CACI International chairman Michael A. Daniels has passed away
U.S. Air Force veteran Lisa S. Disbrow was named his successor
Daniels has been honored for his leadership in tech and national security
Reston-based Fortune 500 government contractor CACI International announced Tuesday that its chairman of the board, Michael A. Daniels, has passed away.
“The entire CACI family is deeply saddened by Mr. Daniels’ passing,” CACI President and CEO John Mengucci said in a statement. “Mike was a keen business leader who demonstrated respect and support for all who worked with him. He was always focused, not only on where the company was heading, but on ensuring that integrity and ethics remained front and center.”
In the announcement, CACI described Daniels as “a steadfast leader and mentor” whose vision, experience and dedication enriched both the company and the broader technology and government communities.
Daniels grew up in Cape Girardeau, Missouri. He initially worked as a janitor and then a truck driver in his father’s business before advancing to a range of leadership roles for technology and government contracting firms. He previously served as chairman and CEO of Network Solutions and held several executive roles at Science Applications International Corp. (SAIC). He was also a former senior White House adviser on international technology and a senior adviser to the National Security Council.
Daniels used his positions to advance cybersecurity, data analytics, digital solutions, and other technologies essential to protecting national security, the company said.
Last year, the Virginia Chamber of Commercehonored Daniels for his career with a lifetime achievement award, celebrating “a career dedicated to positioning the commonwealth as a technology leader and promoting a thriving economy supported by a world-class workforce.”
“From a personal standpoint, I can’t begin to express what it meant to have a partner like Mike during the last four-and-a-half years,” Mengucci said. “His commitment to CACI was proven and steadfast, and we are grateful that he so generously shared his time and talent with us for decades.”
Disbrow, the new chair, has more than 32 years of experience in national security. She joined the U.S. Air Force in 1985 and retired in 2008 as a colonel from the U.S. Air Force Reserve. CACI states that throughout her career, she held senior civilian positions on the Joint Chiefs of Staff, the National Reconnaissance Office, and on the National Security Council.
She retired as the Under Secretary of the United States Air Force in June 2017, after serving in the role since January 2015. From January 2017 through May 2017, she served as the acting secretary of the United States Air Force. And from 2014 to 2016, she was the Assistant Secretary of the Air Force for Financial Management and Comptroller.
She also serves on the board of directors of Mercury Systems and BlackBerry.
Founded in 1962, CACI serves intelligence and defense agencies, utilizing its technology and expertise to boost national security. It has more than 25,000 employees and reported $7.66 billion in fiscal 2024 revenue.
More inventory is easing pressure, leading to price stabilization in Northern Virginia
Northern Virginia saw a small decline in pending sales, while Central Virginia experienced strong increases
Housing sales increased year-over-year in Northern Virginia, Central Virginia and Hampton Roads, signaling a healthy and stabilizing market with more homes hitting the market, according to industry representatives.
Northern Virginia
The Northern Virginia Association of Realtors reports that 1,847 units were sold in June — a 13.6% increase over June 2024. Total sales volume was $1.64 billion, a 15.2% increase compared with June last year.
NVAR credits this rise to an increase in inventory, as active listings jumped 52.7% year-over-year, reaching 2,512 properties on the market.
However, the increased inventory brought changes to prices and the pace of sales. NVAR reports that the median sales price dipped 1.3% year-over-year to $770,000, with homes remaining on the
market an average of 20 days, a 42.9% increase from the previous year. New pending sales in June declined 0.5% to 1,677 units from last year.
June housing statistics for Northern Virginia. Image Courtesy Northern Virginia Association of Realtors
Still, the association says these trends point to a normalizing market that gives buyers flexibility.
“We view this as a healthy recalibration,” NVAR CEO Ryan McLaughlin said in a statement. “Buyers have more time to make informed decisions. Pricing is stabilizing after years of intense upward pressure. These are all indicators of a maturing, resilient market that is adjusting to new conditions without losing momentum.”
NVAR board member Veronica Seva-Gonzalez, a real estate agent with Compass, said the more balanced market is due to an increase in home purchasing options.
“Buyers aren’t rushing into the first available home; they’re able to take a breath, compare choices and still act competitively when the right property comes along,” she said. “It’s a more thoughtful market, and that’s good for everyone. While some markets have seen inventory improve, competition remains fierce in some of the most sought-after areas, where well-priced homes are still receiving multiple offers.”
NVAR anticipates a steady market in the months ahead, especially if more homeowners choose to list their properties.
NVAR reports home sales activity for Fairfax and Arlington counties, the cities of Alexandria, Fairfax and Falls Church, and the towns of Vienna, Herndon and Clifton.
Hampton Roads
Hampton Roads saw increases in both housing sales and the regional selling price, according to according to data released Tuesday by the Real Estate Information Network (REIN).
In June, there were 2,541 closed sales, up slightly from from 2,445 in May and up 8% from the 2,355 sold in June 2024.
June’s months supply of inventory (MSI) — a measure of how many months there would be homes on the market if no new inventory were added — was 2.65, up from 2.59 in May and up from 2.16 from last year.
Hampton Roads housing statistics. Image Courtesy Real Estate Information Network
“Most of our data points were up in June compared to both the month prior and the year prior,” said REIN board President Barbara Wolcott of Berkshire Hathaway Home Services RW Towne Realty. “There are significantly more homes for sale now than there have been for quite some time, and interest rate stability seems to be keeping buyers interested.”
The median sale price hit a record high for the second month in a row in June, at $375,000, a 4.2% increase from $360,000 in June 2024. In May, the median price was $368,900.
Wolcott noted that in addition to settled sales and the media sale price, the region also saw year-over-year increases in pending sales and active residential listings. Active listings in June rose to 5,437, up from 5,276 in May, and up 24% year-over-year from 4,380 in June of last year. Pending sales for the month were 2,468, down slightly from 2,582 in May, but up 15% from 2,145 for the same time last year.
“Active listings were up 24% on the Southside and 29% on the Peninsula,” Wolcott said in a statement. “Despite the increase in the number of homes sold, we have more inventory for buyers to choose from than we have had in quite some time.”
Homes spent a median of 18 days on the market in June, the same as the previous month, but up from the 16 in June 2024.
Founded in 1969, REIN is a regional multiple listing service that covers an area stretching from Williamsburg east to Virginia Beach and south across the North Carolina border.
Central Virginia
Like NOVA and Hampton Roads, Central Virginia also saw increases in sales. The Central Virginia Regional Multiple Listing Service splits its data between single family homes and condos and townhomes.
In Central Virginia, there were 1,431 closed sales for single family homes in June, up 7.2% from 1,335 in June 2024. For condo/townhomes, there were 300 sales, up 34.5% from June 2024.
Pending sales for single family homes increased 12.4% year-over-year from 1,222 in June 2024 to 1,374 in June 2025. For condo/townhomes, there were 272 pending sales, up 26.5% from 2024’s 215.
Single family homes spent an average of 19 days on the market in June, a 13.6% decrease from the 22 days on market the previous year. Meanwhile, condo/townhomes spent 34 days on market, a one-day increase from the 33 in the previous year.
The median sales price for single family homes last month rose to $440,000, up 4.5% from the $421,000 the previous year. The median price for condo/townhomes was $370,000, up 1.2% from last year.
Single family housing inventory in June also rose 3.8% from 2,000 in June 2024 to 2,076 in June of this year. Condo/townhome inventory was 662, a 36.5% from last year’s 485.
She noted the economics of Central Virginia differ from Northern Virginia, saying Central Virginia is less impacted by federal funding cuts and layoffs under the Trump administration.
“What’s going on at the federal level, in terms of federal employees, I think influences their market,” Lafayette said. “Tidewater can be more dependent on federal funding and federal employment, and so one of the things is that we have less dependency on the federal government and federal employees. And I think if there’s going to be any fallout for the real estate market from that, we’re going to be shielded from that. I would also say that we just have had tremendous demand. So that’s why you see upward price pressures … because we don’t have the inventory to meet the demand.”
The CVR MLS includes data for Amelia, Charles City, Chesterfield, Colonial Heights, Dinwiddie, Goochland, Hanover, Henrico, Hopewell, King & Queen, King William, New Kent, Petersburg, Powhatan and Prince George counties and the city of Richmond.
Guyana could soon become the world’s fourth-largest offshore oil producer
HOUSTON (AP) — Chevron has scored a critical ruling in Paris that has given it the go-ahead for a $53 billion acquisition of Hess and access to one of the biggest oil finds of the decade.
Chevron said Friday that it completed its acquisition of Hess shortly after the ruling from the International Chamber of Commerce in Paris. Exxon had challenged Chevron’s bid for Hess, one of three companies with access to the massive Stabroek Block oil field off the coast of Guyana.
“We disagree with the ICC panel’s interpretation but respect the arbitration and dispute resolution process,” Exxon Mobil said in a statement on Friday.
Guyana is a country of 791,000 people that is poised to become the world’s fourth-largest offshore oil producer, placing it ahead of Qatar, the United States, Mexico and Norway. It has become a major producer in recent years.
Oil giants Exxon Mobil, China’s CNOOC, and Hess squared off in a heated competition for highly lucrative oil fields in northern South America.
With Chevron getting the green light on Friday, it is now one of the major players in the Stabroek.
“We are proud of everyone at Hess for building one of the industry’s best growth portfolios including Guyana, the world’s largest oil discovery in the last 10 years, and the Bakken shale, where we are a leading oil and gas producer,” former Hess CEO John Hess said in a statement. “The strategic combination of Chevron and Hess creates a premier energy company positioned for the future.”
Chevron also said that on Thursday the Federal Trade Commission lifted its earlier restriction, clearing the way for John Hess to join its board of directors, subject to board approval.
Chevron announced its deal for Hess in October 2023, less than two weeks after Exxon Mobil said that it would acquire Pioneer Natural Resources for about $60 billion.
Chevron said at the time that the acquisition of Hess would add a major oil field in Guyana as well as shale properties in the Bakken Formation in North Dakota.
“Given the significant value we’ve created in the development of the Guyana resource, we believed we had a clear duty to our investors to consider our preemption rights to protect the value we created through our innovation and hard work at a time when no one knew just how successful this venture would become,” Exxon Mobil said Friday. “We welcome Chevron to the venture and look forward to continued industry-leading performance and value creation in Guyana for all parties involved.”
Chevron’s stock rose more than 3% before the market open, while shares of Hess surged more than 7%. Exxon’s stock climbed slightly.
NEW YORK (AP) — Wall Street is drifting on Friday toward the finish of its third winning week in the last four, as more big U.S. companies deliver stronger profits for the spring than analysts expected.
The S&P 500 slipped 0.1% in afternoon trading after setting its all-time high the day before. The Dow Jones Industrial Average was down 234 points, or 0.5%, as of 2:16 p.m. Eastern time, and the Nasdaq composite fell 0.1% after coming off its own record.
Norfolk Southern chugged 1.8% higher after an AP source said it’s talking with Union Pacific about a merger to create the largest railroad in North America, one that would connect the East and West coasts. Any such deal, though, would likely face tough scrutiny from U.S. regulators. Union Pacific’s stock fell 1.9%.
Two of the heavier weights on the market, meanwhile, were companies that actually reported stronger profits for the latest quarter than analysts expected.
Netflix dropped 4.6%. Analysts said it’s not a surprise the stock was sluggish despite reporting a stronger-than-expected profit. It had already already soared 43% for the year so far, coming into the day, six times more than the gain for the S&P 500.
American Express likewise delivered a better-than-expected profit report, but its stock lost 2.5%. Analysts pointed to slowing growth in some underlying trends, such as the number of cards it issued.
Exxon Mobil sank 3.4% and also helped to tug on the market. It had been challenging Chevron’s $53 billion deal to buy Hess, but an arbitration ruling in Paris about some of Hess’ assets off Guyana’s coast allowed the buyout to go through. Chevron slipped 1.7%.
Stronger-than-expected profit reports for the spring did help several stocks rally. Charles Schwab climbed 2%, Regions Financial jumped 6.4% and Comerica added 4.1%.
In the bond market, Treasury yields eased after a report suggested U.S. consumers may be feeling less fearful about coming inflation. They’re bracing for inflation of 4.4% in the year ahead, down from last month’s projection of 5%, according to preliminary results from a University of Michigan survey.
That’s important because expectations for high inflation can feed into behaviors that create a vicious cycle that keep inflation high. Overall sentiment among consumers, meanwhile, was a hair better than economists expected but still well below its historical average.
“Consumers are unlikely to regain their confidence in the economy unless they feel assured that inflation is unlikely to worsen, for example if trade policy stabilizes for the foreseeable future,” according to Joanne Hsu, the survey’s director.
The yield on the 10-year Treasury sank to 4.42% from 4.47% late Thursday. The two-year Treasury yield, which more closely tracks expectations for what the Federal Reserve will do with its short-term rates, also dropped. It fell to 3.86% from 3.91%.
A top Fed official, Gov. Chris Waller, said late Thursday that the Fed should cut its overnight interest rate as soon as its next meeting in a couple weeks. That follows sharp criticism from President Donald Trump, who has been castigating the Fed for holding interest rates steady this year instead of cutting them, as it did late last year.
Lower rates could give the economy a boost, and Trump has also implied they could help the U.S. government save money on its debt payments, though that’s uncertain. The interest rates Washington has to pay on its longer-term debt can depend more on what bond investors think than on what the Fed does, and they can even move in opposite directions.
The chair of the Fed, meanwhile, has been insisting that he wants to see more data about how Trump’s tariffs will affect the economy and inflation before the Fed makes its next move. The downside of lower interest rates is that they can give inflation more fuel, and prices may already be starting to feel the upward effects of tariffs.
Traders on Wall Street still think it’s much more likely that the Fed will resume cutting interest rates in September, rather than later this month, according to data from CME Group.
In stock markets abroad, indexes were mixed across Europe and Asia. Hong Kong’s Hang Seng jumped 1.4%, but Tokyo’s Nikkei 225 slipped 0.2% ahead of an election for the upper house of parliament on Sunday that could wipe out the ruling coalition’s upper house majority.
GMU is also subject of two Department of Education investigations announced in July.
President Gregory Washington named specifically in all three federal probes
Updated July 18
The U.S. Department of Justice has launched a new investigation of George Mason University, it announced Thursday, marking the third federal probe of the Fairfax County university opened in July.
Like the two previously announced investigations, which were opened by the U.S. Department of Education’s Office of Civil Rights, the DOJ’s probe specifically targets George Mason President Gregory Washington. A letter from Harmeet K. Dhillon, who leads the DOJ’s civil rights division, says: “We have reason to believe that during Gregory Washington’s tenure as president of GMU, race and sex have been motivating factors in faculty hiring decisions to achieve ‘diversity’ goals.”
In other words, Washington “openly advocated for race- and sex-based hiring processes at GMU” that are biased against white and male faculty candidates and employees, the letter states, and the university “may be engaged in employment practices that discriminate against employees, job applicants and training program participants based on race and sex in violation of Title VII.” The letter was sent to George Mason Rector Charles “Cully” Stimson on Thursday, as well as Torridon Law attorney Mike Fragoso, who has been hired to represent George Mason. Typically, the state attorney general’s office represents state university officials.
On Friday, Washington sent an email to the university community addressing the new investigation. He writes that “because the Board of Visitors has opted to outsource the university’s engagement with federal agencies to the Torridon Law firm, university staff is not able to make direct contact with the DOJ in order to learn more about the complaint.
“Regardless, we will as always work in good faith to cooperate fully with the investigation, and are gathering requested information as required,” Washington writes. “We remain confident that facts and evidence show that George Mason does not engage in ‘illegal DEI,’ as the general accusation has been labeled.”
The DOJ released the letter Thursday with a news release; Dhillon, assistant attorney general of the civil rights division, is the same official who sent letters in May and June to former University of Virginia President Jim Ryan that demanded U.Va. prove that it was dismantling its diversity, equity and inclusion initiatives.
Ryan resigned in June and left office July 11, citing the DOJ’s pressure and threats to federal funding for the university’s researchers and student aid recipients. According to multiple reports, another DOJ attorney, Gregory Brown, said Ryan needed to resign, or U.Va.’s federal funding would be pulled.
In the letter, Dhillon cites “internal emails” sent to George Mason faculty members in 2020, just as Washington had taken office. In July 2020, just weeks into his term, Washington wrote to a faculty listserv that he “intended to ‘develop’ a ‘renewal, promotion, and tenure process’ to benefit ‘faculty of color and women in their professional work.'” He also allegedly wrote that “he will ‘develop specific mechanisms in the promotion and tenure process that recognize the invisible and uncredited emotional labor that people of color expend to learn, teach, discover, and work on campus,'” the letter said.
Dhillon also writes that in November 2020, Washington said in a video town hall that he “will advance an agenda of ‘antiracism’ as president of GMU,” and in 2022, Washington celebrated the work of a university employee who “helped incorporate DE&I in curriculum, the hiring process & more” in an X post. She adds that she has authorized a full investigation by her office “to determine whether GMU is engaged in a pattern or practice of discrimination.”
Washington wrote in his email to the campus that “parts of the complaint are based on outdated digital posts,” and he explains in an eight-paragraph section titled “Historical context” that the atmosphere in 2020 was quite different from today.
Different atmosphere
His 2022 tweet and November 2020 town hall quote “occurred in the wake of several tragic events culminating in George Floyd’s murder. As part of addressing this national reckoning, we were examining ourselves, looking for ways to become better.” Also, he added, “being Virginia’s largest and most diverse public university meant government leaders and the public expected George Mason to play a meaningful part in creating structures and programming to address old biases and persistent inequalities in business operations.”
Washington further notes that then-Gov. Ralph Northam launched the ONE Virginia plan in March 2021 to “advance ‘inclusive excellence across state agencies,'” including public universities. “George Mason did as expected by state government,” the president wrote. Part of the state code of law still requires all state agencies to “establish and maintain a comprehensive diversity, equity and inclusion strategic plan in coordination with” the governor’s office, Washington added. “This is current law in Virginia.”
He adds that under Gov. Glenn Youngkin, who took office in 2022, new GMU Board of Visitors members who voiced criticism of DEI efforts began to call for a scaling back of the university’s DEI initiatives in late 2023, even though the ONE Virginia plan had not yet been rolled back. By 2025, though, after two university committees’ one-year study, “the board instructed us to dismantle programs and reassign or eliminate staff, which we have done.”
Washington writes that despite the shifts in policy under different governors, “we have leaned on our institutional values and stayed true to our core ethos to remain a constant beacon of welcoming and inclusivity to everyone who seeks us out.” He added that “it is inaccurate to conclude that we created new university policies or procedures that discriminated against or excluded anyone.
“Being under such federal investigations is not familiar territory to George Mason, and I understand how this can be upsetting and distractive to so many who work or study here,” he concludes. “As we work through this, it is my hope that we will be granted due process to explain in detail much of what I have highlighted above.”
Eric Sell, an acting deputy assistant attorney general who joined the DOJ as counsel in April, has been assigned to the investigation, Dhillon writes. According to Sell’s LinkedIn page, he is a 2021 graduate of American University’s Washington College of Law and previously was associate litigation counsel for the Center for American Liberty, a conservative nonprofit Dhillon helped found in 2018.
The U.S. Department of Education’s Office of Civil Rights on July 10 launched a probe investigating whether GMU has favored employees of underrepresented races in hiring and promotions, with similar allegations as the DOJ letter lays out. On July 1, the same DOE office opened a separate Title VI investigation into allegations that George Mason failed to protect Jewish students and faculty from antisemitism after the war in Gaza prompted campus protests around the country starting in October 2023.
James Finkelstein, a professor emeritus of public policy at George Mason, said Thursday that the third investigation “raises the stakes considerably for the university. The Commonwealth of Virginia doesn’t appear to be mounting a vigorous defense for the university,” which he speculates led to the board’s hiring of Torridon Law to represent them in this matter.
Fragoso, the attorney included in the DOJ’s letter to Stimson, is not registered to practice law in Virginia, according to the Virginia State Bar’s directory. Finkelstein, who co-wrote an op-ed in Washington’s defense, noted that Torridon Law was founded by Bill Barr, who served as U.S. attorney general during Trump’s first term, and Fragoso was chief counsel to U.S. Sen. Mitch McConnell, who recently stepped down as the Senate Republican leader.
“It is what it looks like,” Finkelstein said. “It’s another example of the Trump administration using pressure tactics to try to remove another president of a public university, just as they did at U.Va. It’s serious.”
A spokesperson for George Mason did not respond immediately for a request for comment Thursday night, but last week, the university noted that it “does not discriminate on the basis of race, color, religion, ethnic national origin (including shared ancestry and/or ethnic characteristics), sex, disability, military status (including veteran status), sexual orientation, gender identity, gender expression, age, marital status, pregnancy status, genetic information, or any other characteristic protected by law.”
Franklin was most recently a Carilion vice president responsible for women’s, children’s, nursing support and interpreter services. She began her career as a nursing assistant in 1990 and later progressed to roles in clinical and operational leadership, spanning over 30 years in both hospital and ambulatory areas. She previously served as co-interim chief nursing officer, overseeing the Nursing Center of Excellence and nursing at Carilion Medical Center and ambulatory practices. She has a master’s degree in nursing from Walden University.
Meanwhile, in June, Carilion appointed Dr. Andrew C. Herman as chair of its pediatrics department. Herman comes from Atrium Health in Charlotte, North Carolina, where he worked as vice president and chief medical officer for Levine Children’s Hospital and Jeff Gordon Children’s Center. He replaced interim chair Dr. Christopher Pierce, who retired from Carilion in May.
Herman has a bachelor’s degree in chemistry from Indiana University, earned a medical degree from Saint Louis University, and completed his pediatrics residency and neonatology fellowship at the University of Virginia.
Also, Carilion appointed Dr. Tristi Metcalf to chair of the obstetrics and gynecology department. She joined Carilion in April, replacing interim chair Dr. Isaiah Johnson, who remains a physician at Carilion.
Metcalf, a nationally recognized speaker on pelvic health and gynecology, comes from Cleveland Clinic, where she worked since 2021 as OB/GYN and Women’s Institute chief. She previously served as OB/GYN department chair at Houston Methodist Hospital.
She attended Lewis & Clark College and earned a medical degree from the Mayo Clinic Medical School. Metcalf completed residency at Texas A&M Health Sciences Center, Scott and White Hospital and fellowship at the Cleveland Clinic Foundation. She served in the U.S. Air Force for over a decade, achieving the rank of lieutenant colonel.
Carilion has more than 13,000 employees serving nearly 1 million patients through hospitals, outpatient specialty centers and primary care practices in an area spanning 20 counties, including the Roanoke and New River valleys.
Intelsat previously stated that its CEO, David Wajsgras, would stay on at until the close of the transaction, but would not remain with the combined company. The combined SES is headquartered in Luxembourg, although the company will still have a “significant presence” in the U.S, with its North American main office located in McLean.
SES says the acquisition creates a “strengthened global satellite operator” with an expanded fleet of 120 satellites across two orbits. The company now has a network of approximately 90 geostationary earth orbit (GEO) satellites and nearly 30 medium earth orbit (MEO) satellites.
The combined company says the expanded fleet and access to low earth orbit satellites and an extensive ground network will allow it to deliver higher quality services and tailored solutions to its customers, representing sectors such as government, aviation, maritime and media.
“Today, we’re not just merging two companies — we’re creating a stronger company, built for the future,” SES CEO Adel Al-Saleh said in a statement. “I want to extend a warm welcome to all new employees, customers and partners. In this new chapter, we are bringing together a powerful mix of talented people, network infrastructure, spectrum, innovation and global relationships that will allow us to deliver next-generation connectivity and space-enabled services in smarter and quicker ways.”
The combined company is expected to generate €3.7 billion in revenue, the equivalent of $4.29 billion in U.S. dollars.
SES is publicly listed on the Paris and Luxembourg stock exchanges.
The U.S. Naval Nuclear Propulsion Program has awarded BWX Technologies, a Lynchburg-based manufacturer of nuclear components and fuel, contracts totaling approximately $2.6 billion for the manufacture of naval nuclear reactor components.
BWXT announced on Thursday that the contracts include future-year options.
The work will support Virginia-class and Columbia-class submarines, as well as work for certain Ford-class aircraft carrier components. BWXT stated that the products included in the contracts will be delivered over the next six to eight years.
“The BWXT team is proud to produce this essential hardware that allows the U.S. Navy to carry out its critical national security mission,” BWXT Nuclear Operations Group President Gary Camper said in a statement. “That commitment to quality is the legacy that comes from our more than 70 years of service to the Navy.”
BWXT described a naval nuclear reactor as “a highly complex assembly” that requires several large, heavy components, numerous smaller, finely machined components and highly enriched uranium fuel. Work will be performed at BWXT facilities in Ohio, Indiana, Tennessee and Virginia.
The new award is in addition to the $2.1 billion in contracts that the U.S. Naval Nuclear Propulsion Program awarded to BWXT in February for nuclear reactor component manufacturing and material procurement for Columbia- and Virginia-class submarines, as well as Ford-class aircraft carriers.
In March, BWXT celebrated the official opening of its new Innovation Campus, set on 11 acres in Campbell County. The campus includes 170,000 square feet of offices and manufacturing space, which will house laboratories where the company’s Advanced Technologies business unit will design, build and test advanced nuclear systems for its clients, which include NASA, the Defense Department and commercial businesses.
The company announced in May that it completed its $525 million acquisition of Kinectrics, which provides nuclear power plant lifecycle support services and lifecycle management services. The acquisition nearly doubled the workforce of BWXT’s commercial operations group and allows BWXT to expand its products and services.
BWXT has nearly 10,000 employees and 20 major operating sites in the United States, Canada and the United Kingdom.
UVA Health University Medical Center CEO Wendy Horton is leaving in September for a new job in California
An interim leader will be named before her exit
Her exit marks the third top executive departure from UVA Health in five months amid broader leadership turnover
UVA Health is losing another one of its top executives, as University Medical Center CEO Wendy Horton has announced plans to leave in September to take a job at the University of California, San Francisco’s health system.
Horton is the third top executive to announce their departure from the Charlottesville-based health system within the last five months. She arrived at the medical center in March 2020 as the center’s chief operating officer at the beginning of the COVID-19 pandemic. Seven months later, she became the teaching hospital’s CEO, with responsibility for a facility with approximately 700 beds and roughly 9,000 employees.
“During her tenure as CEO of the University Medical Center, Wendy Horton has been an enormous driver of and contributor to the growth of our academic medical center as well as helping to progress UVA Health’s ambitious 10-year strategic plan,” said Dr. Mitchell H. Rosner, interim executive vice president for health affairs at the University of Virginia, in a statement. “We wish Dr. Horton all the best as she takes on her exciting new role at UCSF Health.”
An interim leader will soon be named, Rosner said, with the expectation that the selected candidate will be in place by Horton’s departure in September.
“We are committed to a smooth leadership transition and will continue to rely on and support the many leaders and team members that provide exceptional care for our patients and families every day,” he said.
Horton did not immediately return requests for comment.
The health system’s website credits Horton for leading the UVA Health Medical Center in maintaining services during a pandemic staffing crisis, and for facilitating growth of the health system. Before joining UVA Health, Horton served as chief administrative officer of the Ohio State University Wexner Medical Center and as vice president of operations at the University of Wisconsin Hospital and Clinics.
UVA Health has seen a significant overhaul of its leadership in recent months. Earlier this week, the University of Virginia confirmed the planned departure of its medical school dean and UVA Health chief health affairs officer, Dr. Melina Kibbe, who has been at U.Va. since 2021.
Kibbe’s tenure took place amid tensions between UVA Health employees and senior leadership, with both her and former UVA Health CEO Dr. K. Craig Kent being the subjects of a 2024 “no confidence” vote by 128 physicians, who called for their resignations, accusing Kent and Kibbe of creating a “culture of fear and retaliation” that “compromised patient safety.” A letter from the physicians also accused UVA Health leaders of “excessive spending on C-suite executives and support” and “failure to be forthcoming on significant financial matters.”
Kent resigned as CEO of UVA Health in February, following a closed-session meeting of the U.Va. Board of Visitors. Kibbe remained in place, although a false letter of resignation made the rounds around the same period, forcing UVA Health head Dr. Mitch Rosner to state publicly that it was a hoax.
Kibbe is the sole finalist for the presidency of the University of Texas Health Science Center at Houston, UTHealth announced Monday. However, U.Va. did not disclose who will serve in Kibbe’s position when she leaves, nor what the timeline will be to hire her replacement.
Currently, U.Va.’s president, UVA Health’s CEO and U.Va.’s provost posts are all filled on an interim basis. U.Va President Jim Ryan resigned June 27 under pressure by the Trump administration‘s Department of Justice. Former Provost Ian Baucom departed earlier this year to become president of Middlebury College.
Eva Hardy, a former state secretary of health and human resources, said she’s observed that the UVA Health system has faced “a string of issues.” She speculated the recent overhaul in UVA Health leadership may be somewhat related to the departure of Ryan.
“I’ve not seen such an overhaul of personnel from a major health system to this degree,” Hardy said. “Yeah, it’s, it’s almost like wiping the slate clean of everybody and the top positions. It’s unusual to have that many leave.”
She said the UVA Health system is at a critical point in determining who it will hire and what direction it wants to take going forward.
“How long is this going to take them to develop the kind of team, leadership team that they need? You know, they can’t just jump in and start the minute they arrive,” Hardy said. “It’s going to take them a while.”
Auto sales rebounded after March buying surge ahead of 25% tariff
Excluding autos, sales increased 0.5%
WASHINGTON (AP) — After an earlier pullback, consumers picked up their spending in June despite anxiety over tariffs and the state of the U.S. economy.
Retail sales rose a better-than-expected 0.6% in June after declining 0.9% in May, the Commerce Department said Thursday. Sales in April fell 0.1%, pulled down by a steep drop in auto sales, after Americans ramped up their car-buying in March to get ahead of President Donald Trump’s 25% duty on imported cars and car parts.
Excluding autos and automotive parts, sales rose 0.5%, according to the Commerce Department.
There was broad-based strength across the board. Clothing and accessories sales rose 0.9%, while health and personal care sales saw a 0.5% bump. Restaurants sales rose 0.6% , while online retailers recorded a 0.4% gain. Autos and automotive parts dealers rebounded with a 1.2% increase.
There were a few weak spots like electronics and appliance retailers and department stores, both of which had sales declines.
Heather Long, the chief economist at Navy Federal Credit Union, noted that layoffs remain low and consumers are still confident enough that the economy is chugging along.
“Don’t count the American consumer out yet,” said Long in a statement. “There’s still a lot of trepidation about tariffs and likely price hikes, but consumers are willing to buy if they feel they can get a good deal. The word of the summer for the economy is resilient.”
The retail sales report arrives amid a whipsaw frenzy of on and off again tariffs have that jolted businesses and households. For businesses, that has made it harder to manage supply and inventories. Americans are focusing more on necessities, when they do shop.
The latest government report showed that inflation rose last month to its highest level since February as Trump’s sweeping tariffs push up the costs of everything from groceries and clothes to furniture and appliances.
Consumer prices rose 2.7% in June from a year earlier, the Labor Department said Tuesday, up from an annual increase of 2.4% in May. On a monthly basis, prices climbed 0.3% from May to June, after rising just 0.1% the previous month.
Trump insists that the U.S. effectively has no inflation as he has attempted to pressure Federal Reserve Chair Jerome Powell into reducing short-term interest rates.
Yet the new inflation numbers make it more likely that the central bank will leave rates where they are. Powell has said that he wants to measure the economic impact of Trump’s tariffs before reducing borrowing costs.
Americans have continued to spend, which is what the Fed had hoped to curtail a little bit with rate hikes.
One big litmus test was Amazon’s four-day Prime event along with competing retail sales from the likes of Walmart and Target that kicked off last week. Adobe Digital Insights, which tracks online sales, reported that the sales events drove $24.1 billion in online spending, a 30.3% increase compared with the same period last year.
Still, those that were buying prioritized essentials like dish soap and paper products over big-ticket purchases, according to consumer data provider Numerator, based on its analysis of Amazon Prime orders.
Deborah Weinswig, founder and CEO of Coresight Research, said she’s becoming more optimistic about the financial health of the consumer after the Amazon Prime events. She said inventories are at a healthy level, and she didn’t see big fire sales.
”People aren’t buying things that they don’t need,” she said. “I think it’s a healthier retail environment.”
Retailers are now turning their attention to the back-to-school shopping season, which is the second largest consumer rush after the winter holidays. Coresight Research estimates that total U.S. back-to-school spending will increase by 3.3% year compared with the year-ago period, to $33.3 billion. And it predicts that shoppers will do a big chunk of their shopping before August to get ahead of tariffs.
Economists will also dissect quarterly financial reports next month from major retailers like Walmart, Target and Macy’s, both for consumer behavior and to gauge how businesses are navigating a chaotic period of global trade due to fluid U.S. policies.
Levi Strauss & Co. said last week that it was cutting back on making styles that aren’t selling and making targeted price increases as it moves production away from China due to tariffs.
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