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Va. Beach economic developer to lead Va. Beach Vision

Laura Hayes Chalk is leaving ‘s department to become the executive director of , a group in Virginia Beach, Virginia Beach Vision announced Tuesday.

Chalk, who will start July 10, succeeds Martha McClees, who announced her retirement in November 2023.

Virginia Beach’s deputy director of economic development, Chalk joined the city in July 2019. Prior to that, she spent about seven years working for the Alliance.

The executive director of VBV serves as the organization’s chief executive and works with its 130-member board of directors, which is comprised of business executives. Virginia Beach Vision focuses on seven areas: business development, comprehensive plan, crisis recovery, flood resiliency, member development, resort development and sustainability.

“Laura’s extensive experience in economic development and her deep commitment to the Hampton Roads region and in particular the city of Virginia Beach, makes her the perfect choice to lead Virginia Beach Vision into its next chapter,” Virginia Wesleyan University Scott Miller, president of Virginia Beach Visions’ board of directors, said in a statement. “Her innovative approach and passion for community engagement are exactly what we need to drive our mission forward.”

A native, Chalk earned her bachelor’s degree from Roanoke College and a master’s from Old Dominion University.

 

First of two new SCC judges sworn in

Samuel T. Towell, a former Virginia deputy attorney general and associate general counsel, was sworn in Wednesday as the ‘s newest judge.

The governs utilities, state-chartered financial institutions, securities, insurance, retail franchising and the Virginia Health Benefit Exchange. Its three-judge panel had been short two judges since the December 2022 resignation of Judge Judith Jagdmann, and nominations were held up by partisan politics.

In January, the unanimously elected two attorneys to fill the two vacancies: Kelsey Bagot, a former legal adviser with the Federal Regulatory Commission who lives in Loudoun County, and Towell. Bagot’s six-year term is expected to start after her swearing-in on April 1, while Towell’s term is set to expire Jan. 31, 2028, as he is replacing Jagdmann, who left during the fourth year of her third term.

Since January 2023, Judge Jehmal T. Hudson has been the only sitting Virginia SCC commissioner and is currently the chair. Having taken office in July 2020, Hudson is serving his first six-year term on the commission.

SCC judges are named by state legislators or, if they can’t agree on a candidate, the governor can name a commissioner on a temporary basis, although the state Senate and House of Delegates must elect a judge to a six-year term.

A graduate of the University of Virginia School of Law, Towell was also deputy secretary of agriculture and forestry under Gov. Terry McAuliffe and was a litigation attorney at McGuireWoods. Bagot, a graduate of Harvard Law School, was a trial attorney at FERC and a legal adviser to former SCC Judge Mark Christie during his recent term as a FERC commissioner. She also was an associate at Troutman Sanders.

Tucker Door & Trim enters Va. with $10M Henrico plant

Tucker Door & Trim, a Georgia-based distributor and manufacturer of doors, windows and specialty millwork for the construction industry, will soon open its first facility in Virginia, creating 50 , announced Wednesday.

will invest $10 million in a and assembly facility for fiberboard and fiberglass doors and windows, aimed at increasing production for clients in the Northeastern United States, according to a news release. The Henrico facility, which plans to open April 1, is at 2700 Distribution Drive.

Founded in 1967, Tucker Door & Trim has two existing facilities in Georgia serving wholesale customers throughout the Southeast.

“Our mission to become the premier choice for windows and doors, and our growth plans made Virginia an ideal location for us,” said Phil Odom, of Tucker Door & Trim, in a statement. “This new location will offer us an unrivaled opportunity to serve new customers, grow and develop our team and actively participate in our communities.”

The Virginia Partnership worked with the Henrico Economic Development Authority and the Greater Partnership to secure the project for Virginia, which competed with Georgia for the project.

 

Atlantic Union names new Hampton Roads president

Richmond-based Atlantic Union has named Lisa Morgan its new market , the -based bank announced Monday.

Morgan will also continue to hold the role of wealth relationship director with the bank’s wealth consulting group, a position she has held since she joined in 2021. Morgan will be the first female market president in the bank’s history.

Morgan succeeds Andy Hodge, who will continue to serve as the bank’s group president of middle market and corporate . As market president, Morgan will serve as regional liaison to partners in the Hampton Roads region, covering Chesapeake, Hampton, Newport News, Norfolk, Portsmouth, Poquoson, Suffolk, and .

“Lisa is the kind of banker you want on your side because she genuinely loves working with and learning about the she serves,” Dave Ring, executive vice president of wholesale banking and , said in a statement. “She’s passionate about her work and wants to know each customer’s story so she can better help them achieve their financial goals.”

Before joining Atlantic Union Bank, Morgan spent three years with Wells Fargo Private Bank. She was a senior vice president and wealth adviser, according to her LinkedIn profile. Before that, Morgan worked with PNC’s Private Bank Hawthorn, providing family wealth management, for seven years.

Morgan holds a bachelor’s degree in merchandising from Ohio State University.

Atlantic Union Bank has 109 branches and 123 ATMs throughout Virginia and in parts of Maryland and North Carolina.

Atlantic Union Bankshares, the bank’s holding company, is set to acquire Danville-based American National Bankshares, the holding company of American National Bank and Trust. The company received the last regulatory approval needed for the merger in February, and the deal is set to close on April 1. The merger is expected to create a bank with total assets of $24.2 billion as of Dec. 31, 2023, $18.5 billion in deposits and gross loans of $16.5 billion.

W&M receives $30M anonymous donation

An anonymous alumna has donated $30 million to renovate and rename a building in honor of former U.S. Secretary of Defense , who is currently the university’s chancellor.

Robert M. Gates Hall will house three academic centers — the Global Institute, the Institute for Integrative Conservation and the Whole of Government Center of Excellence — W&M announced Wednesday. Brown Hall, a currently vacant building on the campus, will be renovated to become Gates Hall, a LEED-certified facility with gathering spaces, in addition to the three centers. The W&M Foundation, which owns and operates Brown Hall, will partner with the W&M Real Estate Foundation in the renovation, which is expected to be finished by 2026, in time for celebrations marking the nation’s 250th anniversary.

“I have long admired [Katherine] Rowe’s leadership and am thrilled to support her bold vision through reimagined spaces where new knowledge can grow, and grand challenges find solutions,” the anonymous donor said in a statement. “I am thankful for the opportunity to recognize Chancellor Gates. Given the divisions in our nation and world, we need leaders of his caliber, patriotism and integrity — now more than ever.” The anonymous alumna is a member of the W&M Foundation board, according to the university’s announcement.

The $30 million is William & Mary’s third largest individual . Earlier major donations include an anonymous couple’s $50 million donation in 2015 to the university’s law and business schools, 1955 alumna Martha Wren Briggs’ $31.7 million gift in 2016 for the Muscarelle Museum of Art, 1932 alumnus Roy R. Charles’ 1999 bequest of $24.5 million to start the Charles Center for Academic Excellence, and Walter J. Zable’s $23.9 million bequest in 2013, which funded football scholarships and stadium renovations.

The Global Research Institute was founded in 2008 as a multidisciplinary center that applies research to worldwide issues, and according to W&M, has collaborated with the Bill & Melinda Gates Foundation, the World , the State Department and other organizations. The Institute for Integrative Conservation was established in 2020 to focus on ecological conservation issues. The Whole of Government Center of Excellence was launched in 2017 as part of W&M’s master of public policy degree offerings, and it focuses on national security and interagency collaboration.

“This is the greatest honor I’ve received in my lifetime,” said Gates, a 1965 W&M graduate. “William & Mary is where I felt called to public service, and I can see that the call to make a difference is still felt strongly here. This building will serve as a hub for generations of students and faculty to cultivate new ideas to contribute to the nation and the world.”

A rendering of the future Robert M. Gates Hall on William & Mary’s campus in Williamsburg. Image courtesy William & Mary

Gates served as defense secretary under President George W. Bush and President Barack Obama, and is the only person to serve as head of the DOD under two consecutive presidents of different political parties. In 2022, William & Mary started the annual Gates Forum, in which political leaders gather to discuss U.S. policies, and the new Gates Hall will host future forums and other events.

Brown Hall was built on the corner of Prince George and North Boundary streets, near Colonial Williamsburg, in 1930 as an off-campus residence for Methodist women students at William & Mary, and later served as a male student dormitory, Army housing, rented space for military families, upperclassmen residences and, most recently, a freshman dorm. In 2021, the building ended its use as student housing.

Gates Hall will include two wings with a courtyard in the middle, including a balcony and an outdoor learning space.

Before work starts to convert Brown Hall to Gates Hall beginning this fall, archaeologists will conduct excavations at the site, where the Williamsburg Bray School for enslaved and free Black children was started in 1760. William & Mary and the Colonial Williamsburg Foundation plan to collaborate on preservation and documentation of the school’s history, continuing excavation work begun several years ago. Gates Hall will host exhibits on the Bray School’s history and legacy, according to W&M.

“We are deeply grateful for our trustee’s passion for conservation and sustainability — so important to the work that will take place in this special building,” W&M President Katherine Rowe said in a statement. “Like the chancellor, she is a true servant leader; she does not seek recognition for herself. Through her partnership, across the university, she has inspired us to aim high. Gates Hall will build on other initiatives that her generosity has brought to life here.”

MicroStrategy buys $623M more bitcoin in March

Tysons-based tech company continues to grow its collection, acquiring more than 9,200 more bitcoins in one week in March.

From March 11 to March 18, MicroStrategy acquired approximately 9,245 bitcoins for approximately $623 million in cash, according to the company’s Tuesday filing with the U.S. Securities and Exchange Commission. On Monday, MicroStrategy completed a private offering of convertible senior notes, gaining about $592.3 million in net proceeds, which it used in its most recent acquisitions.

As of March 18, MicroStrategy and its subsidiaries — believed to be the largest corporate bitcoin holders in the world — owned approximately 214,246 bitcoins, purchased for about $7.53 billion total. The average purchase price per bitcoin was about $35,160, including fees and expenses. As of 4:05 p.m. Tuesday, bitcoins were selling for $64,006.92, according to CoinMarketCap, valuing MicroStrategy’s total bitcoin holdings at about $13.7 billion, or about 45% more than the amount MicroStrategy has paid for the cryptocurrency since 2020.

In the morning on March 5, bitcoin hit a record high of $69,324.58 per coin, valuing MicroStrategy’s holdings at the time at $13.38 billion. By 4:30 p.m. that day, though, bitcoin values had dropped, and coins were selling for $64,045.35 on cryptocurrency exchange Coinbase.

Bitcoin fell to about $62,400 around 10:30 a.m. Tuesday. On cryptocurrency exchange BitMEX, bitcoin briefly crashed to $8,900 Monday night, potentially “due to a large number of sell orders totaling $55.5 million,” according to a Bespoke Investment Group blog post. BitMEX is now “investigating potential misconduct by traders on our Bitcoin-USDT Spot market,” the company said in a post on X. As of 4:23 p.m., Bitcoin was selling for $63,601 on the exchange.

MicroStrategy shares were trading for $1,417.50 at market close Tuesday, but dropped in after hours trading to $1,389 as of 4:26 p.m.

MicroStrategy announced its first bitcoin purchase in August 2020, saying it had converted $250 million from its cash holdings to more than 21,000 bitcoins, making it one of the first public companies to convert its cash treasury reserves into cryptocurrency as a store of value.

The investment strategy was led by Executive Chairman Michael Saylor, who stepped down as CEO after the company’s August 2022 earnings report. In the report, the company disclosed that it had paid a total of $3.977 billion for its bitcoin, which at that time had fallen to a market value of about $2.451 billion. MicroStrategy also had taken on about $2.4 billion in loans and debt to acquire bitcoin. At points in 2022, the currency fell below $20,000 to prices it had not seen since 2020.

McLean AI health care startup raises $111M in Series A funding

McLean-based has raised $111 million in a funding round, the technology startup announced March 13.

The round included participation from about 30 investors, including Revolution Growth, Eli Lilly & Co., Jeff Skoll, and Epiq Capital Group, according to a news release and a Securities and Exchange Commission filing from the company. The raise started in October 2023.

Founded in 2020, Zephyr AI is leveraging algorithms and tools to develop products and solutions supporting patients and providers and fueling in the areas of oncology and cardiometabolic disease.

“The U.S. has the highest rate of avoidable cancer and cardiometabolic-related deaths among any high-income country. We must do better,” Grant Verstandig, Zephyr AI’s cofounder and executive chairman, said in a statement. “At Zephyr AI, we are harnessing the power of AI to extract novel insights to better define patient stratification and response predictions as well as improve federation of real-world data. With our world-class team, and the support of this investor group, we are deploying one of the largest clinicogenomic [clinical genomic] datasets that has unprecedented breadth across disease states and data partners. Collectively, we are now well-positioned to support our mission of democratizing precision medicine, enhancing both the speed and success of clinical trials.”

The funds raised will enable Zephyr AI to increase its analytical speed and fortify its training and validation sets, as well as support expansion of the company’s scientific and commercial teams to expedite delivery to the market.

The startup had two abstracts accepted for publication at the American Association for Cancer Research annual meeting in April in San Diego.

“We are excited to be part of this growing ecosystem of AI-enabled drug development and welcome the opportunity to attend [the annual meeting], where we will engage with the scientific community and present some of our emerging scientific insights from our platform,” Jeff Sherman, Zephyr AI co-founder, interim CEO and chief technology officer, said in a statement.

In March 2022, Zephyr AI raised $18.5 million in a seed round.

HII’s Mission Technologies secures $305M DIA contract

Huntington Ingalls Industries’ -based division won a $305 million contract to provide intelligence analysis and operational support services for the Joint Intelligence Operations Center – Korea, assisting the United States Forces Korea (USFK), announced Tuesday.

Under the recompeted task order, HII will also assist USFK with organizing the Korean Theater of Operations intelligence activities.

The contract has a five-year term and is an extension of work performed under a previous contract the DIA awarded in 2019.

“We are excited about the opportunity to expand our relationship with the USFK and support its important mission while working in close coordination with the joint staff, service components and intelligence agencies,” Todd Gentry, of Mission Technologies’ C5ISR (Command, Control, Communications, Computers, Cyber, Intelligence, Surveillance and Reconnaissance) business group, said in a statement. “Our experts have a long history assessing and advising on national security issues and are committed to protecting U.S. regional interests.”

Newport News-based is the nation’s largest military shipbuilder. The Fortune 500 company employs more than 44,000 workers and is Virginia’s largest industrial employer. Its Newport News Shipbuilding division is the United States’ only manufacturer of nuclear-powered aircraft carriers. The Mission Technologies division has more than 7,000 employees and more than 100 facilities globally.

Virginia Tech announces new CFO

Virginia Tech has hired Simon Allen as its chief financial officer and vice for , the university announced Monday.

Allen is currently vice president for finance and of the Ithaca campus of Cornell University. In his new role, which he’ll start May 6, Allen will report to Executive Vice President and Chief Operating Officer Amy Sebring. Ken Miller, who had served as Virginia Tech’s vice president for finance since 2020, announced his retirement in September 2023. He had worked for the university for 35 years.

Allen will support the teaching, and outreach missions of Virginia Tech, become a member of the President’s Council and hold direct responsibility for oversight and management of the university’s key financial operations, including budget and financial planning, capital financing, financial reporting, treasury management, accounting, the university bursar, insurance, payroll, travel, procurement and tax, according to a news release.

“Throughout his career in both the private sector and in , Simon has demonstrated his ability to bring stakeholders together to solve complex problems in ways that are mission-driven and focused,” Sebring said in a statement. “Simon’s financial expertise and collaborative leadership style will enable Virginia Tech to continue elevating our financial services in support of the university’s strategic objectives and build upon Virginia Tech’s track record of strong financial management and positioning.”

Allen spent about 5 1/2 years at Cornell, where he oversaw an annual operating budget of about $6 billion, net assets of $14 billion, a debt portfolio of $1.9 billion and $1 billion in capital assets, while providing oversight support for Cornell’s three campuses in Ithaca, New York, and New York City. Before he worked for Cornell, Allen worked in finance, as U.S. managing editor of real estate private equity for European asset management firm Amundi Asset Management.

Allen earned his MBA with concentrations in finance and economics from the University of Warwick, in Coventry, United Kingdom, a master’s degree in environmental management from Duke University and a bachelor’s degree in urban estate management from the University of Westminster in London.

Alger leaving JMU to head American University

American University announced Monday that Jonathan Alger will be its next president, starting July 1. Alger joined the public university in 2012.

Alger will be the 16th president of AU, a private university in Washington, D.C., replacing President Sylvia Burwell. During his tenure, JMU received R2 classification from the Carnegie Commission on , and the university joined the FBS level in NCAA Division I football. Alger launched the Valley Scholars program, which provides scholarships for first-generation students from the Shenandoah Valley. Also, JMU’s endowment more than doubled under Alger.

“Encouraging students to dream big is the heart of higher education, and the opportunity to join is a dream come true for me and my family. AU’s stellar academic profile and global impact reflect the unique and inspiring characteristics of the faculty, staff, students and alumni,” Alger said in a statement released by AU. “Returning to the Washington, D.C., region where our family has deep ties and collaborating with the AU community to create the next chapter of this great institution is an unparalleled opportunity.”

Alger previously was senior vice president and general counsel at Rutgers University and assistant general counsel at the University of Michigan. He chairs the Association of Governing Boards of Universities and Colleges and is vice chair of the American Association of Colleges and Universities. A graduate of Swarthmore College and Harvard Law School, Alger worked in the U.S. Department of Education’s Office for Civil Rights.

“President Alger elevated the university to a place far beyond where JMU has ever been. Under his leadership, we have turned the page into the next chapter of the history of JMU,” JMU Rector Maribeth Herod said in a statement. “JMU is no longer the hidden gem in the mountains because Jon has led us to national prominence and is leaving the university after accomplishing so much together. While Jon and Mary Ann will be missed immensely, the offerings at American University are a wonderful culmination of everything he is so passionate about.”

According to JMU, the Board of Visitors’ executive committee will recommend an acting president to the full board for a formal vote in coming weeks, and then the board will begin the search process for JMU’s next president.