TEDCO Names Lester Davis Interim CEO
Lester Davis, former chief of staff to Gov. Wes Moore, will lead the Maryland Technology Development Corporation after Troy LeMaile-Stovall's departure.
Updated on Nov. 5, 2026 in People
The Maryland Technology Development Corporation (TEDCO) has named Lester Davis interim chief executive, succeeding Troy LeMaile-Stovall, who has led the organization since 2020. Davis will take over as chief executive on November 27, 2026.
Why it matters
The leadership change places a veteran state administrator at the helm of a Maryland economic development agency while the board searches for a permanent CEO. The transition offers continuity during a period of organizational change.
Davis previously oversaw a state budget of about $70 billion as chief of staff to Gov. Wes Moore. LeMaile-Stovall's tenure spanned six years, from 2020 onward, and it is not stated when the board expects to name a permanent successor.
The players
Lester Davis
A veteran public administrator and healthcare venture executive who most recently served as chief of staff to Maryland Gov. Wes Moore and helped shape the governor's budget and legislative priorities.
Troy LeMaile-Stovall
The outgoing TEDCO chief executive who led the agency from 2020 and oversaw its participation in the federal State Small Business Credit Initiative.
Maryland Technology Development Corporation (TEDCO)
A Maryland state economic development agency that supports technology companies and entrepreneurs across the state.
The details
TEDCO announced that Davis, a veteran public administrator and healthcare venture executive, will serve as interim chief executive. During LeMaile-Stovall's tenure, TEDCO launched the Equitech Growth Fund and the Urban Business Innovation Initiative and became a direct participant in the federal State Small Business Credit Initiative.
Timeline
2020: Troy LeMaile-Stovall begins leading TEDCO.
November 27, 2026: Lester Davis takes over as chief executive.
Leadership Continuity
TEDCO's leadership transition follows its direct participation in the federal State Small Business Credit Initiative, a program that channels federal capital to state small-business financing efforts. Davis's appointment keeps a state-government budget veteran in charge while the board conducts its search.
For Maryland entrepreneurs and small businesses that rely on TEDCO programs, the leadership change signals continuity for now, with Davis overseeing the agency until a permanent CEO is selected. Programs launched under LeMaile-Stovall, including the Equitech Growth Fund, remain the agency's existing offerings.
The takeaway
Leadership transitions at state economic development agencies can shape which programs get priority, so stakeholders may watch how the board sets direction under the incoming chief executive.
What happens next
Lester Davis takes over as chief executive on November 27, 2026.
Further reading
Explore more People coverage in Maryland business news.
Source note: This article includes information reported by Technical.
