of Visitors on May 3 named Brig. Gen. Dallas Clark as acting superintendent but didn’t set a firm date for when a new superintendent will be selected. The board launched a search for a new superintendent after deciding in February to not extend the contract of the institution’s first Black superintendent, Ret. Maj. Gen. Cedric Wins. Wins had faced backlash from some alumni, parents and students over efforts to expand Title IX and bolster DEI efforts. Wins defended his leadership, saying that his tenure ended because of “bias, emotion and ideology.” (Virginia Mercury)

More than 400 stakeholders in the defense industry attended the multiday Accelerated Training in Defense Manufacturing and Additive Manufacturing Center of Excellence Summit, which was held at the Institute for Advanced Learning and Research in Danville in late April. The event included facility tours, speakers and panel discussions on the shipbuilding and repair industry including workforce development, technology and rebuilding the industry. Adm. James Kilby, vice chief of naval operations for the U.S. Navy, gave the keynote address and spoke about challenges facing shipbuilding and repair.
(Danville Register & Bee)

Danville plans to add a second battery energy storage system to its municipal utility portfolio. The battery systems store electricity during periods of lower demand and release it during periods of higher demand. The city’s first such system, a 10.5-megawatt project dubbed “Danville I,” went online in 2022 on Monument Street near Danville Utilities’ warehouse. The newer 11-megawatt system, “Danville II,” will be built at 900 Mount Cross Road, the site of a former city-owned propane storage facility. It’s expected to begin operating in the second quarter of next year. (Cardinal News)

Danville Utilities has applied for a $5 million grant from the U.S. Economic Development Administration to pay for a water line project at the Southern Virginia Megasite at Berry Hill. The city would have to provide a 50% match, or $2.5 million, for the grant. The money would fund a 20-inch water main project at Trotters Creek that will entail 8,000 feet of water line from Oak Hill Road to Berry Hill Road. Additional water projects in the works at the site include a 1.25 million-gallon groundwater tank that’s expected to be completed in September. (Danville Register & Bee)

Employees at Georgia-Pacific’s Emporia plywood mill were told May 2 that the company plans to permanently close the mill, with more than 550 workers losing their jobs, according to an announcement by the Georgia-based company that’s one of the world’s top manufacturers and marketers of tissue, pulp, paper and related products. Georgia-Pacific stated that housing affordability and a 30-year low in existing home sales are impacting its plywood business. The company plans to make a decision about what will happen to the Emporia facility and property at a later date. (VirginiaBusiness.com)

The Henry County Industrial Development Authority has signed a purchase-option deal with an unnamed company for the potential sale of a 1,200-acre undeveloped industrial site adjacent to the county’s Patriot Centre Industrial Park. The potential buyer negotiated a six-month purchase option agreement with the IDA for $50,000. The deal gives the business the exclusive right, but not the obligation, to buy the site, which is named Patriot Centre II but is commonly known as the Bryant property, for $1.2 million. The agreement allows the company to conduct studies and planning at the site. (VirginiaBusiness.com)

PEOPLE

Averett University installed Thomas H. Powell as its 16th president May 1, following the sudden resignation of its previous president, David Joyce, who cited his wife’s serious medical issue as his reason for stepping down after just three months. Powell, a former president of Mount St. Mary’s University in Maryland, comes to Averett amid reports of significant financial woes. In March, Averett filed a federal lawsuit against its former chief financial officer and an investment firm, alleging they drained close to $20 million from the university’s endowment without permission to meet university financial obligations. The investment firm has denied the allegations. (VirginiaBusiness.com)

Southwest Virginia

Four coal miners have sued Buchanan Minerals, alleging that their termination from a Buchanan County mine in April violated the federal Worker Adjustment and Retraining Notification Act. Joshua McCoy, Joey Hill, Timothy Vance and William Stiltner filed the suit April 30 in U.S. District Court in Abingdon. Buchanan Minerals is a subsidiary of West Virginia-based Coronado Coal, which owns the Buchanan mining complex near Oakwood. In total, the company terminated 140 employees on April 28, and the suit is a proposed class action. (Cardinal News)

The $2.5 million High Knob Destination Center opened in Norton on April 25. Located at 1147 Laurel Ave. SW, the 5,300-square-foot building has an exhibit room, a meeting/event room, retail space, four offices and a kitchen area. The destination center is meant to serve as a gateway to the High Knob region, which includes communities in Lee, Scott and Wise counties. It will offer information and programming highlighting recreational, ecological, historic and cultural sites in the region. The project was funded by the City of Norton, grants from the Appalachian Regional Commission and the U.S. Transportation Department’s Federal Lands Access Program and contributions from the Virginia Tobacco Region Revitalization Commission and Ballad Health. (The Coalfield Progress)

Hitachi Energy, a provider of electrical grid  infrastructure, plans to invest $22.5 million to upgrade its current facility in Bland County and to add a warehouse in Atkins, Gov. Glenn Youngkin  announced April 25. The project is expected to create 120 jobs. The Hitachi Energy facility in Bland is the United States’ leading source of dry-type transformers, which are used to adjust and stabilize the voltage of electricity flowing through power grids. Opened in 1972, the facility employs about 450 people. About $12.5 million will be invested in the Bland plant. The remaining approximately $10 million will go to the Smyth County facility that will handle core cutting and warehousing work. (VirginiaBusiness.com)

Austin, Texas-based RWE Clean Energy, the U.S. subsidiary of German renewable energy company RWE, announced in early May it had completed six energy projects with a combined capacity of 999 megawatts, including one in Virginia: the now-operational 75-megawatt Wythe County Solar farm. The project employed more than 300 workers during peak construction. It will generate about $7 million in property tax revenue over its lifetime. The other five projects were scattered across states, with one in Arkansas, one in California and three in Texas. (News release)

The U.S. Environmental Protection Agency notified the University of Virginia on May 1 that it is terminating a $19.9 million grant that would have funded eight Southwest Virginia projects, collectively called the Appalachian Environmental Resilience Community Change Grants Program. The projects include energy-efficient workforce housing in Buchanan County, a community center in Dickenson County, energy-efficiency improvements for child care centers in eight localities and research to identify locations for telehealth hubs that could double as safe places during natural disasters. The grant was awarded in January, before President Donald Trump took office. (Cardinal News)

The Virginia Coalfield Economic Development Authority and the coal and natural gas industries in Southwest Virginia generated $13.48 billion in economic impact, including direct, indirect and induced measures, in the region in 2024, according to a Chmura Economics & Analytics study released in May. They supported a combined total of 51,245 jobs in the region. The total economic impact of VCEDA-assisted businesses alone in Southwest Virginia was $11.2 billion, supporting 45,045 jobs. Of that, their direct impact was $8.4 billion in total gross revenues and 28,036 jobs. (News release)

2025 Virginia C-Suite Awards: Large Nonprofits

PRESIDENT AND , VIRGINIA HOSPITAL & HEALTHCARE ASSOCIATION, GLEN ALLEN

For the past 11 years, Connaughton has led — a trade association representing 26 member health systems operating 111 hospitals — from being a traditional association to becoming an organization with a larger mission. During the COVID-19 pandemic, VHHA tracked how many hospital beds were in use across the state, and the association has developed a workforce program to address health care labor shortages, as well as introducing safety and security initiatives, conferences and educational programs.

A retired Coast Guard officer and Naval Reserve commander, Connaughton worked as an attorney and served twice as chair of the Prince William County Board of Supervisors. He was Virginia’s transportation secretary from 2010 to 2014, and under President George W. Bush, Connaughton led the U.S. Maritime Administration. He is a graduate of the U.S. Naval War College who also holds degrees from George Mason University, Georgetown University and the U.S. Merchant Marine Academy.

One of his goals at VHHA is to make Virginia the nation’s healthiest state, and to that end, he proudly notes the high rankings hospitals from across the state have received in recent years from The Leapfrog Group, a nonprofit that grades hospital safety. Connaughton helped Virginia usher in Medicaid expansion and modernize the state’s certificate of public need program, which determines how many and what kinds of hospitals are built.

How I foster a positive culture: To support our team members in achieving professional and personal fulfillment, we make intentional investments in their growth and development. This occurs through leadership training, mentorship, educational support and resources, and opportunities to help staff members reach their full potential.

Hancock

EXECUTIVE VICE PRESIDENT AND CHIEF FINANCIAL OFFICER, ,

Hancock is the finance leader of Sentara Health, a $13 billion health system with 12 hospitals and more than 1 million health insurance customers. She took on that role in January after serving as Sentara’s chief transformation officer since 2023 and, prior to that, as the health system’s first chief administrative officer.

Formerly a health care consultant and auditor at both Ernst & Young and Deloitte, Hancock worked for Culpeper Regional Hospital, Dixon Hughes Goodman and as senior vice president and CFO for Bon Secours’ Virginia market. Immediately before joining Sentara, she was chief administration and financial officer for VCU Health, which had 13,000 employees at the time. Hancock also was the 2015-16 national chair of the Healthcare Financial Management Association.

Leading Sentara’s transformation office, Hancock is credited with helping launch more than 1,150 initiatives with a gross impact of $735 million, often through reducing administrative burdens and streamlining processes.

Hancock graduated from William & Mary with a business administration and accounting degree and earned her MBA in health care administration from the University of Phoenix.

How I foster a positive culture: I strive to create a consistent atmosphere that welcomes all views and acknowledges that we are all in our positions for a reason. We all bring different perspectives and backgrounds to every conversation, and it is important to engage all voices to ensure well-informed strategies and decisions.

McClanahan

CEO, , BLACKSBURG

McClanahan retired as a justice on the Supreme Court of Virginia in 2019, but she’s gone on to have significant second and third acts, including serving as dean of the Appalachian School of Law in Grundy and in her current position leading the Virginia Tech Foundation and as president and director of the foundation’s Virginia Tech Corporate Research Center.

A graduate of William & Mary and the University of Dayton School of Law, McClanahan practiced law with Penn, Stuart and Eskridge, and became the state’s chief deputy attorney general and a state appeals court judge before she was named to the state’s high court. In her role leading the Virginia Tech Foundation, McClanahan is responsible for managing the university’s endowment and real estate holdings, valued last year at $2.8 billion.

McClanahan grew up in Buchanan County and participated in the 4-H Congress on Virginia Tech’s campus as a teen. She says that the 4-H motto, “to make the best better,” still comes in handy today. In addition to her professional duties, McClanahan chaired the State Council of Higher Education for Virginia (SCHEV), was W&M’s vice rector and is an adjunct professor at Virginia Tech’s Pamplin College of Business, focusing on legal, financial and ethical issues for entrepreneurs.

Best advice I’ve ever received: Judge Glenn Williams told me, “There is no pancake so thin it doesn’t have two sides.” We encourage dissenting opinions in all forums at all times. The majority opinion is always better when tested by an opposing view.

Sawyer

EXECUTIVE VICE PRESIDENT AND CHIEF PEOPLE OFFICER, SENTARA HEALTH, VIRGINIA BEACH

Sawyer joined the health system in 2006 as a regional director, and in 2017, she was named to her current post, overseeing human resources strategy for one of the state’s major private employers. More than 33,000 people work for Sentara, which received national recognition in 2022 as one of Forbes’ Best Employers for New Grads and for Veterans.

A graduate of Troy University and Arkansas State University, Sawyer served on the board of Virginia Ready, the nonprofit founded in 2020 by Gov. Glenn Youngkin to assist people in finding jobs during the pandemic. She also serves on the boards of the Neptune Festival and the Virginia Business Higher Education Council, a group that facilitates connections between higher education and business interests to improve Virginia’s economy.

Sawyer also has served on the boards of Virginia Career Works, the Virginia Symphony Orchestra and Norfolk State University’s business school. Asked about the best advice she’s ever received, Sawyer says that her mother-in-law’s counsel — “Sweetheart, at least put on a little lipstick” — when she was 19 actually turned out to be useful over the long term. “What I heard was, ‘Show up, be seen and make an impact.’”

On my responsibility to my organization and my community: The well-being of our organization is inseparable from the health of our communities. We are part of the ecosystem. As a health care leader — and as someone who lives, works and raised a family here — I believe we have a responsibility to be more than good employers; we must be good neighbors.

Trump tells US steelworkers he’s going to double tariffs on foreign steel from 25% to 50%

WEST MIFFLIN, Pa. (AP) — Donald Trump said Friday that he’s doubling the tariff rate on to 50%, a dramatic increase that could further push up prices for a metal used to make housing, autos and other goods.

Trump spoke at ‘s Mon Valley Works–Irvin Plant in West Mifflin, Pennsylvania, near Pittsburgh to discuss investments by ‘s Nippon Steel.

The price of steel products has increased roughly 16% since Trump became president, according to the government’s producer price index.

Trump said U.S. Steel will stay an American company under a deal for Japan-based Nippon to invest in the iconic American steelmaker. Few details about the deal have been made public.

“We’re here today to celebrate a blockbuster agreement that will ensure this storied American company stays an American company,” Trump said as he opened an event at one of U.S. Steel’s warehouses near Pittsburgh. “You’re going to stay an American company, you know that, right?”

Trump said doubling the on imported steel “will even further secure the steel industry in the U.S.” But such a dramatic increase could push prices even higher.

Employees, Trump supporters, local officials and others filled one of the massive warehouses on the grounds of the Irvin finishing plant to hear Trump. Giant American flags hung from the ceiling and a sign read, “The Golden Age.” Steelworkers in orange hard hats and work clothes milled about, and part of the warehouse’s cement floor was packed with huge rolled coils of shiny steel sheet produced at the plant and used for appliances, doors and other applications.

Though Trump initially vowed to block the Japanese steelmaker’s bid to buy Pittsburgh-based U.S. Steel, he changed course and announced an agreement last week for what he described as “partial ownership” by Nippon. It’s not clear, though, if the deal his administration helped has been finalized or how ownership would be structured.

Trump stressed the deal would maintain American control of the storied company, which is seen as both a political symbol and an important matter for the country’s supply chain, industries like auto and national security.

Trump, who has been eager to strike deals and announce new investments in the U.S. since retaking the White House, is also trying to satisfy voters, including blue-collar workers, who elected him as he called to protect U.S. manufacturing.

U.S. Steel has not publicly communicated any details of a revamped deal to investors. Nippon Steel issued a statement approving of the proposed “partnership” but also has not disclosed terms of the arrangement.

State and federal lawmakers who have been briefed on the matter describe a deal in which Nippon will buy U.S. Steel and spend billions on U.S. Steel facilities in Pennsylvania, Indiana, Alabama, Arkansas and Minnesota. The company would be overseen by an executive suite and board made up mostly of Americans and protected by the U.S. government’s veto power in the form of a “golden share.”

In the absence of clear details or affirmation from the companies involved, the United Steelworkers union, which has long opposed the deal, this week questioned whether the new arrangement makes “any meaningful change” from the initial proposal.

“Nippon has maintained consistently that it would only invest in U.S. Steel’s facilities if it owned the company outright,” the union said in a statement. “We’ve seen nothing in the reporting over the past few days suggesting that Nippon has walked back from this position.”

Unionized steelworkers said there is some split opinion in the ranks over Nippon Steel’s acquisition, but that sentiment has shifted over time as they became more convinced that U.S. Steel would eventually shut down their Pittsburgh-area plants.

Clifford Hammonds, a line feeder at the plant where Trump spoke, said at the very least the deal will help upgrade the aging plant and help increase production.

“It’s putting money back into the plant to help rebuild it, because this plant is old, it’s falling apart. We ain’t really producing as much as we should be because, like I said, this place is old. It’s falling apart. We need some type of investment to fix the machines that we’ve got working,” Hammonds said.

Other U.S. Steel union members said recruiting new employees has been difficult because of the uncertainty around the Nippon Steel deal and the future of the plants.

No matter the terms, the issue has outsized importance for Trump, who last year repeatedly said he would block the deal and foreign ownership of U.S. Steel, as did former President Joe Biden.

Trump promised during the campaign to make the revitalization of American manufacturing a priority of his second term in office. And the fate of U.S. Steel, once the world’s largest corporation, could become a political liability in the midterm elections for his Republican Party in the swing state of Pennsylvania and other battleground states dependent on industrial manufacturing.

Trump said Sunday he wouldn’t approve the deal if U.S. Steel did not remain under U.S. control and said it will keep its headquarters in Pittsburgh.

In an interview on Fox News Channel on Wednesday, Pennsylvania Republican Rep. Dan Meuser called the arrangement “strictly an investment, a strategic partnership where it’s American-owned, American run and remains in America.”

However, Meuser said he hadn’t seen the deal and that “it’s still being structured.”

Pennsylvania Republican Sen. David McCormick called the plan “great” for the domestic steel industry, Pennsylvania, national security and U.S. Steel’s employees. He initially opposed Nippon Steel’s first proposal to buy U.S. Steel for $14.9 billion after it was announced in late 2023.

In recent days, Trump and other American officials began touting Nippon Steel’s new commitment to invest $14 billion on top of its $14.9 billion bid, including building a new electric arc furnace steel mill somewhere in the U.S.

Pennsylvania’s other senator, Democrat John Fetterman — who lives across the street from U.S. Steel blast furnace — didn’t explicitly endorse the new proposal. But he said he had helped jam up Nippon Steel’s original bid until “Nippon coughed up an extra $14B.”

Gov. Josh Shapiro, a Democrat who is seen as a potential presidential candidate, had avoided publicly endorsing a deal but said this week that he was “cautiously optimistic” about it.

Chris Kelly, the mayor of West Mifflin, Pennsylvania, where U.S. Steel’s Irvin finishing plant is located, said he was “ecstatic” about the deal, despite the lack of details. He said it will save thousands of jobs for his community.

Cushman & Wakefield | Thalhimer announces new president

Cushman & Wakefield | announced a major leadership change Friday.

, a who leads Thalhimer’s capital markets team, has been promoted to , effective June 1. He will succeed current president in the role. However, Warfield will continue as Thalhimer’s , chairman of the board of directors and ESOP Co-Trustee.

“I have had the privilege of serving as Thalhimer’s president for 14 years and confidently believe it’s time to give others more responsibility to lead our company into the future,” Warfield said in a statement. “Eric’s promotion to this role has been years in the making and reflects our firm’s commitment to thoughtful succession planning and future growth. Thalhimer is a remarkable company, and I am proud to be a part of it and work alongside so many talented people.”

Warfield said he valued Robison’s work ethic, strategic thinking and leadership abilities, adding he’s “more than confident” Robison will excel in the role.

Robison has been with the firm since 2004 and will remain a member of Thalhimer’s executive leadership team and the firm’s board of directors. He has held various leadership roles in the community, including as a board member of Virginia Commonwealth University’s Circle of Excellence, an advisory board member for the Virginia Tech Program in Real Estate and he is a past president of the Greater Association for Commercial Real Estate.

“I’m grateful for the opportunity to become president of Thalhimer,” Robison said in a statement. “This firm has been my professional home for over two decades, and I’m honored to serve the over 500 employee-owners of our outstanding company in this new role.”

Founded in 1913, has offices across the state and has nearly 100 broker professionals and employs about 530 associates. In 2024, Thalhimer completed over 1,800 transactions with a transactional volume of more than $1.96 billion.

Trump gives Musk Oval Office sendoff, crediting him with ‘colossal change’

SUMMARY:

  • Musk departs from his role in government efficiency.
  • Trump lauds Musk’s efforts to cut federal bureaucracy.
  • Musk downplays concerns, says DOGE will continue.

WASHINGTON (AP) —  bid farewell to Elon Musk in the Oval Office on Friday, providing a cordial conclusion to a tumultuous tenure for the billionaire entrepreneur.

Musk is leaving his position spearheading the Department of Government Efficiency, and he’ll be rededicating himself to running his businesses, including electric automaker Tesla, rocket company SpaceX and social media platform X.

Trump credited Musk with “a colossal change in the old ways of doing business in Washington” and said some of his staff would remain in the administration. Musk, who wore all black, including a T-shirt that said “The Dogefather,” nodded along as the listed contracts that had been cut under his watch.

“I think the DOGE team is doing an incredible job,” Musk said after accepting a ceremonial key from the president. “They’re going to continue to be doing an incredible job.”

He left a searing mark on the federal bureaucracy, including thousands of employees who were fired or pushed out. Some government functions were eviscerated, such as the U.S. Agency for International Development, which had provided a lifeline for impoverished people around the world. Boston University researchers estimate that hundreds of thousands of people have already died as a result of the cuts.

The State Department responded by saying most of USAID’s programs on HIV, known as PEPFAR, remained operational. However, the statement did not address any of the other cuts while calling on “other nations to dramatically increase their humanitarian efforts.”

Despite the upheaval, Musk also fell far short of his goals. After promising to cut $1 trillion or even $2 trillion in federal spending, he lowered expectations to only $150 billion in the current fiscal year.

It’s unclear whether that target has been hit. The DOGE website tallies $175 billion in savings, but its information has been riddled with errors and embellishments.

Musk had a bruise next to his right eye in the Oval Office, which he explained by saying he had been “horsing around” with his young son.

“I said, go ahead punch me in the face,” he said. “And he did.”

Trump said Musk had led the “most sweeping and consequential government reform effort in generations.” He suggested that Musk is “really not leaving” and “he’s going to be back and forth” to keep tabs on what’s happening in the administration.

There were signs, however, that attention was already shifting away from Musk, who once appeared omnipresent in Washington. He often stood quietly next to Trump as reporters peppered him with questions about the French president (he’s great), Joe Biden’s autopen (it’s bad) and the potential for pardoning Sean “Diddy” Combs (he’ll look at the facts).

When Musk was asked about the impact of on Tesla — something Musk has expressed concerns about in the past — Trump jumped in to answer.

Musk, the world’s richest person, recently said he would reduce his political donations. He was Trump’s top donor in last year’s presidential campaign.

Trump appeared eager to end Musk’s service on a high note.

“This will be his last day, but not really, because he will, always, be with us, helping all the way,” Trump wrote on social media on Thursday evening. “Elon is terrific!”

As a special government employee, Musk’s position was designed to be temporary. However, he had speculated about staying “indefinitely,” working part time for the administration, if Trump still wanted his help.

Musk has brushed off questions about how DOGE would continue without him, even suggesting it could “gain momentum” in the future.

“DOGE is a way of life,” he told reporters recently. “Like Buddhism.”

Virginia Beach-based Groundworks hires CTO

Groundworks has hired Rajeev Rai as , the -based foundation and water management solutions company announced Thursday.

Rai will lead efforts to improve the company’s AI and mobile tools, marketing technology and core infrastructure technology. He joins after working as an executive at Texas-based SRS Distribution.

“We are excited to add Rajeev to our team to continue to challenge the norms in home services — all to provide better results for our customers,” Matt Malone, Groundworks’ founder and , said in a statement.

Rai most recently was executive vice and chief digital officer at SRS Distribution, where he oversaw the modernization of its tech stack, strengthened cybersecurity and assisted with mergers and acquisitions integration, and previously was SRS’ chief technology officer.

Rai previously held C-suite roles with Wynn Resorts and Neiman Marcus. Before that, he held executive roles with Best Buy, Accenture, Capgemini and Ernst & Young. He holds a master’s degree from the Birla Institute of Technology and Science Pilani, in India, according to his LinkedIn profile.

“Groundworks is already a dynamic, innovative leader in its industry, and I look forward to collaborating with the team to sharpen the company’s strategic edge and shape future success,” Rai said in a statement.

His predecessor, Bobby Greer, held the title of chief information officer but was responsible for the same functions. Greer left Groundworks to be CIO for Altus Fire & Life Safety, according to his LinkedIn profile.

Founded in 2016, Groundworks has more than 6,000 employees across nearly 80 offices in the U.S. and Canada. The company has landed on the Inc. 5000 list of the nation’s fastest-growing private companies eight times. It provides residential foundation and water management solutions, including , basement waterproofing, crawl space repair and encapsulation, and concrete lifting services.

Wall Street glides to the end of its best month since 2023

SUMMARY:

  • down 0.1%.
  • edges up 54 points; falls 0.3%.
  • Mixed profit reports from Gap, Ulta Beauty
  • Tariffs remain in place

NEW YORK (AP) — closed its winning week and month with a quiet Friday following a mixed set of profit reports from Gap, Ulta Beauty and other companies navigating the challenges created by  Donald Trump’s on-and-off tariffs.

The S&P 500 finished the day nearly unchanged after edging down by less than 0.1%. The Dow Jones Industrial Average added 54 points, or 0.1%, and the Nasdaq composite slipped 0.3%.

Gap weighed on the market even though the retailer reported stronger profit and revenue for the latest quarter than analysts expected. The company behind Banana Republic and Old Navy fell 18.2% after saying tariffs on imports from China and other countries could add up to $300 million to its costs this fiscal year. It has strategies set to mitigate up to half of that before it hits its profits.

This week and month on Wall Street have been dominated by questions about what will happen with Trump’s tariffs, which investors worry could grind the economy into a recession, slash companies’ profits and layer even more challenges on households already sick of .

Hopes had largely been rising that the worst of such worries had passed, which in turn sent stocks rallying, after Trump paused his tariffs on both China and the European Union. A U.S. court then on Wednesday blocked many of Trump’s sweeping tariffs. That has the S&P 500 on track for its first winning month in four and its best since November.

But the tariffs remain in place for now while the White House appeals the ruling by the U.S. Court of , and the ultimate outcome is still uncertain. Trump also briefly shook markets shortly before Wall Street opened for trading Friday, when he accused China of not living up to its end of the agreement that paused their tariffs against each other.

“So much for being Mr. NICE GUY!” Trump said on his Truth Social platform.

The impact was limited though, and futures for U.S. stock indexes quickly pared their losses. Since Wednesday’s ruling, analysts and investors have been saying Trump and his administration would likely look for new avenues to impose tariffs on trading partners.

Trump has said he’s using tariffs to bring jobs back to the United States and that U.S. households and businesses may feel some pain in the process.

Friday’s most influential losses came from several Big Tech stocks. Nvidia dropped 3.8% to give back some of its gain from earlier in the week after it topped analysts’ expectations for profit in the latest quarter. It was the single heaviest weight by far on the S&P 500.

On the winning side of Wall Street was Ulta Beauty, which rose 11.2% after the retailer reported stronger sales and profit than analysts forecast. It also raised the top end of its forecasted range for revenue this fiscal year even though Kecia Steelman called the operating environment “fluid.”

Costco climbed 3.5% after the retailer’s results and revenue for the latest quarter edged past analysts’ expectations.

Red Robin Gourmet Burger soared 65.7% after reporting a profit for the latest quarter, when analysts expected a loss.

Shares of SharpLink Gaming rose 2.3%, to bring its gain for the week to a whopping 1,105% after the marketing company said it would raise $425 million to buy the cryptocurrency on the Ethereum blockchain. The company delivers leads to U.S. sportsbooks and global casino companies, and it has been expanding into the global crypto gaming market.

In the bond market, edged lower after a report showed that the measure of inflation that the Federal Reserve likes to use was slightly lower in April than economists expected.

A separate report from the University of Michigan said that sentiment among U.S. consumers was better in May than economists expected. Sentiment improved in the back half of the month after Trump paused many of his tariffs on China.

“Overall, consumers see the outlook for the economy as no worse than last month, but they remained quite worried about the future,” according to Survey of Consumers Director Joanne Hsu.

The yield on the 10-year Treasury eased to 4.41% from 4.43% late Thursday. The two-year Treasury yield, which more closely tracks expectations for what the Fed will do with overnight interest rates, edged down to 3.91% from 3.92%.

The Fed has left its benchmark borrowing rate steady so far this year after cutting them at the end of 2024 to give the economy more breathing room. Fed officials have said they want to wait longer to see how tariffs will affect inflation and the economy before making their next move. While lower interest rates can give the economy a boost, they can also fan inflation higher.

In stock markets abroad, European indexes were mixed, while Asian markets fell.

___

AP Business Writers Matt Ott and Yuri Kageyama contributed.