Singh will lead the agency responsible for investing in Maryland startup companies while it conducts a search for its next full-time leader.
TEDCO started receiving applications for new investments last week after it had halted new funding to write new regulations following a critical legislative audit and reform legislation last year. Its last CEO, George Davis, left the organization in July.
“We’ve made meaningful progress toward merging state and organizational priorities over the past several months and are excited to have identified a seasoned leader to build on this momentum,” Myra Norton, chair of TEDCO’s board, said in a statement. “Linda has a strong leadership track record in private industry and government. This, combined with her personal leadership style makes her uniquely qualified to lead TEDCO successfully during this transition period.”
A legislative audit issued last February found issues that included how TEDCO directed funding to companies that were not primarily based in Maryland and invested in companies that had associations with the Maryland Venture Fund’s advisory committee.
In the aftermath of the audit, lawmakers put more restrictions in place to govern how TEDCO invests its money and what oversights are in place to govern the agency.
Singh replaces Stephen Auvil, TEDCO’s executive vice president of operations and programs, as acting executive director. Auvil will return to his regular duties while Singh takes over running day-to-day operations, TEDCO wrote in a news release.
In addition to her role with the Maryland National Guard, Singh worked for more than 20 years at professional services firm Accenture, where she retired as managing director in the firm’s Health and Public Service North America unit.
In the Maryland National Guard, Singh led 6,700 members of the Military Department as adjutant general. During her career in the National Guard, she deployed to Kosovo and served a combat tour in Afghanistan.
“Leadership and innovation is crucial for value creation and economic growth. I see TEDCO as a critical contributor to Maryland’s economic ecosystem and serving as the interim ED/CEO is truly an honor,” Singh said in a statement. “I look forward to working with a dedicated TEDCO team to lead Maryland’s innovation to market while the board carefully evaluates a new leader for this tremendous economic growth engine.”
TEDCO has hired executive search firm Korn Ferry to help with its search for a new executive director.
TEDCO said it wants whoever it picks for the job to demonstrate “genuine enthusiasm for balancing the interests of the public and private sectors in innovative and cohesive ways that stimulate the regional economy.”
The development corporation last month named Elizabeth Good Mazhari as the interim director of its flagship Maryland Venture Fund while it looks for a full-time leader.