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TEDCO has named an interim CEO to replace Troy LeMaile-Stovall, the executive who has led the Maryland innovation agency since 2020.
Lester Davis, a veteran public administrator and healthcare venture executive, will take over as chief executive on Nov. 27, according to a TEDCO news release. He most recently served as chief of staff to Gov. Wes Moore, overseeing state operations and its $70 billion budget.
Davis will provide continuity while the board conducts a search for a permanent CEO under its fiscal year strategic plan, according to TEDCO Board of Directors chair David Tohn.
“Lester brings steady, experienced leadership at an important moment for TEDCO,” Tohn said in a statement. “His experience across government and the private sector will help ensure TEDCO’s programs, investments and service to Maryland’s entrepreneurs continue without interruption while the Board completes its work.”
Formally known as the Maryland Technology Development Corporation, TEDCO works to foster an inclusive entrepreneurial innovation ecosystem by investing in and growing early-stage technology and life science companies.
“It is the opportunity of a lifetime to lead an organization whose mission is to help Maryland’s startups grow into real businesses in every part of our state,” Davis said in a statement. “I am grateful to the TEDCO Board for its trust.”
From state budget oversight to venture investing
In Annapolis, Davis oversaw the Moore administration’s economic agenda, and worked to improve state operations and strengthen accountability and audit functions across agencies. He also led the development of the governor’s budget and legislative priorities.
Before joining state government, Davis spent a decade as an executive in municipal government and held senior executive roles at CareFirst BlueCross BlueShield. At CareFirst, he worked with the CEO and executive peers to strengthen the company’s venture arm, investing in startups and health systems.
Moore credited Davis with overcoming administrative and economic hurdles in his role.
“When Lester joined my team as Chief of Staff, he inherited some of the toughest challenges any administration can face: a difficult budget, a fractured relationship with the federal government and economic development projects that had been years in the making and needed to cross the finish line,” Moore said in a statement. “He led our team to deliver on every one of them, and so much more. Lester has made state government work better for the people of Maryland, with integrity, discipline and heart. As we double down on building a lasting economic agenda, there is no one I would rather see lead TEDCO. Its mission of breathing life into early-stage technology and life sciences companies is the kind of work that will propel Maryland in the decade ahead. I’m grateful for everything Lester has given this administration, and I can’t wait to see what he builds next.”
Transitioning leadership after six years of ecosystem expansion
During LeMaile-Stovall’s tenure, TEDCO expanded its statewide reach and economic impact through new initiatives, including the Equitech Growth Fund and the Urban Business Innovation Initiative, while becoming a direct participant in the federal State Small Business Credit Initiative.
State legislative leaders also voiced support for the transition.
“TEDCO plays a vital role in growing and scaling Maryland’s home-grown early-stage companies,” said Senate President Bill Ferguson in a statement. “I congratulate Lester on his appointment as Interim CEO and look forward to continuing our partnership with TEDCO.”
Speaker of the House Joseline A. Peña-Melnyk echoed that support.
“I congratulate Lester on his appointment as Interim CEO,” Peña-Melnyk said via press release. “I look forward to working with him and the TEDCO team to support entrepreneurs and create opportunities for Marylanders across the state.”
Looking ahead, Davis underscored the agency’s role in translating state economic priorities into lasting local growth.
“TEDCO is where this state’s economic agenda becomes lasting: backing new companies, supporting entrepreneurs in every region and getting research out of the lab and into the market,” Davis said. “I look forward to getting to work alongside the TEDCO team and our partners.”
