TEDCO Names Lester Davis Interim CEO
Maryland technology startups and small firms working with TEDCO should expect program continuity while a permanent chief is sought.
Updated on Nov. 5, 2026 in People
TEDCO, the Maryland Technology Development Corporation, has named Lester Davis as interim chief executive, replacing Troy LeMaile-Stovall, who has led the agency since 2020. Davis takes over on November 27, 2026, and the board will search for a permanent CEO.
Why it matters
Leadership change at the state's technology development agency signals continuity for founders and small technology firms that rely on TEDCO programs. Davis's background in state budgeting and economic policy suggests a focus on the administration's economic agenda as the search for a permanent leader proceeds.
Lester Davis's appointment follows six years of leadership by Troy LeMaile-Stovall, who guided TEDCO through the launch of the Equitech Growth Fund and the Urban Business Innovation Initiative. Davis previously oversaw a state budget of about $70 billion as chief of staff to Gov. Wes Moore.
The players
Maryland Technology Development Corporation (TEDCO)
A Maryland state economic development agency that funds and supports technology startups and small businesses through venture programs and grants.
Lester Davis
A veteran public administrator and healthcare venture executive who most recently served as chief of staff to Gov. Wes Moore, overseeing the administration's economic agenda.
Troy LeMaile-Stovall
The outgoing TEDCO chief executive who led the agency from 2020, overseeing the launch of its Equitech Growth Fund and Urban Business Innovation Initiative.
The details
TEDCO named Davis interim chief executive through a formal news release, with the transition taking effect November 27, 2026. Davis formerly led development of the governor's budget and legislative priorities, giving him direct experience with how state economic programs are funded and prioritized. TEDCO also became a direct participant in the federal State Small Business Credit Initiative during LeMaile-Stovall's tenure, a program the new leadership will inherit.
Timeline
2020: Troy LeMaile-Stovall begins leading TEDCO.
November 27, 2026: Lester Davis takes over as interim chief executive.
Market Landscape
State economic development agencies such as TEDCO administer venture and grant programs that often draw on federal capital initiatives like the State Small Business Credit Initiative. Leadership transitions at these agencies can shape how aggressively a state pursues such programs in subsequent budget cycles.
Founders and small firms working with TEDCO should expect continuity in existing programs during the interim period. Companies with pending applications or relationships with the agency may want to confirm timelines directly with TEDCO staff.
The takeaway
Watch whether the permanent CEO search results in a leader with a venture or small-business background, which would signal priorities for TEDCO's programs. Companies that depend on the agency should track the board's announcements and confirm program timelines with TEDCO directly.
What happens next
The TEDCO board will conduct a search for a permanent CEO under its fiscal year strategic plan, and Davis takes over as interim chief executive on November 27, 2026.
Further reading
For more on the executives shaping the state's economy, see the People section.
Source note: This article includes information reported by Technical.
