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BAE Systems lands $202M in Navy ship repair contracts

Falls Church-based Systems Inc.’s unit has received two U.S. Navy contracts worth a combined $202 million for maintenance, modernization and repair of two vessels.

The U.S. arm of British giant announced the awards Monday. Its employees and their subcontractors will begin working on the guided missile destroyer USS Laboon (DDG 58) and the amphibious assault ship USS Wasp (LHD 1) in February and March 2025, respectively.

“The award of these two contracts will provide extensive work for our Norfolk shipyard team,” David M. Thomas Jr., vice and general manager of BAE Systems Norfolk Ship Repair, said in a statement. “We look forward to using our proven experience on recent LHD and DDG work to return these ships to the fleet in excellent condition.”

According to the Department of Defense’s mid-October announcement of the awards, the Norfolk Ship Repair unit received a $114.8 million firm-fixed-price contract for work on the USS Laboon, commissioned in 1995. The contract also includes options that, if exercised, would bring its total value to $117.9 million.

BAE Systems will dry-dock the ship to perform underwater hull maintenance and repair the ship’s main propulsion system, preserve internal ballast and fuel tanks and the external superstructure, and rehabilitate crew berthing and dining compartments.

The $87.58 million firm-fixed-price contract for work on the USS Wasp includes options that, if exercised, would bring its total value to more than $104.69 million. The current USS Wasp is the 10th ship to carry the name and was commissioned in 1989. Work on both ships is expected to be completed by February 2026.

On the Wasp, BAE Systems will perform mechanical work, inspect and repair interior hull structures and refurbish habitability spaces for the crew and Marine troops. The company’s shipyard previously worked aboard the Wasp from February 2021 to April 2023.

The contractor’s Norfolk shipyard has about 900 employees.

Earlier this year, the Norfolk team began working aboard the dock landing ship USS Carter Hall, and the shipyard is currently finishing repair periods aboard USS Kearsarge, a Wasp-class ship, and destroyer USS Nitze.

BAE Systems has about 41,000 employees worldwide and reported $13.6 billion in 2023 revenue. In addition to its Norfolk shipyard, the company has one each in Florida and California.

UPDATE: Botanical garden workers vote to unionize

Updated Nov. 22

, Va. – workers voted 37-13 in favor of on Nov. 21.

The workers filed for union representation last month amid employee-voiced workplace concerns, which ranged from lack of equipment to safety policies.

This is the first group of botanical garden workers to be represented by the International Association of Machinists, or IAM. They will join the IAM Local 10 in Richmond, according to IAM’s website.

The unionized garden workers will soon elect their union representatives to participate in good-faith collective bargaining negotiations with management. This committee will seek to prioritize top issues determined democratically.

“I don’t want to speak on behalf of all 70 that are in the unit,” said Eryn Boyle, a member of the horticulture department who has worked there about a year. “So we will put out a survey and have everyone comment on what their priorities are.”

The workers hope that their efforts will improve the experience at Lewis Ginter for management and guests as well.

The garden, which spans over 82 acres in , has won national accolades as a destination. The Dominion GardenFest of Lights was ranked first in USAToday’s top 10 botanical garden light show list last year.

The garden employs about 60 workers, but also relies on an extensive volunteer network. Employees from multiple departments at the botanical garden, including horticulture, education and operations, expressed concern that their voices and suggestions are not being heard by their management.

While specific examples were given during interviews, employees requested they not be published in detail over fear of retaliation.

The workers, under the group name LGBG Workers United, officially began the process of unionization with the National Labor Relations Board in October, according to their Instagram page.

IAM was founded in 1888 and historically represented machinists. Since then, it has expanded to include other professions such as architects, library workers and yoga instructors, according to Bridget Fitzgerald, an IAM union organizer.

Lewis Ginter would be the only garden it represents, but not the only garden to unionize. Portland Japanese Garden employees in Oregon unionized earlier this year.

Lewis Ginter employees reached out to other unions over the summer, but did not receive any responses until IAM, according to Fitzgerald.

“There isn’t a union for every single profession,” Fitzgerald said. “And as I said, we have looked for opportunities to help workers where we can and when we can.”

Fitzgerald thought that it made sense for IAM to potentially represent workers from the garden, partially because one of the oldest local IAM lodges is based in Richmond.

Staff had to show at least 30% of its workforce was interested to start union proceedings, according to the labor board. This is usually determined by a petition or authorization cards. A secret-ballot election is then held by the workers to officially call for union representation, requiring a simple majority to pass.

The union representatives elected by the workers and the company management will be legally bound to negotiate employment terms in good faith.

Garden employees say they want a voice

These collective bargaining negotiations often tackle wage adjustments, overtime benefits and improvements to working conditions.

The efforts to unionize have bolstered employee morale and increased camaraderie among the different departments according to Boyle.

“I personally feel a lot more empowered, because for a while I was feeling very hopeless and stuck,” Boyle said. “The people feel like they’re making a difference and want to stay here, and want to make things better and see it through.”

At least five employees expressed a great love for their jobs and a desire to see the garden succeed and grow. They are proud of the work they do, even if they consider their job conditions to be less than ideal.

“I love my job, and it’s what I’ve studied and what I want to do with my life,” said Clare Reines, a horticulturist at Lewis Ginter. “I love working at the botanical garden because I can combine art with plants.”

Some garden workers were unsure about joining a union, but the group spearheading the push believes unionization is the best thing for employees, including management. They said it will allow them more of a voice when future decisions are made.

Garden management response

The garden management was initially concerned a union representative might come between managers and the workers, according to Boyle.

Representatives from Lewis Ginter management declined to answer questions, but referred to an official statement, sent before the vote.

The statement reads: “We cannot comment on the union’s petition at this time out of respect for the rights of everyone involved and the legal process. What we can convey is that Lewis Ginter Botanical Garden values employees for their individual talents and skills. We are pro-employee and work with staff individually and personally. That is why the majority of our operating budget is dedicated to employees in the form of increased funding for professional development, increased benefits and raises each of the last four years ranging from 3-7%. As an independent, non-profit organization that is wholly dependent on donors and operational revenue, the work of the Garden staff is unique and essential to maintaining a destination that is open to the public throughout the year.”

The garden hired a union-dissuading agency in an attempt to dissuade workers from voting in favor of the union, according to Fitzgerald.

Lewis Ginter management did not respond to a follow up email about the firm it hired.

“It’s [employee] labor that makes this place the very tranquil that it is,” Fitzgerald said. “They’ve got ideas, they’ve got suggestions.”

Fitzgerald encouraged members of the Richmond community who support worker efforts to voice their support while enjoying the attractions of the garden.

Virginia union growth increases

Arborists at TrueTimber, a tree care company based in Richmond, voted to join IAM this summer. Their vote to unionize passed despite efforts by management to prevent it. The company hired a union-busting firm after pulling the plug on a promise to pass ownership to the employees, according to IAM.

Union membership in Virginia increased from 3.7% to 4.3% between 2022 and 2023, according to the Bureau of Labor Statistics. Median union wages were 15% higher than nonunion wages, according to data from the same report. National union membership numbers showed little change over that time frame.

Noah Dalbey, another Lewis Ginter worker in the operations department, said unionization isn’t the extreme change some believe it to be.

“The way the consultants are framing it is they’re kind of trying to make it seem like we’re trying to go for some big radical change that is going to change everything at the garden,” Dalbey said. “All we want is a chance to have a say … to change our workplace.”

is a program of Virginia Commonwealth University’s Robertson School of Media and Culture. Students in the program provide coverage for a variety of media outlets in Virginia.

Ex-Richmond Fed examiner pleads guilty to insider trading

A former of examiner on Tuesday pleaded  to committing and making false statements about his to the Richmond Fed.

Robert Brian Thompson, 43, of Chesterfield County’s Moseley area, was an examiner and senior manager with supervisory duties for the Richmond Fed, where he worked from 2004 through about May 2024. Thompson used confidential information from about seven publicly traded financial institutions that are under the Richmond Fed’s supervision when executing trades from October 2020 to February 2024, according to a news release from the U.S. Attorney’s Office for the Eastern District of Virginia.

In total, he completed 69 trades through seven institutions, reaping approximately $771,678 in profits.

“This was a clear violation of our well-established and well-communicated policies on ethics and conflicts of interest,” Richmond Fed spokesman Jim Strader said in a statement. “We fully cooperated with the authorities who investigated this matter.”

From October 2023 through this January, Thompson allegedly used “material nonpublic information” to trade in stock and options of McLean-based Financial and New York Community Bancorp, according to filings from the Securities and Exchange Commission, which filed a civil case against Thompson in early November.

From 2022 until about May, Thompson was the Fed’s deputy central point of contact for large and foreign banking organizations, managing a team that supervised and examined 18 U.S. banking firms with at least $100 billion in total assets.

In October 2023, Thompson received an email from a colleague with a preview of Capital One’s third quarter 2023 earnings that showed earnings per share results exceeded analysts’ expectations, according to an SEC case filing.

On Oct. 26, Thompson allegedly purchased 7,500 Capital One shares for an average of $90.40 per share. After the market closed that day, Capital One announced its third quarter earnings. When the market closed the following day, Oct. 27, Capital One shares were trading at $97.74 a share.

The SEC alleges that Thompson sold his stock at an average of $100.98 per share, gaining more than $79,300 in profits.

Between Jan. 18 and Jan. 26, Thompson learned through conversations with other Fed staff members that NYCB would be announcing substantial, unexpected losses related to loans it acquired as part of its March 2023 acquisition of Signature Bank, according to the SEC.

On Jan. 29, Thompson purchased 1,600 out-of-the-money put option contracts that expired Feb. 16, which would earn a profit if NYCB’s stock price fell by the expiration date, for a total cost of almost $14,500, according to the SEC.

On Jan. 31, NYCB released its fiscal 2023 earnings results. By close, its shares were trading for $19.41, a 37% drop from its closing price the previous day.

On Feb. 1, Thompson sold his NYCB put options and gained more than $505,500 in profit, the SEC alleges.

According to court filings related to his deal, Thompson also made false statements on his 2020, 2021, 2022, 2023 and 2024 Form Ds, annual forms that require employees to disclose whether they have any assets, including any equity invested in any banks that are members of the Fed system and/or bank holding companies. A federal regulation also prohibits Federal Reserve employees from trading in bank securities altogether to avoid conflicts of interest.

A Federal Reserve Board of Governors spokesperson said in a statement: “There is no place at the Federal Reserve for the misuse of confidential information. We have robust safeguards in place to ensure that those who have access to supervisory information understand their responsibilities and obligations, including the outright prohibition on trading in bank stocks. We require regular training, as well as affirmations by our staff that each person understands and is committed to the highest standards of professional behavior.”

Thompson reported in those Form Ds that he had no equities in any publicly traded financial institutions and that he hadn’t engaged in any activity that would constitute conflicts of interest, violations of Richmond Fed policies or violations of .

As of the date that Thompson filed his fiscal 2023 form, he allegedly held bank stock and options with a market value of more than $500,000, according to court filings in the SEC case.

Thompson is scheduled to be sentenced in U.S. District Court on March 19, 2025, and faces a maximum penalty of 20 years in prison for one count of insider trading and five years in prison for one count of making false statements.

Thompson’s attorneys did not immediately reply to a request for comment.

Judge rules Youngkin’s RGGI exit was unlawful

A judge ruled this week that ‘s decision to withdraw Virginia from the was unlawful, but the governor plans to appeal the decision, according to a spokesperson.

Judge Randall Lowe ruled that “the only body with the authority to repeal the RGGI regulation would be the ,” a victory for the plaintiffs, Association of Conservation Professionals, Virginia Interfaith & Light, and Appalachian Voices. The group filed suit against the Virginia State Air Pollution Control Board, the Virginia Department of Environmental Quality and its director, Michael Rolband, two years ago. The ‘s Charlottesville office represented the plaintiffs.

Newly in office in 2022, Youngkin issued an executive order calling on the state Air Pollution Control Board to exit the RGGI, a market-based, cap-and-invest initiative to lower carbon emissions through auctioning of carbon credits. Nearly a dozen states in the mid-Atlantic and New England belong to the RGGI. In June 2023, the state air pollution board — with new members appointed by Youngkin — voted to remove Virginia from the RGGI, effectively repealing legislation enacted under former Gov. Ralph Northam in 2020.

According to news reports, the state received about $830 million over three years from its membership in RGGI. Youngkin, however, argued that utilities’ payments to participate in the carbon market were passed on to customers via higher power rates, although RGGI supporters said that Virginians benefited from funding for weatherizing homes and to address flooding.

“We respectfully disagree with the judge’s decision and will pursue an appeal,” Youngkin’s press secretary, Christian Martinez, said in a statement. “Gov. Youngkin remains committed to lowering the cost of living for Virginians by continuing to oppose the Regional Greenhouse Gas Initiative, which fails to effectively incentivize emission reductions in the commonwealth. Instead, it functions as a regressive tax, hidden in bills, passed on to all Virginians.”

Contrary to the governor’s stance, the Virginia Senate Democratic Caucus celebrated the ruling in its statement: “Today’s ruling represents a decisive victory for Virginia and the rule of . RGGI proved to be an invaluable tool in our fight against the climate crisis, providing critical resources to protect communities from flooding and extreme weather, reduce household energy costs, and deliver environmental justice to communities historically burdened by air pollution. The Youngkin administration’s unlawful actions have resulted in dirtier air, left our communities vulnerable to climate disasters without proper resources, and stripped Virginians of vital assistance for reducing their energy costs.”

Virginia House of Delegates Speaker Don Scott, a Democrat, called the decision “not only a win for every Virginian who has faced the devastating impact of severe flooding but a win for all Virginians, their wallets and our ,” in a statement posted on X. “Gov. Youngkin’s reckless attempt to undermine this critical program has been rightfully stopped, and we remain committed to building an affordable and more sustainable future for all.”

Senate Republicans backed the governor, with state Sen. Mark Obenshain, chair of the state Senate GOP caucus, saying in a statement, “This decision ignores the economic impact of RGGI on Virginians. We remain committed to supporting efforts to lower energy costs and ensure Virginia’s future is not dictated by an ineffective program. I do not believe that this decision will stand on appeal.”

Luck Cos. names president

Richard Luck is now of , the -based construction aggregates and decorative stone producer announced Nov. 12 along with several other leadership changes.

Richard Luck is the fourth generation of the Luck family to take a leadership role at the company, which has three business units: , Luck Ecosystems, and Luck Ventures. Charles Luck Jr. founded the company in 1923, and Charles Luck IV served as president and prior to Richard Luck’s promotion.

Charles Luck IV will remain chairman and CEO as his son transitions into his new role as president.

“Having Richard by my side as we lead our century-old family business is one of my greatest joys,” Charles Luck IV said in a statement. “His unwavering commitment to our company’s values and our associates is inspiring — he continually seeks out ways to strengthen our culture and push the boundaries of what we can achieve.”

As president, Richard Luck will oversee the finance, human resources and growth departments, as well as Luck Stone, which produces crushed stone, sand and gravel. In September, the Board of Supervisors unanimously approved Luck Stone’s expansion of its Rockville operations to include 70 acres bordering , despite objections from Henrico County supervisors and residents from both counties.

Luck was previously an executive vice president, and he’s worked for the family-owned company for almost 10 years, according to his LinkedIn profile. He holds a bachelor’s degree from Virginia Military Institute.

“Throughout my life,” Luck said in a statement, “many people, including my dad, have invested in my development, teaching me not just what we do but how we do it — with a culture rooted in care. … Ten years ago, we prepared for a major leadership transition by launching a succession program. Now, as that transition unfolds, I’m incredibly proud of the skilled, values-driven team stepping up.”

The company announced several other leadership changes as well. Doug Palmore has been named president of Luck Stone and will oversee its central and northern region, engineering and operations support and information technology.

John LeGore will transition to chief executive development officer. The company also named Joe Carnahan chief growth officer, a role in which he’ll oversee the leadership and creation of Luck’s next strategy planning cycle, the execution of its growth strategy and the South Carolina and Georgia operating regions.

John Pullen has transitioned to chief enterprise strategy officer. In that role, he’ll continue to lead merger and work and Luck Real Estate Ventures’ growth, as well as supporting the company’s growth strategy.

With more than 1,000 employees, Luck’s footprint spans Virginia, North Carolina, South Carolina and Georgia.

AeroVironment to acquire BlueHalo for $4.1B

AeroVironment, an , announced this week it will purchase aerospace and defense tech firm for approximately $4.1 billion in an all-stock transaction.

Also based in Arlington, BlueHalo is owned by private equity firm and works in space technologies, counter-uncrewed aircraft systems, directed , electronic warfare, cyber, artificial intelligence and uncrewed underwater vehicles. In 2022, the company won a $1.4 billion contract from the U.S. Space Force to modernize satellite operations.

BlueHalo estimates its 2024 revenue to be more than $900 million, an increase from $886 million in 2023. The company has a funded backlog of nearly $600 million, according to Tuesday’s announcement. The combined company, expected to deliver more than $1.7 billion in revenue, will be based at ‘s corporate headquarters.

“BlueHalo was founded to address the most pressing challenges confronting the defense and national security community, from unconventional threats to near-peer adversaries. We have pioneered solutions for warfare, distributed autonomy, and the need for more robust and assured access to space in an increasingly contested, crowded and competitive domain,” Jonathan Moneymaker, BlueHalo , said in a statement. “By uniting with [AeroVironment], we are building an organization equipped to meet emerging defense priorities and deliver purpose-driven, state-of-the-art solutions with unmatched speed. 

BlueHalo’s 10 “flagship solution families” and more than 100 patents will integrate with AeroVironment’s expertise in the design, development, manufacturing, training and servicing of uncrewed systems, loitering munitions, which are also known as suicide drones, and advanced technologies, according to the release.

The will allow for administrative and operational cost savings. The combined company is expected to deliver more than $1.7 billion in revenue.

“Together, we will drive agile innovation and deliver comprehensive, next-generation solutions designed to redefine the future of defense,” said Wahid Nawabi, chairman, and CEO of AeroVironment.

The deal is expected to close in the first half of 2025 subject to regulatory approvals, AeroVironment shareholder approvals and other closing conditions. 

Under the agreement, AeroVironment will issue about 18.5 million shares of company stock to BlueHalo. Following the close of the acquisition, AeroVironment shareholders will own about 60.5% of the combined company and BlueHalo equity holders will own about 39.55%. As the majority owner of BlueHalo, Arlington Capital Partners “will retain a significant ownership stake in the combined company.” 

Nawabi will be chairman, president and CEO of the combined company, while Moneymaker will serve as a strategic advisor to Nawabi and the combined company management team. Arlington Capital Partners will have the right to appoint two directors to the combined company’s board. 

Arlington Capital Partners and BlueHalo used J.P. Morgan Securities as a financial advisor and Goodwin Procter as legal advisor. RBC Capital Markets is serving as financial adviser, and Latham & Watkins is serving as legal advisor to AeroVironment.

AeroVironment relocated its corporate headquarters from Simi Valley, California, to Arlington in 2021.

Armada Hoffler’s next CEO to assume role Jan. 1

Shawn Tibbetts, Properties’ , chief operating officer and designate, will become CEO on Jan. 1, 2025, earlier than previously announced.

The -based announced in February that it expected to name Tibbetts as CEO in spring 2025, upon current CEO ‘s retirement from the position. At that time, Armada Hoffler also added the role of president to Tibbetts‘ COO position.

On Monday, though, the announced Tibbetts will assume the role at the beginning of the new year. Armada Hoffler’s board of directors also expects to appoint him to the board when he becomes CEO.

“We’ve been working on this for quite some time, and we became comfortable, and the board became comfortable, with the fact that we had completed the task ahead of schedule or in enough time and accomplished the primary goals of the succession plan to allow this to happen at the beginning of the year,” Tibbetts told Virginia Business in an interview Tuesday.

“The truth is,” he added, “it’s a much cleaner break. It’s easier for us to kind of hit that inflection point and take off … in concert with our fiscal year, which starts on Jan. 1.”

Armada Hoffler might not name a new COO to succeed Tibbetts, he said, and is currently reviewing its organizational design.

Haddad will remain executive chairman of the board upon his retirement from the CEO role. He succeeded Armada founder Daniel Hoffler as executive chairman, and Hoffler now serves as executive chairman emeritus.

“This exciting step represents the continuation of a seamless transition plan that was the product of significant planning and forethought,” Eva Teig Hardy, lead independent director of the company’s board of directors, said in a statement.

Tibbetts joined Armada as COO in 2019 after serving as president and COO of the Port of Virginia, where he spent nine years. Since joining Hoffler, Tibbetts has grown the company’s portfolio net operating income by 45% and overseen the execution of $1.2 billion of transactions.

Tibbetts holds an undergraduate degree from James Madison University and an MBA from William & Mary and completed Harvard Business School’s Advanced Management Program. Tibbetts is a member of the Virginia Chamber of Commerce’s board of directors.

Louis Haddad

Under Haddad’s 25-year tenure as CEO, Armada completed its initial public offering and began on the New York Stock Exchange in 2013. Haddad oversaw the company’s completion of Virginia Beach’s Town Center, part of a public-private partnership, and under his leadership, Armada’s portfolio grew to span eight states, with an enterprise value of $2.6 billion.

“I am proud of everything we have collectively accomplished throughout my 40-year career with this incredible company,” Haddad said in a statement. “I am confident that Shawn, who is an exceptional leader, will guide Armada Hoffler to amazing accomplishments in the years ahead.”

As he assumes leadership of the company, Tibbetts said he is excited to work with Armada Hoffler’s talent and its platform, building on Hoffler and Haddad’s work to continue growing the company.

“We have a company that’s now 45 years old, almost 46 years old,” Tibbetts said. “We’ve been public since 2013, and it’s been a heck of a ride to this point, and looking forward to this next chapter, [we’re] kind of adjusting the dials a little bit and leveraging our DNA to create the next chapter of this story — the quality story, as I’m calling it. Quality of our balance sheet, quality of our income stream and becoming a little more intentional and focused with our actions in the public market.”

Founded in 1979, Armada Hoffler operates in eight mid-Atlantic states. As of this summer, it had 6.2 million rental square feet in its portfolio and an estimated $630.5 million of projects in its development pipeline. The REIT has over 160 employees.

Volkswagen’s U.S. subsidiary names new president and CEO

Rivian Automotive’s Kjell Gruner will become the new and of Group of America on Dec. 12, the -headquartered subsidiary of the German announced Tuesday.

Gruner succeeds Pablo Di Si, who “has stepped down … on his own request,” according to a news release. Di Si assumed the role in September 2022, when Scott Keogh became president and CEO of Volkswagen vehicle brand Scout. Until Dec. 12, Gerrit Spengler, the America subsidiary’s chief human resources officer, will serve as interim CEO.

Business publications in Germany and the U.S. reported that Di Si may lose his job because he didn’t meet his profit projections, chiefly because of “lackluster sales” of VW’s electric vehicles in the United States, TheStreet reported earlier in the month.

Gruner, who will also be CEO of Volkswagen Brand North America, has more than 25 years of automobile industry experience. He was most recently chief commercial officer and president of business growth at electric vehicle company Rivian Automotive.

On Nov. 12, Rivian and Volkswagen announced their new joint venture, in which Volkswagen plans to invest up to $5.8 billion. The two companies expect to deliver Rivian’s R2 — a five-seat SUV — in the first half of 2026 and to launch Volkswagen models with Rivian’s electrical architecture and software technology stack as early as 2027.

“Kjell Gruner is an absolute expert for the U.S. market,” Gunnar Kilian, group board member for human resources at Volkswagen, said in a statement. “He has over 25 years of experience in the automotive industry and extensive know-how in exploiting and expediting growth opportunities in North America …

“Volkswagen AG is indebted to his predecessor, Pablo Di Si,” Kilian continued. “His outstanding commitment was of central importance in realigning our business in South America. He subsequently laid the foundation for the positive development of our North American strategy.”

Gruner began his career as a consultant at the Boston Consulting Group in 1997. He held management positions at Porsche in Stuttgart, Germany, before moving to the strategy department of DaimlerChrysler in 2004. In 2006, he headed Mercedes-Benz Cars’ strategy department. Four years later, he returned to Porsche as its global chief marketing officer, and in 2020, he became president and CEO of Porsche Cars North America.

In the first nine months of this year, Volkswagen delivered 769,000 vehicles, according to a news release, an increase of more than 7% compared with 2023.

has approximately 10,000 employees in the U.S. and sells its vehicles through a network of about 1,000 independent dealers.

Based in Wolfsburg, Germany, the Volkswagen Group has 114 production facilities across 17 European countries and 10 countries in the Americas, Asia and Africa. The car maker has about 684,000 employees worldwide. Its vehicles are sold in more than 150 countries. In 2023, Volkswagen reported 322.3 billion euros — about $341.37 billion — in sales revenue.

ODEC announces next president and CEO

Chris Cosby will become and of ‘s Old Dominion Cooperative on Feb. 1, 2025.

Cosby succeeds John C. Lee, who has been ‘s president and CEO since Sept. 8, 2023, initially serving in an interim capacity. ODEC announced Lee’s retirement, effective Feb. 1, on Monday. He will serve as a senior adviser to the member-owned cooperative after his retirement.

Lee previously served as ODEC’s chairman of the board and also was president and CEO of Mecklenburg (an ODEC member) and of Mecklenburg’s Empower Broadband subsidiary.

“Chris Cosby will do an excellent job as ODEC’s next president and CEO, and he could not be better suited to lead this organization as our industry moves into unprecedented times,” Lee said in a statement.

Cosby is currently ODEC’s chief operating officer. Since joining ODEC in 2018, he has served as senior vice president of supply, vice president of regulatory affairs and director of asset management.

“I am honored and thrilled to be selected as ODEC’s next president and CEO,” Cosby said in a statement. “ODEC’s operational excellence and unparalleled commitment to serving its members make ODEC one the nation’s most successful [generation and transmission cooperatives].”

Before joining ODEC, Cosby held varying positions at General Electric, Dominion and Alstom Power. Prior to his career in the utility industry, Cosby served on active duty in the U.S. Navy as an officer and pilot, flying the P-3 Orion, for 10 years. Cosby deployed throughout Western Europe, South America, Iceland and Puerto Rico.

“I am honored and thrilled to be selected as ODEC’s next president and CEO,” Cosby said in a statement, citing “ODEC’s operational excellence and unparalleled commitment to serving its members.”

He holds a bachelor’s degree in mechanical engineering from the U.S. Naval Academy.

ODEC is a not-for-profit, member-owned power supply cooperative. The cooperative has 11 member electric distribution cooperatives that supply to 1.5 million in 70 counties across Virginia, Maryland and Delaware.