Kohl’s has terminated CEO Ashley Buchanan, who had just started at the department store chain’s helm in January, after an investigation determined that he directed the retailer to engage in vendor transactions that involved undisclosed conflicts of interest.
Kohl’s said Thursday that Buchanan’s firing is unrelated to its performance, financial reporting, results of operations and did not involve any of its other employees.
Kohl’s will conduct a search for a permanent CEO and said it will name a new chair in due course. The company couldn’t be immediately be reached for comments.
The news comes nearly four months after Buchanan, who had been the CEO of arts and crafts chain Michaels, took over the job in January.
Buchanan had succeeded Tom Kingsbury, who stayed on as an adviser and is retaining his position on Kohl’s board until his retirement next month. Kingsbury served as Kohl’s interim CEO in December 2022 and was named its permanent leader in February 2023.
The firing comes at a time when Kohl’s, which operates 1,600 stores across the country, is wrestling with sluggish sales. Its middle income shoppers have pulled back on discretionary spending in the face of still-high prices for necessities. Like other department stores, it’s also faced stiff competition from Walmart and Amazon, which have been improving their fashion offerings at affordable prices. And like other retailers, it is facing uncertainty surrounding President Donald Trump‘s expansive tariffs.
On Thursday, the company offered a preliminary look at sales and profits for the current quarter that showed continued weakness. It said that it expects to report a decline in comparable sales in the range of 4.3% to 4%, and a loss of 24 cents to 20 cents per share. It expects to report final first-quarter results on May 29.
Shares of the company, based in Menomonee Falls, Wisconsin, rose 6.4% in morning trading.
Huntington Ingalls Industries and General Dynamics have been awarded Navy contract modifications worth up to $18.4 billion to build two Virginia-class submarines, the Department of Defense announced Wednesday.
Reston-based General Dynamics’ Connecticut subsidiary Electric Boat is being awarded $12.4 billion for the construction of the nuclear-powered vessels and investment to improve productivity and workforce support, with options to increase it to a total of $17.1 billion. Newport News-based HII and its Newport News Shipbuilding division is being awarded $1.2 billion, the Navy announcement says.
The two ships will be the 11th and 12th fast-attack submarines under the Navy’s Block V contract.
About a third of the work will be performed in Newport News under this award, as well as Groton, Connecticut; Quonset Point, Rhode Island, and other locations. The two ships, contracted by Naval Sea Systems Command, are expected to be completed by June 2036.
The payments fall under fiscal 2024 and fiscal 2025, with $5.2 billion in 2024 and $4.1 billion in 2025’s budget. The totals also include previously announced material awards totaling $2.1 billion.
“We appreciate the teamwork that resulted in these critical national security assets being put under contract,” Jason Ward, NNS’ vice president of submarine construction, said in a statement. “We understand the advantage Virginia-class submarines bring to the sailors who operate them, and our shipbuilders are working with diligence to deliver them to the fleet.”
So far, NNS and Electric Boat have built and delivered 24 Virginia-class subs, according to HII.
“Over the past two years, we successfully worked with the Navy, Congress and the administration to secure funds that enable us to increase wages for the nuclear-powered vessel workforce and allow for significant additional investments in capacity, shipyard processes and systems,” said Mark Rayha, president of General Dynamics Electric Boat. “This contract modification validates the unique and important role submarines and submarine shipbuilders play in our national defense.”
U.S. Sen. Tim Kaine, who pushed for additional funding of naval submarines last year, said in a statement: “I’m thrilled the Navy has awarded two additional Virginia-class submarines to Newport News Shipbuilding. This funding is critical to ensuring the Navy has the resources it needs to provide competitive wages for shipbuilders and advance the AUKUS agreement that will help ensure a free and open Indo-Pacific. I look forward to continuing to work with my colleagues in Congress to get our shipbuilding programs back on track.”
Virginia Business debuts inaugural Forty Under 40 Awards.
Honorees selected for career success and community impact.
Winners represent industries from banking to construction.
Young leaders shaping Virginia’s future across the commonwealth.
Meet the next generation of changemakers transforming Virginia’s business landscape. From entrepreneurs and executives to public servants and community leaders, these rising stars are redefining success — not just in their careers, but in the collective impact they make every day.
Virginia Business is proud to debut our inaugural statewide Forty Under 40 Awards, recognizing 40 outstanding professionals under the age of 40 who are making waves across the commonwealth. Honorees will be recognized at a May 12 awards event at The Westin Richmond.
Chosen by our editors from nominations submitted by colleagues and the honorees themselves, this year’s cohort includes high-achieving leaders in industries ranging from banking, health care and law to government, real estate development and construction. Selected for their career accomplishments, community engagement and commitment to inspiring positive change, these honorees represent the future of organizational leadership in Virginia.
A University of Richmond law school graduate, Adams specializes in litigation and is active in the Virginia Bar Association’s Young Lawyers Division, and also serves on the Richmond Bar Association’s Administration of Justice Committee. Before joining ThompsonMcMullan, she was an attorney with Venable and a deputy clerk in the Fairfax County Circuit Court.
Outside of work, Adams is vice-chair elect for the Cystic Fibrosis Foundation’s Young Professional Leadership Council in its Richmond chapter.
Greatest professional accomplishment: I am most proud of achieving the title of partner at my law firm at the age of 34 and being one of the youngest attorneys here to do so.
Hobbies: I spend nearly all of my spare time with my wonderful husband, Franklin, and our two children, James and Lillian. These days when we are not at swim lessons or soccer games, we spend as much time outside as possible.
BARRETT
ZENITH BARRETT Vice president of advancement, Goodwill Industries of the Valleys, Roanoke
Having been with Goodwill in Roanoke for the past 10 years, Barrett helped launch the redevelopment of the former Melrose Plaza shopping center, transforming it into a health care, education and financial empowerment hub for underserved neighborhoods. She also serves on boards for the Council of Community Services, Blue Ridge PBS and the Virginia Center for Inclusive Communities.
How I give back: Since 2022, I have served on the board for the Council of Community Services, where I currently hold the position of vice chair. I recently completed my board term for the Salem Roanoke County Chamber of Commerce, where I played a key role in the business advocacy committee.
Where I see myself in 10 years: I envision myself stepping into a chief or CEO role.
Benesh
BARBARA GRACE BENESH Founder, architect and design principal, B. Grace Design, Norfolk
An Auburn University alumna who started a boutique project management and integrated design strategy firm in Norfolk in 2020, Benesh previously worked as an architect for Mason & Hanger and served as president of AIA Coastal Virginia and fundraising chair for the Elizabeth River Trail Foundation. Benesh mentors women in architecture and works to advance equity in the industry.
Greatest professional accomplishment: As president of AIA Coastal Virginia, I led a transformative rebranding and strategic repositioning of the organization — aligning it with the urgent need for coastal resilience and economic sustainability in our region.
Something surprising about me: I trained as a pianist and watercolorist — two disciplines that taught me the balance between precision and creativity, structure and fluidity.
Bolling
R. PATRICK BOLLING Principal, Woods Rogers, Norfolk
Bolling is a native of Bedford and a graduate of the Washington and Lee University School of Law, and joined Edmunds & Williams as a corporate attorney in 2014. That firm merged with Roanoke-based Woods Rogers, and Bolling is part of its Norfolk office and its labor and employment practice group.
A board member for The Williams Home, an independent living community in Lynchburg, and until recently a Virginia Bar Association board member, Bolling was recognized with the Emerson G. Spies Award for enthusiasm, loyalty and dedication to the bar association in 2024.
How I give back: I was a long-time board member and president of the board for The Arc of Central Virginia. This nonprofit organization serves individuals with intellectual and developmental disabilities.
Something surprising about me: I spent a summer working for a grizzly bear hunting guide service on a remote Alaskan lake accessible only by floatplane.
Chalk
LAURA HAYES CHALK Executive director and CEO, Virginia Beach Vision, Virginia Beach
Formerly Virginia Beach’s deputy economic development director and business development coordinator, Chalk is from Williamsburg and has been involved with the Hampton Roads region’s economic development arena for years. In 2024, she joined Virginia Beach Vision, where she advocates for business growth and job creation.
Chalk serves on a regional transit advisory panel and was a long-time member of the International Economic Development Council. Greatest professional accomplishment: One project I am particularly proud of is Virginia Beach’s International Incubator, offering international
companies six months of free rent, with incremental rent increases every six months until reaching market rate.
Something surprising about me: I studied in London and India during college. I also worked for a marketing company in Beijing, China, the summer between college and grad school.
Coon
CHRIS COON Deputy county administrator, Louisa County
Born and raised in Colonial Heights, Coon formerly worked as a Henrico County deputy sheriff and a police officer at the Virginia Division of Capitol Police in Richmond. Switching gears professionally, Coon was town clerk and then deputy town manager for Occoquan, followed by a two-year stint as town manager in Haymarket.
In 2022, he landed in Louisa County, where he helped set new short-term rental regulations and establish a technology overlay district. That helped the county secure an $11 billion investment from Amazon Web Services. He also is a triathlete who’s finished two Ironman events and founded a rowing nonprofit.
How I give back: My community involvement began in middle school when my eighth-grade teacher introduced me to Special Olympics. Having a brother with special needs, the mission hit home. A lesson learned from a failure: Not every idea is a good fit for the community, no matter how well-intended.
Davis
ANDREW DAVIS Project executive, Branch Group, Roanoke
A two-time Virginia Tech civil engineering graduate, Davis has been with Branch Group since 2017, working on major projects such as VDOT’s Interstate 81 expansion and North Carolina’s Jamestown Parkway.
Growing up in Franklin County, Davis says he takes pride in his ability to talk to anyone, from legislators to tradesmen and tradeswomen. He’s participated in Habitat for Humanity projects and other civic volunteering.
Greatest professional accomplishment: Overcoming erosion, flooding, two hurricanes and snow to complete the Jamestown Parkway project — recognized as one of Roads & Bridges magazine’s top 10 road projects of 2022.
How I give back: I coach and umpire baseball, participate in cleanup efforts, contribute to baseball field construction and support initiatives like The Big Event at Virginia Tech and Feeding Southwest Virginia.
Something surprising about me: I’d love to work in professional fishing — either offshore or tournament bass fishing.
Elder
JAKE ELDER Deputy director of development services, Chesterfield Economic Development, Chesterfield county
Employed by Chesterfield County since 2018, Elder has played a key role in the county’s recent economic development boom, helping fast-track permitting for major projects including the $1 billion Lego Group manufacturing facility under construction.
A VCU graduate with a master’s degree in urban and regional planning, Elder is active in the Virginia Economic Developers Association, Greater Richmond Association for Commercial Real Estate and the Brightpoint Community College Real Estate Foundation.
How I give back: I was fortunate to be exposed to many different outreach and charitable efforts through an active church youth group in Petersburg. It taught me the importance of helping your neighbor through direct and indirect actions.
Key to my success: Being solution-oriented. In regulatory work, the answer may need to be “no,” but I always aim for a “no, but…,” ensuring there are options presented to find a path forward.
Something surprising about me: I’m right-handed for some things and left-handed for others.
Elliot
MEREDITH KING ELLIOTT Senior vice president and LEAD program manager, TowneBank, Suffolk
Elliott leads employee engagement and internship strategy at TowneBank, including the LEAD Program, a management development program for young professionals. A two-time graduate of Virginia Tech, Elliott is involved with the Riverside Hospital Foundation’s Smithfield campaign and the United Way of South Hampton Roads.
Greatest professional accomplishment: High on the list would be the years that I supported the TowneBank Foundation Fall Extravaganza fundraising event. One of my roles was to oversee all income-generating aspects of the event, which allowed us to donate over $500,000 annually to the foundation.
How I give back: I have been fortunate enough to volunteer with organizations through the years like Roc Solid Foundation building playsets for pediatric cancer patients, United Way Day of Caring events and the Salvation Army’s Angel Tree distribution. Something surprising about me: How competitive I truly am.
Gee
KELLY GEE Secretary of the commonwealth, COMMONWEALTH OF VIRGINIA, Richmond
Formerly the Virginia Lottery’s executive director, Gee oversees executive appointments and clemency as a member of the governor’s cabinet. She also was a staffer for former House of Delegates Speaker Kirk Cox. Gee serves on the board of Lead Virginia and is active at Richmond’s Reveille United Methodist Church, including as a Sunday school teacher.
A lesson learned from a challenge: As a young executive, I thought I had to know everything because I was at the head of the table. That quickly paralyzed and humbled me. I learned that my success is measured by the success of those around me. A good leader puts people around their table that challenge them and bring their own expertise.
How I spend my spare time: I have twin boys who are 4 years old. We love to explore outside, go swimming during summertime and play soccer.
Gilkeson
SAM GILKESON Vice president and chief human resources officer, VHC Health, Arlington County
Formerly a health care-focused mergers and acquisition attorney at Sheppard Mullin, Gilkeson leads human resources at VHC Health, which has more than 4,500 employees and is anchored by a 453-bed teaching hospital. He is particularly proud of seamlessly migrating the health system’s workers to the Workday HR platform without payroll interruptions.
How I give back: I support organizations like the Capital Area Food Bank, which directly serve those in need, and I actively participate in VHC Health’s food, clothing and gift drives each year.
One thing I’d change about my profession: I am constantly trying to promote the perception of human resources as a key component of the business versus just a transactional function.
Something surprising about me: I survived Stage IV cancer. It’s an experience that has shaped my perspective on resilience, the importance of support and the value of every moment.
Gregg
MICHAEL GREGG Assistant vice president of development, Peterson Cos., Stafford County
Raised in Oakton, Gregg started his career at Turner Construction, moved to his family’s real estate business, The Penrose Group, and then joined Peterson, where he focuses on large-scale real estate projects.
Gregg helped lead the sale of the first 300-megawatt data center campus in Stafford County, as well as spearheading the Northern Virginia Gateway project, a 3.1 million-square-foot industrial and logistics hub in Stafford.
He also co-founded The Lilly and Blair Foundation, which raises money for research to address de novo spastic paraplegia, a rare disease affecting his 6-year-old daughter, as well as another local family.
Where I see myself in 10 years: I would love to be able to say in 10 years we have found a treatment or cure for Lilly’s disease, and that our foundation continues to support breakthroughs in rare disease research.
Hobbies: I spend it where it matters most, making memories with my wife and children. Whether it’s exploring parks, traveling or simply enjoying quality time at home, I try to be as present as possible.
Hanson
RYAN A. HANSON Partner, Kaleo Legal, VIRGINIA BEACH
A Hampton Roads native, Hanson earned his law degree and MBA at Wake Forest University and was a varsity swimmer at Washington and Lee University. At Kaleo, he advises clients on mergers, acquisitions, joint ventures and other business deals in several industries. He’s a 2023 graduate of the CIVIC Leadership Institute.
How I give back: I have the privilege of leading worship at Grace Bible Church in Virginia Beach, where I serve in all three services at the Lynnhaven campus twice a month. Since 2021, I’ve been volunteering with An Achievable Dream in Virginia Beach.
Hobbies: I cherish spending time with my family. Living in a beautiful coastal city, we take full advantage of the water. I enjoy playing guitar, fishing and spearfishing — activities that allow me to connect with nature and unwind.
Hasty
JT HASTY Account executive, Towne Insurance, Norfolk
A Chesapeake native who earned a sports management degree at Virginia State University and an MBA from Regent University, Hasty worked his way up from a teller at TowneBank to his current position with the bank’s insurance arm.
Hasty is very active in civic organizations, serving as treasurer of the Urban League of Hampton Roads’ young professionals group and a board
member of the YMCA of South Hampton Roads, Children’s Harbor and Link of Hampton Roads.
Greatest professional accomplishment: Playing an integral part in getting funding for one of the boards that I serve on. This particular organization serves children and was in need of a brand new playground.
How I give back: Most recently, I’ve started a nonprofit by the name of Father’s United, where I want to help fathers in the Hampton Roads area with life skills and financial workshops.
Hill
CHERNELLE N. HILL Vice president of hospital operations, Sentara Virginia Beach General Hospital, Virginia Beach
Hill joined Sentara Health in 2011, and with stints in administration at Sentara Leigh and Sentara Obici hospitals, she has been at the health system’s Virginia Beach general hospital since 2024, overseeing surgical, service line and support service teams at the 273-bed medical center.
A University of North Carolina Tar Heel who also earned a master’s degree in health administration from VCU, Hill was president of the Hampton Roads chapter of the American College of Healthcare Executives and is first vice chair of the local YWCA board.
Greatest professional accomplishment: Leading efforts to fund expansion of our mobile mammography services. This included the purchase of a new mobile van and 3D mammography unit.
Something surprising about me: I have frequently caught members of my team and peers by surprise with a “rabbit’s hole” worth of knowledge on superheroes or the latest fantasy show.
Hirth
CHRIS HIRTH Executive vice president of asset management, Capital Square, Glen Allen
Born and raised in Richmond, Hirth graduated from Virginia Tech with a business management degree and worked for PRG Real Estate and CBRE. In 2016, Hirth joined Capital Square, where he has orchestrated nearly $1 billion in sales and helped grow its real estate management sector to 138 properties exceeding $6 billion in value.
How I give back: As a member of the VT Advisory Board and as a guest instructor and speaker to undergraduates, I mentor students in the real estate and property management programs.
A lesson learned from a setback: Commercial real estate, like many other industries, moves in cycles. What will help me the most through the rest of my career are the lessons learned from navigating the market challenges of the last two to three years.
Hobbies: Spending time with my wife and three daughters — and being outdoors kayaking, golfing, cycling or running.
Krzyzewski
PEYTON CARTER KRZYZEWSKI Director of strategy and growth, Qantm Creative, Portsmouth
A University of Richmond Spider, Krzyzewski manages a portfolio of marketing clients exceeding $3 million in annual revenue. Before joining Qantm in 2021, she worked in donor relations and marketing for the Norfolk SPCA and oversaw digital media strategies for the Virginia Symphony Orchestra.
Krzyzewski is an event co-chair for volunteer organization Portsmouth Service League and also is a foster parent for several local animal aid groups.
Greatest professional accomplishment:
The launch and management of the outreach for the Regional Maritime Training System was a massive undertaking, and one vital for the success of our region and the nation. Qantm was tasked with creating the RMTS brand and planning/ managing all outreach.
Hobbies: I’ve visited over 15 countries so far and will add at least one more to the list this year!
Lautz
JACLYN MARY LAUTZ Chief operating officer, ivWatch, Newport News
A native of Maine, Lautz has a doctorate in mechanical engineering from Duke University and worked on medical devices and treatments for urological diseases, winning NSF fellowships along the way. In 2018, she joined ivWatch, where Lautz is responsible for developing new products and bringing them to market, as well as overseeing R&D, human resources and operations.
Greatest professional accomplishment: I led the first FDA 510(k) submission for the first medical device at ivWatch, which was one of my most exciting professional accomplishments of my career. We immediately transformed from a research and development company to a real medical device manufacturer with 3X growth in four months.
One thing I’d change about my profession: The complexity and time it takes for the health care system to embrace and adopt new technologies that improve patient safety.
Marshall
SARAH A. MARSHALL Manager of state and local affairs and infrastructure strategy, Dominion Energy, Richmond
A graduate of James Madison University and Clemson University, Marshall started her career with Dominion Energy at the North Anna Power Station, supporting its nuclear operations, and today she specializes in outreach for capital projects by the Fortune 500 utility. A Louisa County native, Marshall lives on a farm there with her husband and three dogs. She also serves on boards for the Center for Rural Virginia and Louisa’s chapter of Ducks Unlimited.
How I give back: I volunteer with community organizations and serve on community boards and committees where I can add value, taking the time to become knowledgeable about issues and concerns that may arise in order to make educated decisions.
Hobbies: Cooking and baking; outdoor activities with Nubb, my German shorthaired pointer; playing very bad golf; and watching college sports (Go Tigers!) and hockey (Go Caps!).
Mathews
JOHN MATTHEWS Deputy director, Joint Industrial Development Authority of Wythe County, Wytheville
A graduate of Wytheville Community College who received his bachelor’s degree in animal sciences from Virginia Tech and an MBA from Longwood University, Matthews was a legislative aide for several state delegates and joined the IDA, which serves Wythe County and the towns of Wytheville and Rural Retreat, in 2015.
He is active locally as chair of Wythe County’s business solutions unit and Wythe-Bland Young Professionals, and is a Virginia Economic Developers Association board member. Matthews also helps manage his family’s beef farm.
Greatest professional accomplishment: Successfully hosting my first conference in 2023, the Southwest Virginia Housing Summit, has been a real source of pride for me. As an economic developer, housing has not been at the forefront of my work until recent housing market changes began to drive site selection for new and expanding businesses.
If I wasn’t in this industry: I would remain committed to serving rural communities and advocating for their success and improved quality of life.
McNamara
JAMES JOSEPH MCNAMARA II Planning director, City of Chesapeake, Chesapeake
A native of North Carolina, McNamara earned a master’s degree in urban and regional planning and a post-grad certificate in geographic information systems from VCU. After graduation, he worked for the Hampton Roads Transportation Planning Organization and previously was a planner for Virginia Beach before joining Chesapeake. In 2022, he received the George Robert House Jr. Award for Outstanding Service from the Hampton Roads chapter of the American Society for Public Administration.
How I give back: I’m very involved with various ministries at my church. I serve with the Chesapeake Area Shelter Team and provide food and shelter to the homeless during the cold weather months. I participate in the ROC Builders group, which assists with small construction projects for those needing repairs in our community.
Hobbies: Youth sports, outdoor adventures, backpacking, and I’ve run 18 marathons.
Moffa
MELISSA STRATTON MOFFA Chief risk officer and general counsel, Chartway Credit Union, Virginia Beach
An attorney with a degree from the Benjamin N. Cardozo School of Law in New York, Moffa started her career as an associate counsel for Gallup and moved to finance in 2016, working for Capital One and then PenFed. In 2023, she joined Chartway, where she oversees the credit union’s legal, compliance, collections, fraud, corporate real estate and other teams.
This year, Moffa started studying for her MBA at the University of Virginia’s Darden School of Business. She lives in Virginia Beach with her
husband, a judge advocate in the Marines, and a French bulldog named Watson.
A lesson learned from a failure: Sometimes, it comes down to not having too much ego, which can often cause you to ride out a bad decision for
too long.
How I spend my spare time: I love to run. It’s the best way to clear my mind. I’ve run two marathons and am currently training for the Marine Corps Marathon. Since living in Virginia Beach, I’ve started stand-up paddle boarding.
A lifelong Virginian and University of Virginia alumna, Mordecai first worked for Hunton Andrews Kurth and joined Gentry Locke in 2023. She’s active in the Richmond Bar Association’s young lawyers section executive board, and as a law student, Mordecai argued a precedent-setting case before the 4th U.S. Circuit Court of Appeals. She also was first chair in a private arbitration that secured a $600,000-plus award for a food manufacturer client in a breach-of-contract case.
Something surprising about me: My last name is pronounced More-deh-key. I come from a long line of Mordecais who adopted that pronunciation after arriving in America in the 18th century, though Queen Esther’s uncle Mordecai (who used the traditional pronunciation) still has us beat by thousands of years.
What I do in my spare time: Virginia Beach for summer beach days, John Paul Jones Arena for U.Va. men’s basketball games, the Blue Ridge Mountains for hiking (Spy Rock is my top pick!), and Northern Virginia for time with family.
Newman-Twynam
ASHLEIGH D. NEWMAN-TWYMAN Project manager, Whiting-Turner Contracting, CHESAPEAKE
A Hampton Roads native, Newman-Twyman earned a civil engineering degree from Virginia Tech and started her career in construction in Baltimore but moved back home. At Whiting-Turner, Newman-Twyman is a preconstruction manager, overseeing planning for major construction projects, including budgeting, scheduling and logistics.
Newman-Twyman volunteers with the Commercial Real Estate Women (CREW) of Coastal Virginia and is a 2023 graduate of the Hampton Roads Chamber’s LEAD757 leadership program.
How I give back: For the past five or more years, I have chaired our community involvement committee in my office. Each year the committee volunteers or raises money for at least five events, including the Salvation Army angel tree, American Diabetes Association Tour de Cure, Walk to End Alzheimer’s and Shore Drive beach cleanup.
One thing I’d change about my profession: The construction industry is a very lucrative business, but it is also male-dominated. I look forward to the day where more women and people of color are running projects.
Pierson
CHRISTOPHER P. PIERSON Chief operating officer, Sentara Norfolk General Hospital, Norfolk
A University of Virginia and VCU graduate, Pierson has held increasingly senior administrative positions at Sentara Health since 2014, and before that, worked for Mary Washington Healthcare.
Currently, he oversees operations at the 525-bed teaching hospital and Level 1 trauma center, which employs more than 3,700 people. Pierson has also served as board chair of Volunteer Hampton Roads and was a board member for the local Habitat for Humanity chapter, and he was named the 2024 Triton for the Virginia Beach Neptune Festival.
Who significantly impacted my career: I lost my father to brain cancer when I was 20 years old. He taught me you can do it all — be an engaged and dedicated husband and father, a Christian businessman and a community figure, all while being a gentleman. Something surprising about me: I know how to juggle.
Price
SAMANTHA ENGLE PRICE Director and co-owner, Pender Family of Pet Care Cos., Chantilly
Born and raised in Virginia, Price lives on her Loudoun County farm with her husband, daughter and many animals. She also earned several degrees and certifications in veterinary management and health care, and became a co-owner of the Pender pet care company’s branch in Fairfax County in 2017.
One of the clinic’s major jobs has been caring for all animals entering the United States at Dulles International Airport that need medical assistance. They include 300 pets that came from Kabul, Afghanistan, as part of a rescue effort.
How I give back: My volunteer experience, in addition to my time as an EMT, includes participation in many trap-neuter-release pro bono surgery programs offered in Fairfax, Loudoun and Fauquier counties, and organization and hosting of many animal rescue and adoption events.
Something surprising about me: I’m a certified open-water scuba diver.
Ratliff
CHRISTOPHER JACKIE ‘CJ’ RATLIFF Supervising nurse practitioner, The Health Wagon, Wise County
Ratliff has been with The Health Wagon since 2019, treating patients, managing several mobile clinics and overseeing an annual free clinic. He also helped people with medical support in Southwest Virginia and Eastern Kentucky after devastating flooding.
A former grocery clerk and maintenance worker, Ratliff worked his way through nursing school and now holds multiple degrees.
How I give back: I help my wife, Kayla, who is a schoolteacher at J.W. Adams Combined School in Pound, with all of her dissections and her ecology club, where we grow a garden and teach students about fresh food.
A lesson learned from a challenge: I have Asperger’s syndrome. It could always be worse. I always push forward. My dad always pushed me to continue no matter how hard it got. He always said I would be great if I would just stick with it.
Reynolds
ASHLEY REYNOLDS Founder and chief creative officer, Cloth & Paper, Henrico County
Reynolds founded her company, which sells subscription boxes and organization and planning products, in 2015, and it’s grown from a small startup into a thriving e-commerce company that landed on the Inc. 5000 list in 2021 and 2022. Cloth & Paper currently employs 37 people.
A former Capital One employee, Reynolds grew up in a military family that ultimately landed in Midlothian, where she and her husband live. Each year, her company dedicates a portion of its sales on Giving Tuesday to support a Richmond-area charity, and Reynolds mentors budding entrepreneurs.
Greatest professional accomplishment: Over nearly a decade, I have built and grown a business that has employed over 200 people, providing them with sustainable income and benefits.
Hobbies: I spend my spare time traveling with my husband, sailing on the Potomac River, playing tennis and enjoying time with family and friends.
Rolfs
JENNA ELISE ROLFS Dean, School of Medicine and Health Sciences, University of Lynchburg, Lynchburg
Trained as a physician assistant, Rolfs now leads the University of Lynchburg’s medical school, a post she assumed in July 2024 after working as an associate professor and associate dean. Rolfs is also board president of the Virginia Academy of Physician Assistants and vice president of the Free Clinic of Central Virginia board.
Something surprising about me: I was raised in a small town in central Illinois, where I experienced the unique challenges and opportunities that come with life in a rural community. As a first-generation college student, my journey to higher education was marked by a strong sense of determination and a deep appreciation for the unwavering support of my family and community.
Hobbies: My personal interests include reading, running and spending time with my family. I am married with two children: a son, 8 years old, and a daughter, 4 years old.
Rothamel
BRYAN ROTHAMEL Director of economic development, Culpeper County
Before coming to Culpeper in 2021, Rothamel worked for his native Fluvanna’s economic development department and previously was a county beat reporter for a website he founded. He received his certified economic developer credential last year.
His “Choose Culpeper Farms” campaign, with a $5,000 budget, was nominated for Best in Show by the International Economic Development Council. Rothamel also serves as vice chair of Foundation First, a nonprofit for early childhood education.
Something surprising about me: My website was the most read news site in Fluvanna County and won a First Amendment lawsuit, and I designed a water tower painting that was ranked the Top 10 water tower in America.
Hobbies: I’m a father of two little girls, so my hobbies are a lot [about] helping them learn about their world. I love baseball and devote a lot of brain power and time to the New York Mets.
Rouse
AVERY DURELL ROUSE Regional maintenance director, The Breeden Co., Virginia Beach
A Virginia Beach native who lives with his wife and two children, Rouse has been with Breeden since 2021. He currently manages seven communities’ maintenance operations, totaling 1,637 units.
Rouse, with his brother, has started a nonprofit known as Rouse’s House, which provides resources and support to low-income students in Hampton Roads’ public schools.
Key to my success: I frequently asked my mother what my gift was, and she advised me to pray for clarity. I made a solemn promise to myself to work diligently, persevere and continually strive for improvement, embracing constructive criticism and utilizing it to my advantage.
How I give back: I assist my brother in distributing backpacks for school and turkeys for Thanksgiving, but to be honest, the most impactful way I give back is by providing young adults with opportunities to excel in this field that I am grateful to be a part of.
Saunders
JUSTIN A. SAUNDERS Vice president of membership and strategic growth, Hampton Roads Chamber, Norfolk
Under Saunders’ leadership, the Hampton Roads chamber earned five-star accreditation from the U.S. Chamber of Commerce and was ranked in the top 1% of chambers nationwide.
A Lead757 alumnus who is an honorary commander of the U.S. Air Force, Saunders serves on the Virginia African American Cultural Center and Tidewater Community College boards and the Virginia Advisory Committee for the U.S. Global Leadership Coalition. He also volunteers as a youth coach at the YMCA of South Hampton Roads and supports medical nonprofit Operation Smile.
My biggest inspiration: The person who has made the most significant impact on my career is undoubtedly my son, Jeremiah. Watching how he admires me every day motivates me to work harder and be better.
Something surprising about me: I’ve never played hockey, but I took an ice-skating elective in college and still skate fairly well.
Snare
ROSS WILLIAM SNARE IV Associate chief external affairs officer, UVA Health, Nokesville
Part of a military family, Snare is a Christopher Newport University alumnus and worked for the Prince William Chamber of Commerce as chief operating officer before joining UVA Health. In addition to his job, Snare serves on the Prince William Chamber board, the county’s parks and recreation commission and the Northern Virginia Emergency Response System.
Most significant professional accomplishment: In my position at UVA Health, my team and I increased the total number of community events from less than 60 per year to between 230-250 a year. We also restarted and have increased the amount of community grants we give out each year.
Something surprising about me: My first job out of college was at a cherry canning plant in northern Michigan, where I worked on the assembly line as we packed cherries during the 2007 season.
Spicknall
ANDY SPICKNALL President, Bon Secours Harbour View Medical Center, Suffolk
As its inaugural president, Spicknall leads operations for Bon Secours’ Suffolk hospital, set to open in May. A Richmond native, Spicknall joined Bon Secours in 2014 as an administrative resident and received his master’s degree in health administration from VCU in 2015.
Spicknall was part of the American Heart Association’s Heart Walk executive committee in Hampton Roads.
How I give back: Since 2009, I have served as a national key volunteer with Scouting America through their honor society known as the Order of the Arrow. I serve as the co-creative director responsible for writing and directing inspirational and educational theatrical shows at the Boy Scouts’ national events.
If i wasn’t in this industry: I would want to be a teacher. I’m a lifelong learner who finds real joy in helping others grow and discover new things.
Trovato
NIRALI RAVAL TROVATO Senior vice president, Towne Wealth Management; financial advisor, Raymond James Financial Services, Virginia Beach
A George Mason University alum, Trovato joined TowneBank in 2023 as a senior vice president and adviser, having worked for Cary Street Partners for a decade as a financial adviser.
Outside of work, she volunteers with the Greater Norfolk Corp.’s mentorship program and local United Way Women United events, assisting people in need. She also is on the board for the Youth Justice Center, which offers legal representation and guidance for young people. Trovato lives with her husband, two children and two Boston terriers.
Greatest professional accomplishment: The privilege to serve as an adviser for individuals and families while they navigate complex financial decisions.
Something surprising about me: I played American football since the age of 8, finally retiring in 2020. In fact, I met my husband in 2014 while playing in a sand flag football league.
Turner
JELISA TURNER Department of Outreach and Engagement director, Henrico County, Henrico county
Since 2024, Turner has led Henrico County’s newest department, which is focused on seniors, individuals with disabilities and others with specific needs. She previously managed Henrico’s Community Assistance Resources & Education (CARE) program through its fire and EMS department.
The CARE program was recognized with a national award from the Center for Public Safety Excellence, and Turner has been acknowledged for her work on the county’s COVID-19 response in long-term care facilities.
Greatest professional accomplishment: Transforming the CARE program. While I didn’t start the program, it was entrusted to me to develop it into what it is today. Over a span of four years, I’ve worked tirelessly to reimagine and expand its scope, turning it into a robust, impactful initiative.
Something surprising about me: I grew up on a farm. From harvesting vegetables to rounding up sheep and pigs when they broke through the fence, or even jumping hay bales, I wouldn’t trade those experiences for anything.
Wescott
ABIGAIL R. WESCOTT Managing director of external affairs, Virginia Economic Development Partnership, Richmond
At VEDP, Wescott manages relationships between economic developers, state leaders and federal policymakers, and before joining the state organization, she was chief operating officer for the Appalachian School of Law in Grundy, which she helped lead during the pandemic.
While pursuing her MBA, Wescott was assistant coach and offensive coordinator for the DeSales University women’s lacrosse team. Wescott is a gubernatorial appointee to the Family and Children’s Trust Fund of Virginia (FACT) and is its vice chair.
Something surprising about me: One of my favorite New Year’s resolutions is to cook 52 new recipes every year.
Who made a significant impact on my career: Retired Supreme Court of Virginia Justice Elizabeth McClanahan, then dean of the Appalachian School of Law. She took a chance on me after just one conversation, believing in my potential at a time when I was navigating a significant career transition.
Wiipongwii
TROY WIIPONGWII Director of innovation and entrepreneurship in conservation, Institute for Integrative Conservation at William & Mary, Williamsburg
A STEM advocate who works at the intersection of academia, business, community and governance, Wiipongwii researches the impact of technology and policies on food systems, including production, consumption and entrepreneurship. He received his master’s degree in public policy from William & Mary in 2018 and followed that with a doctorate in data science and technology from Capitol Technology University.
Wiipongwii has worked with chefs, farmers and community leaders and founded IndigineiTEA and the Traditional Eastern Woodland Foodways Alliance.
Where I see myself in 10 years: I see IndigineiTEA being a multiproduct company generating $20 million in sales annually. I see myself continuing in my role as the director of innovation and entrepreneurship for conservation at the IIC, with an increased role of supporting the academic side of the foodways alliance.
Something surprising about me: I hope to get my pilot’s license within the next five years!
Wiltshire
JAMES A. WILTSHIRE III Portfolio manager, Bank of America, RICHMOND
Since 2014, Wiltshire has advised high net-worth individuals and families, as well as private foundations, on their finances. He previously was an associate wealth management adviser at Northwestern Mutual and says if he could trade places with any business leader for a day, it would be Warren Buffett.
A VCU graduate who received a chartered financial analyst designation, Wiltshire enjoys running and traveling, as well as spending time outdoors with his family. He’s a member of the Sports Backers president’s council and served as a board member for Viridiant for three years.
Key to my success: The key to my success is the combination of my unwavering discipline, a growth mindset, genuine curiosity and the ability to adapt to challenges.
Something surprising about me: I raised bantam chickens in my backyard and taught one of them to fly on command to my arms.
Zhang practices corporate, securities, zoning and estate planning law at Kaufman & Canoles, and as a William & Mary student, was the first Asian American person elected to Williamsburg City Council. He is married to his former law school classmate, Kelsey Abell, and they live in Williamsburg with their two children and co-own a bed-and-breakfast with Abell’s mother. Among Zhang’s volunteer duties, he has served as president of Literacy for Life for four years, offering adult education and English classes.
Greatest professional accomplishment: Successfully representing a client that completed its initial public offering and listing on Nasdaq this past year.
If I wasn’t in this industry: I would start and run my own non-legal business full-time. I have a strong entrepreneurial drive, which has been rooted in my father’s experiences owning his medical practice for much of his career.
Virginia Trucking Association hopes for regulatory relief under Trump
February freight activity saw largest monthly rise in years
Truckers face uncertainty from Trump’s new tariff proposals
Industry cites challenges from emissions rules and transition costs
Virginia truckers hope President Donald Trump will bring the industry some regulatory relief and spark a comeback after a protracted freight recession.
During the height of the COVID-19 pandemic, the trucking industry surged, driven by growing numbers of people ordering consumer goods from home.
“When consumers are buying things, that’s good for trucking because we need to move it and bring it to them,” says Dale Bennett, president and CEO of the Virginia Trucking Association. “Coming out of COVID, once things started opening up, people started shifting more to experiences — going out to concerts, taking vacations, escaping from cabin fever. While trucking is needed to support all these experiences, it’s not nearly as good for us as people buying goods that we transport.”
Inflation and a sudden increase in open capacity further dragged on the trucking industry.
But in February, trucking activity perked up and grew 3% compared to January, the largest monthly increase in several years, according to the American Trucking Associations.
Carriers seemed generally optimistic after Trump’s presidential victory in November and anticipated a rollback of federal regulations, especially those requiring lower emissions and a shift toward electric vehicles. His emphasis on tariffs, though, has created some uncertainty. In early April, Trump declared a 10% baseline tax on imports from all countries and higher tariffs on some nations, including 34% on China, risking a broader trade war.
ATA President and CEO Chris Spear said in April that truckers hauling goods between the U.S., Mexico and Canada “will bear a direct and disproportionate impact” from tariff wars.
“Almost all cross-border traffic goes by truck,” Bennett says. “We’re hopeful that the Trump administration’s strategy will result in a quick resolution of the issue. Let’s get it resolved.”
The uncertainty caused by Trump’s sporadic tariff threats leaves questions about whether February’s bump in trucking activity really signaled the end of the U.S. freight recession, or if it’s a blip.
“This has been the longest freight recession we’ve had,” says Devon Anders, president of Rockingham County third-party logistics company InterChange. “It’s started to come back, but then it hasn’t. The prediction was freight would come back strong this year, and now there’s a little bit of a question if we’ll pull out of it.”
There’s more confidence Trump will lift regulations on the trucking industry. He already has issued executive orders to roll back Biden-era clean energy spending and environmental regulations, and Trump says he will bring back less stringent auto emissions standards.
“That is something we fought under the Biden administration, and we’re hoping we’re going to have a better chance for our side of the issue to be heard,” Bennett says.
Trucking advocates say the industry already is moving toward fewer emissions and cleaner vehicles.
“Compare a new truck today to one in 2010; its emissions are 40% less,” Bennett says. “We’ve got a great story to tell about how we’ve worked hard and invested money to reduce our emissions.”
Some of truckers’ problems with federal and state emissions restrictions come from their timeline. A rollback helps with “not having to switch out equipment as quickly,” Anders says. “The changes cost a lot, which drives up the cost of trucking.”
California withdrew its request for a federal waiver for its Advanced Clean Fleets rule, which would have required a shift to emissions-free vehicles by 2036. Virginia’s policy is similar, but the state granted an exemption for trucks over seven tons.
Bennett says that California’s goals “are not realistic and not achievable given the current state of battery electric technology for heavy-duty trucking and the lack of charging infrastructure. To force it is not good for the industry and not good for the supply chain.”
Members of the Charlottesville Angel Network, which marked its 10-year anniversary in April, have invested more than $20 million in nearly 80 startups. The group of accredited investors supports early-stage ventures and has realized returns from several successful exits, including from Palvella Therapeutics, a company developing therapies for rare genetic skin diseases that merged with Pieris Pharmaceuticals in December 2024. Early investors realized returns of up to 20 times, while investors in later funding rounds have had returns averaging about 8 times. The network also invested in Dive Technologies, an autonomous underwater vehicle company acquired by Anduril Industries in February 2022. Its combined investments resulted in a return of approximately 6 times. (News release)
Alexandria data management startup pgEdge announced in mid-March it had raised another $4 million from four investors, including Massachusetts-based cloud computing giant Akamai Technologies and London investment management firm Qube Research & Technologies. The new funding brings the 3-year-old startup’s total raise from a seed round that previously closed in August 2024 to $14 million and total lifetime funding to $23 million. Co-founded by local entrepreneur Phillip Merrick, the startup has an open-source software platform that can improve the speed and efficiency of websites and applications. (DC Inno)
Richmond National Group and its affiliates raised $55 million in an oversubscribed equity capital raise. Based in Glen Allen, the holding company for Richmond National Insurance — a specialty excess and surplus lines insurance company that focuses on small and mid-sized businesses — announced the raise had closed in late March. Richmond National raised the common equity capital from existing shareholders, including HF Capital, Bonhill Capital, WT Holdings and employees, bringing its total common equity capital raised since its founding in 2021 to more than $210 million. (News release)
Runtime Ventures, a new venture capital firm based in Arlington and Austin, Texas, launched a debut fund of $32 million to invest in early-stage cybersecurity startups, it announced in early April. Co-founded by managing partners Michael Sutton and David Endler, the firm plans to make 32 investments over the next three years, ranging from $250,000 to $2 million per investment, Sutton said. Runtime Ventures has already made 11 investments. Sutton and Endler met in 2001 while working at Reston-based iDefense Security Intelligence Services, which VeriSign acquired for $40 million in 2001. (DC Inno; News release)
Verge, a collective of organizations dedicated to tech-based economic development in the Roanoke and New River valleys, announced March 18 a rebrand, an effort that includes a new website, logo and a new name: the Roanoke Blacksburg Innovation Alliance (RBIA). Previously, Verge, which has roots dating back to 2013, used “Roanoke Blacksburg Innovation Alliance” as its tagline. Organizations under the RBIA umbrella include Regional Accelerator and Mentoring Program (RAMP), a public/private business accelerator serving startups in STEM-H fields; RBTC, a member association of technology professionals, businesses and organizations; and CommonWealth Angels, a Roanoke-based private capital investment organization. (VirginiaBusiness.com)
Where Ya Bin, an Ohio-based chain of stores that resell Amazon returns, opened its first Richmond-area location on March 14. The 18,000-square-foot store is located in the Quioccasin Station Shopping Center in Henrico County. Products are stocked for each Friday, with prices starting at $14 on Fridays and lowering throughout the week. On Thursdays, prices drop to 25 cents, and once bins are emptied, they’re restocked with fresh products to restart the cycle on the following Friday morning. Founded in 2022, Where Ya Bin has eight locations nationwide. (Richmond Times-Dispatch)
Original $1 offer sparked controversy and brief resignation of town manager
Building has been vacant since around 1980
Project follows similar historic redevelopments by Richmond-based Echelon Resources
After a long debate, Chase City’s aging, disused Robert E. Lee Community Center is set to be turned into apartments.
The fate of the former school has long been a topic of discussion in the Mecklenburg County town, with one local group hoping to turn it into a music venue, a local YMCA eyeing it, and a Richmond-based developer seeking to convert the structure into residences.
On Feb. 10, the town council narrowly voted down a plan to sell the building to developer Edwin Gaskin, the owner of Richmond-based Echelon Resources, for $1 — a vote that prompted the town manager, C.F. “Dusty” Forbes, to shout, “My resignation is on your desk,” according to The Mecklenburg Sun.
Forbes later withdrew his resignation while town officials and the developer tweaked details of the proposal. On March 24, council members voted unanimously to transfer the building to Echelon Resources, which plans to transform it into 25 mid- to high-end apartments, mostly one-bedroom units.
The building’s price was set at $10,000. If Echelon sells the building within five years, the town will get another $100,000.
Gaskin declined to discuss details of the plan for the building until a contract with the town is finalized. “It’s taken a patient path to get to this point,” he says. The developer has redeveloped numerous historic buildings, including transforming a tobacco company warehouse into the Imperial Lofts in South Boston.
Asked about the former school’s Confederate name, Chase City Mayor Alden Fahringer says it will be up to a new owner to decide if it remains named for Lee.
Gaskin, who has a long record of turning older structures into apartments in Virginia and North Carolina, first approached the town in late 2022. Council members gave the first chances at redevelopment to local groups, but none were unable to take on multimillion-dollar renovations.
Forbes says he attended the Lee school for fourth and fifth grade, not long before the building’s regular academic use ended around 1980.
By the time Forbes became town manager more than five years ago, the building had been empty for a long time, and he says he was frustrated by the council’s February vote because the school could be part of wider redevelopment.
“I guess good things come to those who wait and persevere,” Forbes said after the council’s March decision.
Utah-based drugmaker Civica missed its target for selling cheap insulin. When the company completed its manufacturing plant in Petersburg in 2022, it projected it would have insulin on the shelves of drugstores by 2024. But that did not happen, and the nonprofit medicine maker can’t say when it will have insulin for sale. Civica has switched insulin suppliers, faced delays in supply chains and slowly staffed up its plant. Civica spokesperson Benjamin Jarvela described the 2024 goal as “ambitious” and said Civica has made progress in other areas, such as hiring 140 employees in Petersburg last year. (Richmond Times-Dispatch)
Baltimore-based The Cordish Cos. and Virginia Beach developer Bruce Smith Enterprise broke ground in March on the much-anticipated $1.4 billion Live! Casino & Hotel Virginia in Petersburg. The mixed-use development’s backers say it will create about 1,400 permanent jobs, increase tourism and generate billions in economic benefit for Virginia. In November 2024, more than 80% of Petersburg voters approved a local referendum greenlighting the casino, which is being built on an undeveloped, 100-acre site off Interstate 95 in Petersburg. Smith and Cordish are partnering to develop the resort. (VirginiaBusiness.com)
The Court of Appeals of Virginia on March 4 issued an opinion affirming a judge’s decision to dismiss a lawsuit filed against the Hanover County Board of Supervisors and Wegmans. The suit revolved around the zoning approval of a 1.7 million-square-foot distribution center facility for the grocery giant in the county’s Brown Grove area. Hanover residents argued that the process was flawed and that their concerns were not adequately heard. The residents suing said they won’t appeal their case to the Virginia Supreme Court, ending the five-year legal battle. (Richmond Times-Dispatch)
Plenty Unlimited, a San Francisco-based agricultural technology company that counts tech billionaires Jeff Bezos and Eric Schmidt among its investors, in March filed for bankruptcy but plans to continue operating its vertical strawberry farm in Chesterfield County throughout the restructuring. In a statement, Plenty said it is “a challenging time” for the vertical farming industry and that it determined pursuing a restructuring is in the company’s best interest. In addition to its facility in Chesterfield’s Meadowville Technology Park, Plenty will continue operating its plant science research and development facility in Wyoming throughout the restructuring process. (VirginiaBusiness.com)
The City of Richmond on March 27 finalized the purchase of the 95.93-acre Altria Group site in the city’s eighth district from Philip Morris USA for $5.5 million. The purchase will allow the city to create a new signature park in Southside, establish another east-west travel route along its southern edge and conduct a market study to determine the best uses for the remaining acreage. Nearly half of the undeveloped property includes wetlands and ponds, which the city will look to incorporate into a 45-acre signature park for the surrounding Southside communities. (News release)
Gov. Glenn Youngkin announced in March that he was vetoing language in the state’s revised budget that would require Churchill Downs to earn approval from Henrico County voters through a referendum before opening the Roseshire gaming facility in the county. Unless two-thirds of the Virginia House of Delegates and two-thirds of the Virginia Senate vote to override that veto, the facility will be able to open once it receives a license from the Virginia Racing Commission. Vetoes rarely are overridden by the General Assembly. The facility is expected to have 175 historical horse racing machines. (Henrico Citizen)
EASTERN VIRGINIA
Virginia Beach-based developer Mike Sifen has purchased the majority of Greenbrier Mall in Chesapeake for $22.4 million, now owning all of the property except the Dillard’s department store. The 55-acre property’s sale was finalized on April 1, concluding a three-year process that began when Tennessee-based CBL Properties lost the property in 2022 after they defaulted on a nearly $62 million loan balance. Chesapeake Mayor Rick West said he spoke with Sifen and that Sifen indicated he’s willing to work with the city to find a common vision. (WAVY)
New York-based construction company Skanska announced in March that it has completed a $223 million redevelopment project for the Virginia Port Authority, upgrading 72 acres of Portsmouth Marine Terminal and 1,500 feet of wharf that now serves as an offshore wind staging port. Richmond-based Dominion Energy will use the space for its $10.7 billion Coastal Virginia Offshore Wind project. According to Skanska, the terminal serves as a collection and storage site for wind turbine components, which are then transferred to installation vessels. (VirginiaBusiness.com)
Virginia Beach-based business Taste, a café and food retailer that sells gourmet sandwiches, salads, soups, wine and desserts, recently announced its transition to 100% employee ownership under an employee stock ownership plan. Company leaders made the transition to employee ownership in November 2024 and announced it to team members at the end of January. The company has more than 600 employees and nine locations, with plans to open a tenth this fall. (The Virginian-Pilot)
Suffolk-based TowneBank announced plans April 3 to acquire Old Point Financial, parent company of The Old Point National Bank of Phoebus, in a deal valued at $203 million. The merger is expected to enhance TowneBank’s position as the bank with the most market share in Hampton Roads. The combined bank is expected to have total assets of $19.5 billion, loans of $13.1 billion and deposits of $16.3 billion, based on financial data as of Dec. 31, 2024. The transaction is expected to close in the second half of the year. (VirginiaBusiness.com)
Service-disabled and veteran-owned metal fabrication company TST Fab & Machine is investing $3 million to expand its existingNorfolk headquarters, with plans to create 56 jobs. The company fabricates sheet metal and manufactures machine parts for the Navy. The business is owned and operated by its CEO, retired U.S. Navy Commander Russell S. Turner, and its chief operating officer, Shawn Kuhle. Gov. Glenn Youngkin, who announced the expansion in March, said the sheet metal and machine fabrication industries are “vital” to modern infrastructure, and this expansion will create jobs and boost innovation. (VirginiaBusiness.com)
The U.S. Department of Energy announced March 27 that U.S. Secretary of Energy Chris Wright has approved a 12-month extension of the contract for Jefferson Science Associates to continue managing and operating the Jefferson Lab in Newport News. Jefferson Science Associates is a limited liability company created by the Southeastern Universities Research Association. Its contract was initially set to expire May 31. In February the DOE canceled its search for a new operator and manager of the facility, leading to questions about the federally funded lab’s future. The DOE plans to initiate a new contract competition. (VirginiaBusiness.com)
NORTHERN VIRGINIA
AeroVironment, an Arlington County-based defense contractor, announced in April that its stockholders have approved the $4.1 billion purchase of Arlington aerospace and defense tech firm BlueHalo. In November 2024, AeroVironment announced it was purchasing BlueHalo in an all-stock transaction. BlueHalo works in space technologies, counter-uncrewed aircraft systems, directed energy, electronic warfare, cyber, artificial intelligence and uncrewed underwater vehicles. AeroVironment says the transaction is set to close in May, subject to the satisfaction of customary closing conditions. AeroVironment stockholders voted to approve the issuance of its common stock for the acquisition. (VirginiaBusiness.com)
An Amazon Fresh store in Manassas that opened in 2022 has closed. The Virginia Department of Workforce Development and Advancement, aka Virginia Works, received a Worker Adjustment and Retraining (WARN) letter from Amazon in March saying that it planned to lay off 88 workers effective May 13. The store closed on March 16. A separate March WARN letter revealed that Arlington County nonprofit American Institutes for Research planned to lay off 149 employees by May 9. AIR expects to lay off 84 more people, according to a second WARN notice in April. (VirginiaBusiness.com)
Herndon-based Fortune 500 company Beacon Roofing Supply has agreed to an $11 billion buyout by Connecticut software and professional services company QXO after previously rebuffing a slightly lower offer from the same suitor. The two businesses have entered into a definitive merger agreement with QXO purchasing the building supply company for $124.35 per share in cash, according to a March news release. The transaction was expected to close by the end of April. (VirginiaBusiness.com)
The world’s largest corporate bitcoin investor, Tysons-based MicroStrategy, in April reported an expected first quarter loss in a Securities and Exchange Commission filing due to the falling value of its holdings in the cryptocurrency. After cresting at an all-time high of $100,000 in December 2024, bitcoin values fell below the $75,000 mark briefly on April 7. MicroStrategy said its unrealized loss on digital assets for the quarter ending March 31 was $5.91 billion. The tech company expects a resulting net loss for the quarter, although it will be “partially offset” by a related $1.69 billion income tax benefit. (VirginiaBusiness.com)
Federal contracting firm Mitre, which has dual headquarters in McLean and Massachusetts, expects to lay off 442 people in Virginia, according to a letter sent to the Virginia Works department in April. The cuts come after the Trump administration announced more than $28 million in canceled contracts for the company. According to a WARN notice, the layoffs will take place by June 3. Founded in 1958, the not-for-profit company manages federally funded research and development centers, including the National Security Engineering Center. (VirginiaBusiness.com)
Ashburn-based NFL franchise the Washington Commanders has hired Andy VanHorn to lead its effort to build a new stadium somewhere in the D.C. area. VanHorn is formerly executive vice president at JBG Smith Properties and was one of the key developers behind Amazon.com’s second headquarters. He will now serve as the Commanders’ new head of real estate. His new role, which began in January, includes “leading real estate related efforts for the new team stadium, support facilities and adjacent real estate needs,” VanHorn noted in his LinkedIn bio. (Washington Business Journal)
ROANOKE/ LYNCHBURG/ NEW RIVER VALLEY
In April, Roanoke Valley emergency room Dr. Thomas Bolton lost a $20 million whistleblower lawsuit against his employer, Lake Spring Emergency Group. Bolton alleged that he was fired for complaining that HCA Healthcare‘s emphasis on shorter ER wait times at LewisGale Medical Center in Salem and its Cave Spring ER had a negative impact on patient safety. A jury found that he had not been fired over his complaints. (VirginiaBusiness.com)
Gov. Glenn Youngkin, federal and state officials and executives, engineers and employees of Lynchburg-based BWX Technologies gathered in March to celebrate the official opening of the nuclear company’s new Innovation Campus. Set on 11 acres in Campbell County, BWXT’s Innovation Campus (which shares a name only with Virginia Tech’s Innovation Campus in Alexandria) 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. (VirginiaBusiness.com)
Munters, an air treatment and climate control solutions company with its global headquarters in Sweden, plans to invest $29.95 million on a 200,000-square-foot expansion of its HVAC manufacturing facility in Botetourt County, Gov. Glenn Youngkin announced in March. The new manufacturing facility, which will be devoted to data center cooling solutions, will be built on 30 acres at the Botetourt Center at Greenfield, adjacent to Munters’ current operation in Daleville. The expansion is expected to create 270 jobs. When completed, the expansion will also allow Munters’ to expand production of its Geoclima high-efficiency chiller line for U.S. data centers. (VirginiaBusiness.com)
An April 5 three-alarm fire at the Riverdale redevelopment site in Roanoke started accidentally from an electrical cause, Roanoke Fire-EMS Chief David Hoback said. Damages from the fire, which reduced Noke Van Co., a custom camper van business, to rubble are estimated at $4.25 million. The building was one of several structures located at the former campus of American Viscose, the 126-acre site of the $50 million Riverdale mixed-use redevelopment project from developer Ed Walker, who didn’t expect the fire would lead to cost overruns or delays. Noke Van lost 22 vehicles plus specialty equipment and tools in the fire. (VirginiaBusiness.com)
PEOPLE
Blacksburg-based National Bankshares announced on March 31 that its chairman and CEO, F. Brad Denardo, will retire June 30 from his position as CEO of the community bank holding company and its banking subsidiary, The National Bank of Blacksburg, which does business as National Bank. Denardo will also retire from his position as chairman, president and CEO of National Bankshares Financial Services, the company’s wholly owned financial services subsidiary. Succeeding him as CEO on July 1 will be Lara Ramsey, president of the holding company and the bank. Denardo will continue to act as a consultant to the bank and its parent company. (VirginiaBusiness.com)
G. Lyn Hayth III will retire as CEO of the Buchanan-based Bank of Botetourt at the end of June after nearly four decades at the bank. Michelle R. Austin, the bank’s president and chief operating officer, will become CEO on July 1 and retain her role as president. After joining the bank in 1986 as a vice president, Hayth went on to become president in 2002, a role he held from 2002 to 2023. He was named CEO in 2010. (VirginiaBusiness.com)
SHENANDOAH VALLEY
All Points Broadband and Dominion Energy in April started installing high-speed broadband internet, which will eventually reach all the districts of Rockingham County, beginning in the southwest — and some residents could be hooked up as early as this year. The broadband cable installation is expected to take another year or more. All Points CEO Jimmy Carr said they hope to finish the project and have all areas of the county connected to broadband by the middle of 2026. The $60 million project will be paid for through federal and state funds. (Daily News-Record)
James Madison University on March 26 announced that University of Wisconsin-Eau Claire Chancellor James C. Schmidt will be its next president. His appointment was affirmed by the university’s board of visitors, and his tenure will begin on July 1. Schmidt, who succeeds interim president Charlie King, has worked in higher education for more than 30 years. He said JMU has an opportunity to grow industry partnerships and contribute to the economic success of Virginia. (VirginiaBusiness.com)
A judge on March 31 dismissed a federal lawsuit by a group of Virginia Military Institute alumni. The federal suit, filed in June 2024 by more than two dozen alumni, claimed that the state-run military college in Lexington and the VMI Alumni Association are so intertwined that VMI essentially controls the association. Plaintiffs said the association violated their First and 14th Amendment rights when it restructured the school’s alumni fundraising organizations without alumni approval. Judge Norman Moon wrote that the complaint failed to present facts to “plausibly establish” that VMIAA was under the control of the institute. Meanwhile, Maj. Gen. Cedric T. Wins’ superintendent contract will expire in June, VMI’s board decided in February. (Cardinal News)
Convenience store chain Wawa plans to massively expand in the western side of Virginia, potentially opening 60 stores along Interstate 81 within the next decade. Wawa plans to invest approximately $7.5 million to build each store. Every store will employ an average of 35 people — which means that thousands of jobs will be created statewide. In April, Wawa held groundbreaking events to celebrate the official start of construction on a store in Lynchburg and a store in Staunton, both projected to open this fall. The company says it’s working to find and finalize details for other sites under contract. (VirginiaBusiness.com)
The Winchester Economic Development Authority will undertake an economic analysis and fiscal impact study to determine if the city would be an appropriate home for a casino. EDA Director Jeff Buettner says a private developer whose identity hasn’t been publicly released approached the city about building a “convention and entertainment center, of which gaming would be a small component.” A location for the proposed facility has not been selected, but Buettner said the earliest that such an enterprise could open in Winchester would be about three years. More time is likely needed to fully vet the project, which would require state legislative approval for the casino component. (The Winchester Star)
PEOPLE
Mount Crawford-based industrial developer and logistics company InterChange Group recently announced several major changes to its executive leadership. Effective March 10, Keith VanBenschoten assumed the role of chief strategy officer, and Cliff Alt was promoted to chief operating officer. The company also announced that Timothy Cognata had been appointed director of sales. InterChange said the leadership changes came in response to “evolving market demands” and the desire for the company to position itself better to capture new customers while better serving existing clients. (VirginiaBusiness.com)
SOUTHERN VIRGINIA
Danville private university Averett University filed a federal lawsuit March 26 alleging its former chief finance officer worked with an investment firm to conceal illicit draws from its endowment that were used to cover budget deficits. In a complaint filed in the U.S. District Court for the Western District of Virginia, Averett states that Donald Aungst, who was hired by the university in 2020, colluded with Arizona-based Global Strategic Investment Services to “surreptitiously” drain close to $20 million from the university’s endowment. Also, in April, Averett President David Joyce stepped down after only three months because his wife received a “serious medical diagnosis” requiring the couple’s “full-time attention,” according to his statement. (VirginiaBusiness.com)
In April, Boar’s Head Provisions and class action plaintiffs agreed to a $3.1 million settlement tied to the recall of 7 million pounds of deli meat produced at Boar’s Head’s Jarratt facility. The meat caused a deadly listeria outbreak in 2024 that led to 10 deaths and 60 hospitalizations. The settlement still needs to be approved by a federal judge. (VirginiaBusiness.com)
A higher assessment for the Caesars Virginia casino could result in about $1.6 million more in projected real estate tax revenue for Danville than initially expected. The previous assessment for the property, including the land and improvements, was about $350 million — which would have brought in about $2.9 million in real estate tax revenue for the city, according to City Finance Director Michael Adkins. But the most recent valuation from Jortberg Associates resulted in an assessed value of about $600 million, Adkins said. (Danville Register & Bee)
Construction for Microporous‘ $1.3 billion lithium-ion battery separator plant at the Southern Virginia Megasite at Berry Hill was delayed from April until June or July due to uncertainty regarding its federal funding, according to Pittsylvania County’s economic development director, Matt Rowe. Microporous received approval for a $100 million grant from the U.S. Department of Energy in January. An executive order from President Donald Trump threw federal funding for renewable energy projects into doubt amid court challenges. U.S. Sen. Mark Warner has said he’s been concerned about the status of the grant and has spoken with the energy secretary about it. (VirginiaBusiness.com)
Mid-Atlantic Broadband Communities announced on April 10 a major milestone in its efforts to strengthen connectivity in Southern Virginia: It has now connected more than 1,000 commercial locations in its middle-mile fiber network. The open-access network now spans over 2,500 route miles in 41 localities with more than 6 terabits per second of capacity provisioned and will serve as the backbone for broadband expansion and accompanying economic growth in the region, according to Mid-Atlantic Broadband, which partners with internet service providers and other telecom providers to ensure access for end-users. (News Release)
Mountain Valley Pipeline and its opponents are clashing over the company’s plans to build a 31-mile, $370 million extension, called Southgate, from the main pipeline in Pittsylvania County into Rockingham County, North Carolina. Mountain Valley says Southgate is needed to deliver natural gas to North Carolina, where it says the extension’s proposed gas capacity is already fully subscribed by two utilities. But critics argue the project is unnecessary and harmful to the environment and that the proposal has changed significantly from its original plan and requires new regulatory review. Developers aim to start construction in 2026. (Cardinal News)
SOUTHWEST VIRGINIA
The Trump administration terminated a $500,000 Environmental Protection Agency grant to help pay for recreation and flood-resilience projects in five communities in Southwest Virginia. The news came in a Feb. 21 email from the EPA stating that the grant isn’t consistent with the goals of the current administration, according to Emma Kelly, the new economy program coordinator for nonprofit Appalachian Voices, which is working with the towns of Clinchco, Dungannon, Pennington Gap and Pound and the community of Dante on the projects. Appalachian Voices has filed an administrative appeal to contest the decision. (Cardinal News)
A Worker Adjustment and Retraining Notification (WARN) letter dated Feb. 28 said that Speyside Bourbon Cooperage in Atkins would lay off 75 employees at the end of April due to slowdowns in the bourbon industry. Speyside planned to end second-shift production and third-shift maintenance at the Smyth County facility. Laid-off workers may be recalled “as business needs warrant based on department, by seniority,” according to the letter. Although sales of American whiskey increased during the pandemic, domestic sales of American whiskey dropped 1.8% in 2024, according to the Distilled Spirits Council of the United States. (VirginiaBusiness.com)
Bedroom and dining furniture manufacturer Vaughan-Bassett, which is headquartered in Galax, sent a letter to dealers and sales reps April 3 announcing no price increases for 120 days and discounts on certain items in the wake of announced tariffs. The company says all its furniture is made in Virginia and not susceptible to tariffs. For products already on a dealer’s floor, the company says it will guarantee no price increases through Aug. 1. For new placements that are ordered and shipped before April 22, the company said it would guarantee its existing prices also through Aug. 1. (BridgeTower Media)
The Virginia Coalfield Economic Development Authority closed an almost $1.32 million loan for Lawrence Brothers Inc., a Tazewell County manufacturing company, to assist an expansion. With the loan, which VCEDA announced April 9, LBI will buy a Mitsubishi fiber optic laser. The company plans to invest at least $2.8 million and to add up to 37 full-time jobs. Incorporated in 1975, Lawrence Brothers specializes in heavy metal fabrication and custom metal applications for the general metal industrial goods industry and various other industries, including the underground mining, energy and electrical, automotive, material handling and airline sectors. (News release)
Gov. Glenn Youngkin and U.S. Rep. Morgan Griffith announced March 20 that $11 million in federal funding is available to drive economic development in Southwest Virginia’s coalfield communities. The governor announced the Virginia Department of Energy is accepting applications for the eighth round of the Abandoned Mine Land Economic Revitalization program that transforms abandoned mine lands and surrounding areas into economic assets. To qualify for funding, projects must be located on or adjacent to mine lands abandoned before 1977 and demonstrate strong economic development potential. (News release)
PEOPLE
Emory & Henry University announced in March 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 meeting. Fincher joined the college in 2014 when she was selected as the founding dean 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. (VirginiaBusiness.com)
Economists warn prolonged tariffs could trigger statewide job losses.
Domestic production efforts face high costs and limited labor supply.
Rachel Shames, vice president for pricing and procurement for Norfolk-based customs broker CV International, has been attending TPM, the California conference for the global container shipping and logistics community, for years. But she’d never experienced a conference like the one in March.
Presenters were changing their slideshows at the last minute, responding to tectonic shifts in the tariffs landscape with announcements from President Donald Trump, who declared import taxes on steel and aluminum, foreign vehicles, pharmaceuticals, copper, lumber and other goods within a matter of weeks.
“The updates were coming in as sessions were underway, in real-time, as news was breaking,” Shames says. “The general mood was frustration and uncertainty.”
Words like “uncertainty” and “moving target” describe the chaotic push and pull of tariff announcements and delays over the first few months of the second Trump administration.
At the start, China, Mexico and Canada were targets. Soon, some of those actions were delayed or changed. Then tariffs on steel and aluminum were announced. The European Union retaliated with tariffs on up to $28 billion worth of American goods, including bourbon, boats and motorcycles. In response, Trump threatened a 200% tariff on all EU countries’ wine.
In early April, Trump rolled out 10% tariffs on imports from all countries, plus higher tariffs on other nations, led by a 34% tax on Chinese imports, 32% on Taiwan, 25% on South Korea, 24% on Japan and 20% on the European Union.
It’s hard to know where prices will end up. The conservative-leaning Tax Foundation in March estimated that the tariffs could affect more than $1 trillion in imports.
“There very likely will be an impact,” says Shames, who works closely with international shippers. “We know when something is tariffed, when something is taxed, there’s usually less that’s moving commercially. We have to expect that’s going to be the overall effect.”
Chinese impact
For the Port of Virginia, the focus is China, a key partner, while Canada, Mexico and, to some extent, Europe, lag behind in trading. The port’s 2024 report shows China as its top import partner and the second-ranked export partner. India tops the list of exports and is second in imports.
The Port of Virginia ranks sixth in the nation for shipping traffic, processing 3.5 million 20-foot equivalent units (TEUs) in fiscal 2024, a 2% increase over the previous year and its second-best performance in its history. The impact of tariffs on the port depends on several factors: the tariffs’ duration, affected commodities and severity of retaliatory tariffs.
Robert McNab, chair of Old Dominion University’s economic department and director of the Dragas Center for Economic Analysis and Policy, says that if tariffs last a month, they would have minimal impact on the state’s economy, but if they linger for a year or more, the consequences throughout the commonwealth could be substantial.
“The effects of tariffs are cascading,” he says. “As tariffs gain momentum and the negative economic impacts aggregate, the job losses accumulate and increase over time. And it’s not just the direct jobs at the port that would be lost.”
Demand for longshoremen, transport drivers, and other landside support like warehousing would decline. Those people would spend less money.
In a worst-case scenario, long-term tariffs on imports and exports would have a cascading effect, accumulating downstream across the economy, McNab says.
Virginia has leaned into becoming a value-added state, bringing in intermediate goods like steel and aluminum that are used in finished goods like cars and appliances and then exported. If prices for those intermediate goods rose, for instance, demand for them would shrink. Those companies would lay off employees.
“That’s the worst-case scenario,” McNab says. “We have a long set of tariffs. We don’t have the domestic capacity to replace those goods at a cheaper cost, and you end up with higher prices. You end up with fewer people who are employed at the port and throughout Virginia because of the negative impacts of tariffs.”
Couple that with reductions in federal employment, and the outlook grows even dimmer.
“Over the last decade, Hampton Roads has been able to rely on increasing defense expenditures and rising levels of federal civilian employment to offset uncertainty with regards to international trade and other economic conditions,” he says. “We could now foresee an environment where tariffs reduce the flow of international trade while federal civilian employment in the region also declines. That could exacerbate the regional and statewide impact.”
That, McNab says, would squeeze economic growth throughout the urban crescent of Hampton Roads, Richmond and Northern Virginia, where 70% of Virginians live.
“If there was a worst-case scenario, it would be prolonged tariffs, declines in federal civilian employment and declining international migration,” McNab added. “Hopefully we don’t end up there, but you could see how these three threads could come together and really push against economic growth in the commonwealth.”
Looking back
However, the state can look to its recent past for some answers. In 2018, Trump imposed higher taxes on Chinese goods, targeting $250 billion in Chinese imports, starting at 10% and rising to 25%. Virginia’s exports to China fell from $1.7 billion in 2017 to $1.2 billion in 2018 and 2019, but China remained the state’s No. 1 source for imports throughout the trade war.
In 2020, a new agreement between the two countries required China to purchase $200 billion more in U.S. exports, bringing Virginia’s exports to China up to $1.8 billion.
Still, there were negative impacts of the first tariff war. A 2020 Brookings report said the tariffs cost American companies $46 billion. Among the most affected was the agriculture industry.
“Farmers have lost the vast majority of what was once a $24 billion market in China” as a result of Chinese retaliatory actions, according to the American Farm Bureau.
Those threats to farmers are back. In March, China levied tariffs ranging from 10% to 15% on products like corn, pork, soybeans and fruit. Oil, seeds and nuts are the second largest export from the Port of Virginia, with wood and wood pulp in the top five. For Virginia farmers and timber harvesters, China was their top customer in 2023, according to the Virginia Department of Agriculture and Consumer Services, importing more than $3.6 billion in agricultural and forestry purchases that year.
While the tariffs on Mexico and Canada splashed across headlines, they have less impact on the port because it does almost no business with those countries, a fraction of 1% of volume, according to Ricardo Ungo, director of ODU’s Maritime, Ports and Logistics Management Institute.
That’s not to say Virginia as a whole won’t be affected by a trade war with Canada, because in 2024, Canada was Virginia’s largest export market, accounting for 15% of exports, according to U.S. Sen. Tim Kaine.
But Ungo points out that after the 2018 Chinese tariffs, overall traffic at the port didn’t suffer. “What I saw for the 2018, 2019 aggregate volume, we didn’t see a real impact for all countries, but you could see impacts specifically for the Chinese items,” he says. “Traffic with China slipped 16% in 2019.
“To see the effects, you have to drill into the specifics of commodities from China. Motor parts decreased 7%. Furniture imports declined about 35%,” he notes. “But overall imports of furniture, which was third on the 2023 report, were compensated by increases from other countries, including Malaysia and Vietnam.”
However, nearly 80% of toys, smartphones, lithium-ion batteries and portable computers come from China, although trade has diversified somewhat in recent years.
“China is still so dominant in a lot of different industries because of the high level of efficiency, the highly skilled labor force,” Shames says, adding that the country has a robust infrastructure as well. “All of the things you’re looking for when you’re when you’re looking to minimize cost but be able to source a quality product.”
The United States — and Virginia — was resilient during the 2018 tariff war because of supply chains created with other exporters, notably in Southeast Asia, but the labor pool is not as large, skilled or efficient as it is in China, experts say.
What’s different today, Shames says, is that the low-hanging fruit has been harvested, and those relationships with other countries are already in place.
“What’s left when we’re looking at China right now is the products that are going to be really hard to move,” Shames says. Also, it’s risky to invest in production elsewhere in an uncertain tariff climate, she adds.
Old Dominion University economist Robert McNab says a monthlong tariff war wouldn’t hurt Virginia’s economy significantly, but a yearlong event is a different story. Photo by Mark Rhodes
Domestic production
And although the U.S. has made significant moves to increase domestic manufacturing, it can be expensive to jumpstart production.
In Virginia, Microporous is building a $1.35 billion lithium-ion battery component plant in Pittsylvania County, and Micron Technologies is expanding its presence in Manassas to build a $2.17 billion DRAM chip facility, moving its production from Taiwan to Virginia. In Petersburg, a regional pharmaceutical hub has started production, but all three projects are doing so with the assistance of now-unsure federal funding, along with significant investments by their companies and the state.
Shames notes that the U.S. has a smaller skilled labor force for factory jobs, as well as higher wages compared to workers in other countries, which present challenges for companies.
“Certainly there’s room for some manufacturing to come back here,” Shames says. “But whether it’s a very significant portion, I think most in the industry believe that that’s just not going to be possible.”
It’s not yet clear how much impact tariffs could have on Virginia’s manufacturing industry, and Virginia Tech associate professor David Bieri, an economist, said in March that Trump’s tariffs as currently structured won’t “lead to a tremendous amount of job creation in the United States.” McNab anticipates some businesses may freeze hiring or lay off employees out of concern of higher production costs.
And meanwhile, the port is also eyeing the White House proposal to impose levies as high as $1.5 million on Chinese-built ships arriving at American ports, as well as other countries’ vessels that are operated by carriers with Chinese ships in their fleets. The cost could approach $1 million per port call, and Shames says the domestic shipping industry is fighting the plan, which started under former President Joe Biden and is still alive under Trump.
In March, Atlantic Container Line CEO Andrew Abbott told CNBC that this tax would cause his company to go out of business because of costs he would have to pass along to customers, although some larger ocean liners could handle the impact better.
On the surface, Trump says these taxes would lead to more American-made container ships, but that industry has disappeared domestically due to Chinese competition.
“If [the tax] gets implemented, that’s big,” Shames says. “This will have ripple effects with the entire industry, and it will mean that shipping costs go extremely high,” she says, adding that it will eliminate some port calls because of the cost.
“Most people in our industry are optimistic that that proposal will not be implemented. If it is, it will be at a completely different level of congestion and freight pricing that we may have never seen before.”
Once again, it’s one more instance of uncertainty for an industry that has been impacted by the pandemic, geopolitical warfare and inflation over the past five years.
“You want to have some kind of a plan to counteract whatever kind of challenge you’re up against, some sort of a solution that will help you avoid, or at least minimize the impacts of something like this,” Shames says. “The problem is shippers really don’t know what next steps to take.”
Shipyard uses 3D printing for components on new carriers
NNS met hiring goal of 3,000 workers in 2024, more needed long term
Newport News Shipbuilding is making history this year with its development of nuclear-powered aircraft carriers, as for the first time, it is building two Gerald R. Ford-class carriers simultaneously in the same dry dock.
Huntington Ingalls Industries, NNS’ parent company, announced in November 2024 that NNS had successfully transferred the mid-body hull section of aircraft carrier USS Enterprise. HII began construction on the Enterprise in 2017 and held a keel-laying ceremony in 2022.
The shipyard reported that on Oct. 31, 2024, it initiated a process of slowly filling the dry dock with more than 100 million gallons of water — marking the first time the Enterprise was floated. The carrier was then transferred to the west end of the dry dock, where construction on the ship is ongoing. The relocation of the Enterprise will allow NNS to begin assembling the USS Doris Miller in the east end of the dry dock later this year.
“It is only fitting for this Enterprise, CVN 80, to be part of a historic first at NNS, considering the previous Enterprise, CVN 65, was the world’s first nuclear-powered aircraft carrier, proudly built here at the shipyard,” Les Smith, vice president of the Enterprise and Doris Miller aircraft carrier programs, said in a statement. “Thousands of dedicated shipbuilders are working with urgency on these aircraft carriers that we know will play a vital role in the Navy’s fleet.”
NNS said in March that it is integrating additive manufacturing, also known as 3D printing, into the shipbuilding process and that the shipyard successfully used this technique to build a valve manifold assembly on the Enterprise. The assembly allows distribution of a single source of fluid to multiple points on the ship and is installed in a pump room. The shipyard has similar manifolds planned for the Doris Miller, named after a late sailor who was the first Black recipient of the Navy Cross. He shot down at least one plane during World War II and helped carry wounded soldiers to safety during the 1941 attack on Pearl Harbor.
The two aircraft carriers are part of NNS’ $15.2 billion multi-ship contract awarded by the Navy in 2019. The Enterprise is expected to be delivered to the Navy in 2029, while Doris Miller is expected to be delivered in 2032.
NNS delivered the first-in-class USS Gerald R. Ford to the Navy in May 2017. The second-in-class, John F. Kennedy, is scheduled to be delivered to the Navy sometime this year, after missing a June 2024 deadline.
NNS spokesperson Todd Corrillo describes the simultaneous construction of the Enterprise and Doris Miller as one of the most significant recent developments at the shipbuilder, the largest industrial employer in Virginia. Another major milestone from the company is HII’s purchase of a metal fabrication plant in South Carolina in January.
“This acquisition increased our workforce by approximately 500 highly trained personnel, and we plan by 2027 to increase employment significantly at this site, a 480,000-square-foot facility,” CEO Chris Kastner said during a February earnings call. The plant, now part of NNS, is working on aircraft carrier components.
Finding shipbuilders
Thousands of shipyard workers are involved in the construction of the Enterprise and the Miller crafts, Corillo says, and NNS acknowledged last year that it needed to hire about 3,000 skilled workers in 2024 for Navy shipbuilding needs, as well as 16,000 more in the next decade.
The shipyard met its 2024 goal, Kastner confirmed in the February earnings call, and he said he expects HII to hire around the same number of people this year. However, the company has shifted its focus from entry-level employees to hiring more experienced people “that have chosen shipbuilding as a career,” Kastner said.
The Hampton Roads Workforce Council has made significant efforts to recruit maritime talent for the past several years, including people leaving the military. The council received an $11 million grant from the U.S. Economic Development Administration in 2022 to develop a maritime talent pipeline known as the Regional Workforce Training System, and in 2023 won a $14 million grant to support regional workforce initiatives related to the U.S. Navy’s Submarine Industrial Base and related industries.
Council CEO Shawn Avery says that as of February, more than 1,740 people have enrolled in maritime job training as part of the initiative, and approximately 1,420 have finished. He said a “big portion” of those who complete training decide to work for NNS.
“The system is really growing to meet that continuing demand of the subs and the aircraft carriers and everything associated with maritime,” Avery says.
There used to be a lack of common knowledge about what types of maritime jobs were available and not enough opportunities to train workers, Avery notes, but the regional training system is making strides to change that. “We still have to continue to make sure that we’re building the pipeline, but I think we’re starting to really put a system in place that’s making a difference.”
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