COLUMBIA, Md. (July 22, 2020)— TEDCO, Maryland’s economic engine for technology companies, announced today that its Board of Directors has appointed Troy LeMaile-Stovall as Chief Executive Officer/Executive Director, effective September 7, 2020.
“Troy’s depth and breadth of experience in finance, investments, economic development and operational leadership will be a tremendous asset to the organization and to the diverse stakeholders we serve across the state of Maryland,” stated Myra Norton, TEDCO’s Chair of the Board and President of Arena. “Troy’s most compelling strengths go well beyond his impressive background and experience. He is a galvanizing, inspiring and inclusive leader with a track record of delivering outcomes in challenging times. We are delighted to welcome Troy, and look forward to supporting his leadership and the TEDCO team.”
Troy has over 25 years of experience in the fields of investment management, higher education, telecommunications, information/communication technology, management consulting, and non-profit leadership/management.
“I am fortunate, honored and humbled to be selected as TEDCO’s next CEO/Executive Director,” said Troy LeMaile-Stovall. “In these times of uncertainty brought on by public health, economic and racial concerns, TEDCO should continue to be the voice of innovation that can help Maryland address these concerns for all her citizens. I look forward to serving.”
Troy serves as Chief Operating Officer at the University of the District of Columbia and he founded and serves as Managing Member of LeMaile Stovall LLC, a management consulting firm focused on strategy, operational performance and capital stack formation. Troy was Interim President for Zenith Education Group, a $400M+, 56-campus career education system. Additionally, Troy was a Principal at Butler Snow Advisory Services, serving not only higher education clients but also senior levels in higher education as EVP/COO at Howard University and Sr. VP/CFO at Jackson State University. He co-founded and operated as the first President/CEO of GulfSouth Capital, Ambassador John N. Palmer’s (Skytel founder) multi-million dollar family investment office; he served global technology and telecommunications clients as a Sr. Engagement Manager at McKinsey & Co.; and held positions at Southwestern Bell Telephone (now AT&T), Bell Labs and Rockwell International. He holds a bachelor’s degree in Electrical Engineering from Southern Methodist University cum laude, a master’s degree in Computer Science from Stanford University, and an MBA from Harvard Business School.
“I want to congratulate TEDCO’s Board of Directors on their appointment of their new CEO Troy LeMaile-Stovall,” said Governor Larry Hogan. “TEDCO provides essential tools and resources to our entrepreneurs during critical company growth stages. Their mission to provide access to capital and advisory support and utilize federal and state programs to assist tech and life science startups benefits our economy amidst our current challenges and helps to create more jobs in communities all across Maryland.”
TEDCO’s Board of Directors enlisted Korn Ferry, in January 2020, to assist the organization with a national search for the selection of a permanent CEO/Executive Director.
“TEDCO has been an innovative organization that has kept Maryland at the forefront of emerging technologies on the East Coast,” said Speaker Adrienne A. Jones. “I am pleased with the rigorous process that the Board of Directors undertook to select Troy Stovall. As we look at a shifting economy coming in to 2021, I look forward to working together with Troy to invest in Maryland companies and new job opportunities so that every Marylander is a part of the 21st century economy.”
“TEDCO serves an important role in the innovation ecosystem of Maryland,” stated Senate President Bill Ferguson. “Mr. Stovall adds a new, yet experienced, voice to Maryland’s economic development landscape. I offer my congratulations to Mr. Stovall and to the TEDCO Board and I look forward to working together on legislative solutions to the challenges facing the entrepreneur community in Maryland.”
TEDCO has carried the “innovation to market” banner for 22 years and has added tremendous value to the state’s evolving entrepreneurial ecosystem. Recognized as one of the most active seed/early-stage investors in the nation, TEDCO has a diverse portfolio of more than 400 investments. TEDCO’s initial $22 million awarded to startups led to $1.6 billion in follow-on funding; 7,800 jobs created at an average salary of $74,700; nearly $67 million in annual government revenues attributed to TEDCO activities. TEDCO has also supported more than $157 million in 465 stem cell research grants through Maryland Stem Cell Research Fund, keeping Maryland at the forefront of research in this critical future growth area.
“We also want to recognize and offer our sincere gratitude to Linda Singh, our interim CEO/Executive Director, whose strong leadership during this period has laid a foundation for the organization to thrive in the months and years to come. We are pleased she will continue to lead the organization in preparation for Troy’s arrival,” stated Norton.