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Emory & Henry names new president

Washington County-based private college announced Monday that it was promoting Louise Fincher from interim president to the university’s permanent 23rd president.

The university’s board of trustees unanimously selected Fincher as president during its spring board meeting. Fincher has more than 30 years of experience in and .

“From her first day at Emory & Henry, Lou has led with compassion, integrity and a deep sense of purpose that has inspired our campus community,” Emory & Henry Board of Trustees Chair Ann Sluder said in a statement. “Her thoughtful leadership, inspiring vision and genuine care for our students, faculty and staff have made a lasting impact. She has the full support of the board of trustees to lead Emory & Henry University.”

Fincher joined the college in 2014 when she was selected as the founding of the School of Health Sciences in Marion. She became senior vice president in 2020 and interim president on Aug. 1, 2024, filling in for former President John W. Wells.

“Dr. Fincher’s leadership is rooted in collaboration,” said Gary Peacock, former chair of the Smyth County Community , the founding investor in the Emory & Henry School of Health Sciences, in a statement. “Whether she’s working with faculty, students or community partners, she brings together around shared goals. That spirit has led to meaningful progress — not only in expanding academic programs at Emory & Henry but in strengthening partnerships with regional health care systems and deepening our role in the community.”

Fincher was instrumental in launching the Southwest Virginia Healthcare Excellence Academy Laboratory School (SWVA-HEALS). The first state-supported lab school in Virginia when it launched in 2024, the public lab school allows high school students to earn college credits while preparing for health care professions.

Before coming to Emory & Henry, Fincher served as professor and chair of the kinesiology department in the College of Education and Health Professions at the University of Texas at Arlington, and she was president and CEO of the Joe W. King Orthopedic Institute at the Texas Orthopedic Hospital.

Fincher holds a doctor of education degree with a focus on human performance studies from the University of Alabama, a master’s degree in education with a focus on athletic training from Indiana State University, and a bachelor’s degree from Stephen F. Austin State University.

Emory & Henry University was founded in 1836 and has two campus locations in Southwest Virginia and more than 90 academic fields of study. The oldest institution for higher learning in Southwest Virginia, its central campus location is listed on the National Register of Historic Places and the Virginia Historic Landmarks Register. Emory & Henry has 1,244 full-time students and 67 part-time students.

Another massive deal in the building supply sector, James Hardie offers AZEK $8.75 billion

Australian building products company James Hardie Industries is buying the US outdoor products maker AZEK in a cash-and-stock valued at approximately $8.75 billion. The transaction includes about $386 million in debt. It’s the second large deal in the sector in less than a week, with QXO Inc. announcing on Thursday that it was buying Beacon Roofing Supply Inc. in a deal worth about $11 billion, including debt. The US sector has been in a significant slump as more would-be buyers are frozen out of the market by sky-high prices and elevatd mortaged rates.

Australian building products company James Hardie Industries is buying the U.S. outdoor products maker AZEK in a cash-and-stock deal valued at approximately $8.75 billion, including $386 million in debt.

It’s the second major acquisition in the building supplies sector in less than a week, with QXO Inc. announcing on Thursday that it was buying Beacon Roofing Supply Inc. in a deal worth about $11 billion, including debt.

The U.S. housing market has been in a slump since 2022, when rates began to climb from pandemic-era lows. Sales of previously occupied U.S. homes fell last year to the lowest level in nearly 30 years.

The average rate on a 30-year mortgage in the U.S. rose slightly for the second week in a row to 6.67%,mortgage buyer said Thursday.

Raymond James analyst Sam Darkatsh said in a client note that the uncertainty in the housing market makes Beacon’s acquisition a positive for its shareholders. Beacon is based in Herndon.

Under the James Hardie deal, shareholders of The AZEK Company Inc. will receive $26.45 in cash and 1.034 ordinary shares of James Hardie for each share of AZEK stock that they own. AZEK is based in Chicago.

James Hardie shareholders will own about 74% of the combined company, with AZEK stockholders owning 26%.

The combined company will sell siding, exterior trim, decking, railing and pergolas, among other building goods.

“The consumer journeys for siding and decking often overlap and both companies have excelled at demand creation for the homeowner and innovative products and solutions for the contractor,” James Hardie CEO Aaron Erter said in a statement.

James Hardie’s ordinary shares will list on the New York Stock Exchange once the deal closes.
The boards of both companies have unanimously approved the transaction, which is currently targeted to close in the second half of the year. The deal still needs AZEK shareholder approval.

AZEK’s stock soared more than 13% at the opening bell Monday.

Luna Labs to expand Charlottesville operations

Product development company USA is investing $200,000 to expand its operations in , creating 20 new jobs.

The Charlottesville-headquartered company works with companies and government agencies to address complex challenges in defense, industrial and markets. The company brands some of its products as Luna Labs, while others may be licensed or produced by third-party companies.

Luna Labs Director of Communications Lianne Landers said in an email the would add 4,000 square feet at the company’s Charlottesville location, bringing its total occupied space in Charlottesville to 50,000 square feet.

The new space will be used for some of the company’s biotech activities, including development of NanoVac, a platform to deliver therapeutics for cancer treatments, she said. Work on biomarker identification will also be done in the new space, including work associated with diagnosing PTSD and traumatic brain injuries.

“The new space allows the company to expand its existing facilities related to the production of TrueClot bleeding control training products and Dislotech Joint Reduction trainers,” Landers wrote. “Existing space is also being reassigned to accommodate our materials group and the development of protective coatings and sealants.”

Luna Labs new space
Luna Labs’ expanded space to include work on drug delivery platforms and biomarker identification. Photo Courtesy Luna Labs

The company currently has about 100 employees, and the expansion will raise that number to 120.

“Luna Labs’ expansion demonstrates Virginia’s ability to cultivate and retain innovative technology companies,” said Governor Glenn Youngkin in a statement. “When high- firms choose to grow in the commonwealth, it reinforces our position as a hub for research and development, particularly in sectors like aerospace, energy and defense.  Luna Labs’ success story showcases how Virginia’s world-class talent pipeline and collaborative ecosystem help companies thrive.”

Luna Labs has operated as a privately owned company with locations in Charlottesville and Blacksburg since 2022.

“Luna Labs is excited to continue our growth in Charlottesville,” said Luna Labs CEO James Garrett in a statement. “This location has been a huge advantage for us — bringing talent, partners and customers all within easy reach. We’ve built a world-class team that’s flourishing in Central Virginia.”

Luna Labs is enrolled in the Virginia Leaders in Export Trade Program, which assists the state’s exporters that have firmly established their domestic operations and are committed to international exporting as a growth strategy. According to a news release from the governor’s office, the company will graduate from the program in July 2026. The Virginia Partnership worked with the Charlottesville government to involve Luna Labs in the program.

According to Landers, the expansion is expected to be completed in the second quarter of the year, by the end of June.

Trump appointee fires Freddie Mac CEO

Bill Pulte, heir of one of the nation’s largest homebuilders, wasted little time launching a house cleaning campaign after being confirmed as director of the (FHFA) March 13.

On Thursday, Pulte CEO Diana Reid, according to news reports. The government-backed financing provider’s website lists Freddie Mac President Michael Hutchins as interim CEO.

On Monday, Reid’s LinkedIn page stated she is now retired.

Hutchins previously stepped in as interim CEO following the March 2024 departure of Freddie Mac CEO Michael J. DeVito, who was succeeded in September 2024 by Reid, who led PNC Financial Service Group’s business division for more than a decade.

Named Freddie Mac’s president in 2020, Hutchins began his career at the company in 2013, serving as a senior vice president and then as an executive vice president for investments and capital markets.

Last week, the FHFA overhauled the boards of both Freddie Mac and , another government-sponsored housing finance system, according to news reports. Pulte is now chair of the boards of the two companies, even though, as Politico noted in a Thursday article, there is a federal statute stipulating that an agency director may not “hold any office, position, or employment in any regulated entity or entity-affiliated party.”

On March 17, the FHFA, according to a Freddie Mac filing with the U.S. Securities and Exchange Commission, removed the following board members: Kevin Chavers, a former managing director and member of the global fixed income securitized asset investment team at BlackRock; Lance Drummond, a former executive vice at TD Canada Trust; Luke Hayden, owner of Hayden Consulting; Allan P. Merrill, chair, president and CEO of Georgia-based Beazer Homes; Jane E. Prokop, executive vice president at Mastercard; and Roy Swan, director of Mission Investments at the Ford . That day, the agency appointed to the board Brandon Hamara, vice president of California-based Tri Pointe Homes; Clinton Jones, general counsel of the FHFA, and Ralph “Cody” Kittle, a partner at RenWave Core, an investment firm with offices in Connecticut and Texas.

On March 19, the FHFA appointed an additional director to the board: David Farbman, CEO of HealthRise Solutions, a Michigan-based hospital revenue cycles business. He replaced Christopher E. Herbert, managing director for Harvard University’s Joint Center for Housing Studies, who resigned that day.

Pulte also appointed to the Fannie Mae board Christopher Stanley, a engineer and part of the Department of Government Efficiency effort, although he resigned a day later, according to The Wall Street Journal.

Real estate industry leaders speculate that the Trump administration may be moving to privatize Freddie Mac, which is based in , and Fannie Mae.

A request for comment to Freddie Mac was not immediately returned.

Pulte, who runs an operational investment firm focused on acquiring and growing building products and related service companies, is the grandson of William Pulte, who founded Pulte Homes, an American residential home company.

In a February statement for the U.S. Senate Committee on Banking, Housing and Urban Affairs, Pulte said the conservatorships of Freddie Mac and Fannie Mae “should not be indefinite.” However, he added that “any exit from conservatorship must be carefully planned to ensure the safety and soundness of the housing market without upward pressures on mortgage rates.”

The two companies were placed in a conservatorship by the FHFA in 2008 in the wake of the housing crash.

Virginia Beach-based Groundworks names new president, COO

Groundworks, a -based and solutions company, has promoted two senior executives to president and chief operating officer.

Michael Mullican, who joined over a year ago as chief financial officer, has been named president and retains his CFO title, and Jeffrey Martin, most recently Groundworks’ chief revenue officer, is now COO, the company announced Thursday.

“Last year was transformational for Groundworks. We grew our operating footprint by more than 20%, with 12 acquisitions and six new offices, which included to the West Coast and into Canada,” Founder and CEO Matt Malone said in a statement. “Michael Mullican and Jeffrey Martin were both highly integral to our success. Their leadership and operational experience will assist us as we continue to evolve our industry.”

According to the announcement, over the past 15 months, Mullican has helped the company move toward its goal of becoming a multibillion-dollar, multinational home services business. He came to Groundworks from Academy Sports + Outdoors, a sports and outdoors retailer based in Houston, where he served as president.

Martin started his career with Groundworks and its affiliated brands 17 years ago, beginning as an installer with Foundation Recovery Systems and moving up through the ranks, serving as regional manager, divisional vice president and chief revenue officer. As COO, he will oversee sales, service and operations.

Groundworks has been named eight years in a row to the list of the nation’s fastest growing privately held companies, and has 78 offices in the U.S. and Canada.

Power outage at Virginia International Gateway leads to port backup

Power was out early morning Friday at the , the privately owned container terminal leased by the , leading to a several-hour halt in service while electricity was restored and the terminal’s systems were restarted.

According to port spokesman Joe Harris, the outage occurred for about four hours, and electricity was restored by 9 a.m. However, it took about two more hours, until 11 a.m., for all of the terminal’s systems to be back online and operating, he said. VIG is one of the port’s two main container terminals.

“You don’t want to rush it back online and cause a problem,” Harris said.

According to spokesperson Cherise Newsome, the outage was reported to Dominion around 6:40 a.m. “Our crew assisted the Port of Virginia and found a fault on the power equipment,” she said in an email. “Power was restored around 9 a.m.”

Truck gates at VIG reopened at about 11:30 a.m. Friday, according to the port’s website, and the terminal’s truck gates will be open from 8 a.m. to 4 p.m. Saturday to handle any delayed traffic from Friday.

Truck gates will also be open all day Saturday at the Pinner’s Point Container Yard, the Portsmouth Chassis Yard and the Reefer Service Area. Typically the gates are closed during the weekend.

According to the Port of Virginia’s weekly metrics, there were more than 16,000 gate transactions a week at VIG in March, which averages to more than 3,000 transactions a day.

U.Va. eyes $72M replacement data center

The ‘s data center is nearing its maximum capacity. So, school leaders think it’s time to build a new one, estimated to cost $72 million, to aid faculty and researchers in their work.

“We can already see that our researchers are experiencing significant delays in their ability to access the computational resources,” Kelly Doney, a vice president and chief information officer at the University of Virginia, told the members of the ‘ finance committee at a March 7 meeting. “This is a big factor in terms of faculty recruiting and retention, and we want to be competitive with other schools when we’re looking for those top-notch faculty to bring here to .”

Doney believes the university’s current data center will be able to hang on until 2029. To have another data center ready by that time, Mr. Jefferson’s University will need to begin on a new facility next year.

The school’s current data center, according to the March presentation, cannot be expanded due to its physical location as well as cooling and power limitations. A request for details about the current U.Va data center and the planned project was not returned Friday by university officials.

Initially, the new university data center will have a 4-megawatt capacity, but it will be able to expand to 15 megawatts.

The identified site for the new facility is at Fontaine Research Park, off U.Va. grounds, about two miles southwest of the university’s historic Lawn.

“It is conveniently located adjacent to the Fontaine Energy Plant, which is fantastic for us, because that really enables some great efficiencies through geothermal heating and cooling, and we’re able to share back the excess heat generated through that data center for other needs on grounds,” Doney explained.

The Fontaine Energy Plant is slated to open in 2026, according to news reports.

University officials analyzed three options for meeting the campus’ computing needs, according to the presentation. U.Va. could operate its own equipment in a data center owned by someone else. The university could also purchase time on major cloud providers. The research showed that the university building its own own data center would be most cost effective.

Josh Baller, associate vice president for research computing at U.Va., said that while applications are currently increasing demand for power and computing capacity, the data center will help the university grow into other future usages as well, even if tools become more efficient in power usage. “It really just opens up the potential for more research that our faculty could be engaged in, rather than negating the need for this,” he said.

The goal at the March presentation was to provide the finance committee with an overview of the project. When the committee reconvenes in June, it may make a decision about whether or not to move forward with the project.

Trump administration cancels Jefferson Lab operator search

The has cancelled its search for a new operator and manager of ‘ , as the current operator’s contract is set to expire at the end of May — prompting speculation of what the federally funded lab’s future entails.

The DOE said in a statement that it plans to rebid the contract to manage and operate the in a way that more closely aligns with ‘s priorities, and tweeted this month that the Trump administration has a vision for the future of Jefferson Lab and its work. However, questions remain about the timeline of a new management contract and how the function of the lab could change under the Trump administration.

In February 2024, under President Joe Biden, the DOE initiated a competition for the selection of a management and operating contractor for the facility, and issued Requests for Proposals in July 2024. According to an informational meeting presentation in March 2024, the DOE had hoped to award the contract earlier this month.

The lab, under the Biden administration, has been awarded several significant projects. In 2023, the DOE announced it would lead a $300 million to $500 million data science computing hub, the High Performance Data Facility hub, that will make scientific data more accessible nationwide. The project was set to include the building of a data center that is expected to be operational by fiscal 2028. Also, researchers at the lab are working on a project to eliminate harmful chemicals — known as “forever chemicals” — in drinking water through 2026.

But on Feb. 28, the DOE issued a special notice saying the solicitation for a new management and operating contractor was cancelled. The lab is currently operated by Jefferson Science Associates, a limited liability company created by the Southeastern Universities Research Association. Its contract is set to expire May 31.

“The cancellation is necessary because key elements of the solicitation’s statement of work and evaluation criteria do not adequately reflect or align with the priorities of the current administration, as outlined in several executive orders issued by President Trump,” the notice said, without elaborating which orders they were. Since taking office Jan. 20, the president has issued hundreds of executive orders, many of which roll back priorities of former President Biden, including DEI and renewable energy initiatives.

The DOE sent Virginia Business a statement indicating it intends to rebid the contract, saying it remains committed to “restoring America’s leadership in , energy and innovation,” and that Jefferson Lab is a critical part of the DOE’s National Laboratory complex, which includes 17 labs across the nation conducting multidisciplinary research, some going back as long as 70 years.

“Regarding the solicitation, the source selection authority did not believe that any of the bids would allow for the long-term success of Jefferson Lab,” said a DOE spokesperson in a emailed statement. “The current contract remains in effect. The department will ensure the seamless continuation of operations while evaluating the best path forward, including a new solicitation process to secure strong leadership that aligns with our mission of maintaining America’s technological and scientific edge.”

The spokesperson did not answer whether the current contract with SURA would be extended or for how long. The DOE also did not answer what changes will be made in the new proposal to better align with the Trump administration’s goals.

“While we cannot share the details at this time, our priority is to make decisions that serve the best interests of the United States, ensuring that Jefferson Lab remains a pillar of innovation and economic growth for Newport News and the nation,” the spokesperson said.

Jefferson Lab officials declined to comment, and SURA did not respond to requests for comment.

Like other federal workplaces, the Jefferson Lab is going through a great of uncertainty under Trump, who has made moves to slash federal spending and federal jobs, as well as placing most government agencies under a hiring freeze. Some federal departments and agencies have been closed, and according to the new Department of Government Efficiency (DOGE) led by billionaire Elon Musk, the plans to sell many of its buildings and end hundreds of its leases nationwide. 

Many of Trump’s layoffs and agency closures are being opposed in court, and some actions have been paused by federal judges, but it’s unclear which jobs, projects and departments will remain after the dust clears.

On March 12, Youngkin posted on social media platform X that he had spoken with Energy Secretary Chris Wright about the future of Jefferson Labs and had “Great News!”

“The management contract will be recompeted with a new, clean RFP that’s in line with the Trump Administration’s vision for the future of this important institution,” Youngkin wrote. “I’ve invited him to join me for a tour of JLAB soon. Thank you, Mr. Secretary!”

Youngkin’s spokesperson Peter Finocchio declined to provide any further information.

The Virginian-Pilot reported though, that Youngkin told reporters on Wednesday that the current management contract is to be extended while the DOE rebids the contract.

“There was some concern that the management contract that had been out for an RFP prior to the transition of the new administration had been completely terminated, and therefore, [would] that mean something bad for Jefferson Lab?” Youngkin said, according to the Pilot’s reporting. “The reality is no. What they have communicated clearly is that some of the priorities in what they would want in a management contract were not in the previous RFP. They’re going to extend the current management contract, rebid it, but are very much supportive of Jefferson Labs.”

ODU taps new dean of Eastern Virginia Medical School

Dr. Judette Louis, a maternal-fetal health physician from the University of South Florida, will be the next of the Eastern Virginia Medical School within Old Dominion’s newly created health sciences college, announced this week.

Louis will start Sept. 2 as dean of the at ODU. According to a university spokesperson, she will succeed Dr. Alfred Abuhamad as dean of the medical school, while he will retain his title as executive vice president for health sciences, a position created last year when the formerly independent EVMS integrated into ODU in July 2024.

Abuhamad, in that role, oversees all of the colleges and schools associated with the Macon & Joan Brock Virginia Health Sciences at ODU, and each of those programs have deans. Upon Abuhamad’s promotion to executive vice president, ODU conducted a search for his replacement as the medical school’s dean.

Louis currently serves as the James M. Ingram Professor and chair of the department of obstetrics and gynecology in the Morsani College of Medicine at the University of South Florida health system, with a joint faculty appointment in the USF Health School of Public Health. Additionally, she is director of the USF Health Regional Perinatal Intensive Care Center Obstetrical Satellite Programs.

“Dr. Louis is a widely regarded physician-scientist with extensive leadership experience in an academic health center,” Abuhamad said in a statement. “She is also a fellowship-trained maternal-fetal medicine physician and a national leader within the field.”

During her career, Louis has collaborated with the Florida Perinatal Collaborative, a consortium of professionals dedicated to the advancement of perinatal , and led statewide initiatives to improve outcomes during childbirth and postpartum. She has also worked on programs designed to increase access to care.

“Her experiences and knowledge will be vital as we continue our work to address similar health challenges here in southeastern Virginia,” Abuhamad said.

Louis, who has authored more than 150 scientific articles and book chapters, specializes in studying obstructive sleep apnea in pregnancy and its implications for maternal and infant health. She’s also studied hypertensive disease in pregnancy, maternal morbidity and mortality and cardiometabolic consequences of sleep disorders.

After earning a master of public health degree from Johns Hopkins University in Maryland, Louis earned her medical degree from MCP Hahnemann University, now Drexel University College of Medicine in Pennsylvania.

In July 2024, after more than two years of planning, Old Dominion merged with Eastern Virginia Medical School to form the largest suite of health care programs in the state.

The newly integrated entity, in recognition of a $20 million gift from Joan Brock, is known as Macon & Joan Brock Virginia Health Sciences at . Dennis and Jan Ellmer also gave $20 million, announced in June 2024, to provide scholarships to students pursuing health sciences degrees at ODU.

Stock market today: Wall Street slips and heads for a fifth straight weekly loss

NEW YORK (AP) — Stocks fell in morning trading Friday and Wall Street is veering toward its fifth straight weekly loss.

The fell 0.6%. The index, which is a benchmark for the broader market’s health, is facing its worst weekly losing streak in nearly two years.

The fell 228 points, or 0.5%, as of 11:19 a.m. Eastern. The Nasdaq composite fell 0.6%.

stocks were the biggest weight on the market. The sector has been at the center of much of the market’s recent sell-off in a reversal from their market-driving gains throughout the previous year.

The stocks are among the most valuable on Wall Street and have outsized impacts on the whether the market gains or loses ground.

Nvidia fell 1.7% and Microsoft fell 0.6%.

Stocks have been losing ground for weeks over uncertainty about the direction of the U.S. economy. A trade war between the U.S. and its key trading partners threatens to worsen inflation and hurt both consumers and businesses. Inflation remains stubbornly above the Federal Reserve’s goal of 2% and tariffs could hurt the central bank’s efforts to ease the rate of inflation.

Businesses have been warning investors about tariffs, inflation and growing uncertainty about the impact to costs.

Nike slumped 6.5% after it forecast a steep decline in revenue in the current quarter, blaming geopolitical dynamics, new tariffs by the Trump administration and a less confident consumer.

FedEx tumbled 9% after the package delivery company said it expects revenue to be flat to slightly down year-over-year and lowered its per-share profit guidance.

Homebuilder Lennar fell 5.5% after giving investors a weaker-than-expected forecast for new orders and average sales prices for the current quarter. It said high interest rates, inflation, and waning consumer confidence are weighing on an already tough market.

High interest rates have been a key issue for the housing market. The Federal Reserve held its benchmark interest rate steady at its most recent meeting this week as it assesses the potential impact from tariffs and other U.S. policy shifts.

The Fed cut interest rates through the end of last year amid consistently easing inflation rates, but has been holding steady so far in 2025. Lower rates can bolster the economy, but they can also push inflation higher.

Fed Chair Jerome Powell has acknowledged that the economy remains solid, but stressed that uncertainty is making forecasting difficult.

A recent batch of economic reports on home sales, industrial production and unemployment reinforced the view that the economy is holding strong. But other reports on consumer sentiment and retail sales have revealed rising caution from consumers.

In the bond market, Treasury yields mostly held steady. The yield on the 10-year Treasury rose to 4.24% from 4.23% late Thursday.

Airlines were under pressure. A fire knocked out power at London’s Heathrow Airport, forcing it to shut down and disrupting global travel for hundreds of thousands of passengers. Ryanair Holdings fell 1.6%.

U.S.-based airlines, including American Airlines and United Airlines, held relatively steady.
Markets in Europe fell. Britain’s FTSE 100 shed 0.6% after the Bank of England held its main interest rate steady a day earlier.

Germany’s DAX slipped 0.7%. German lawmakers voted for a budget that will boost defense and infrastructure spending.
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Jiang Junzhe and Matt Ott contributed to this report.