TEDCO Board Names Lester Davis Interim Chief Executive Officer
Davis will provide continuity of leadership while the Board conducts its search for a permanent CEO
COLUMBIA, Md. (Nov. 5, 2026) – The TEDCO Board of Directors today appointed Lester Davis as Interim Chief Executive Officer, effective November 27, 2026. Davis most recently served as Chief of Staff to Maryland Governor Wes Moore, where he led day-to-day operations for state government and its $70 billion dollar budget. He succeeds Troy LeMaile-Stovall, who has led TEDCO since 2020. LeMaile-Stovall will continue to serve through November 26. The Board will be conducting a process to select a permanent Chief Executive Officer as part of its strategic plan for the fiscal year.
During LeMaile-Stovall’s tenure, TEDCO significantly grew its economic impact across Maryland and expanded its reach through new programs, including the Equitech Growth Fund and the Urban Business Innovation Initiative, and became a direct participant in the federal State Small Business Credit Initiative. The Board thanks LeMaile-Stovall for his leadership.
“Lester brings steady, experienced leadership at an important moment for TEDCO,” said David Tohn, Chair of the TEDCO Board of Directors. “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.”
“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. “I am grateful to the TEDCO Board for its trust. 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. I look forward to getting to work alongside the TEDCO team and our partners.”
As Chief of Staff, Davis has overseen the administration’s economic agenda, has worked to improve state operations and strengthen accountability and audit functions across agencies, and has led the development of the Governor’s budget and legislative priorities. Before joining state government, he held senior executive roles at CareFirst BlueCross BlueShield, after spending a decade as an executive in municipal government. At CareFirst, he worked closely with the CEO and executive peers to strengthen the company’s venture arm, which invests in startups and health systems to improve access, quality and affordability of care.
“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,” said Governor Moore. “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.”
“TEDCO plays a vital role in growing and scaling Maryland’s home-grown early-stage companies”, said Senate President Bill Ferguson. “I congratulate Lester on his appointment as Interim CEO and look forward to continuing our partnership with TEDCO.”
“I congratulate Lester on his appointment as Interim CEO,” said Speaker of the House Joseline A. Peña-Melnyk. “I look forward to working with him and the TEDCO team to support entrepreneurs and create opportunities for Marylanders across the state.”
