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MCEDC board outlines leadership search, says strategic plan will be delivered by July after short delay
Summary
The Montgomery County Economic Development Corporation board said it is conducting a national CEO search, has engaged a search firm and transition committee, and will deliver a draft strategic plan to the council by July 1 after postponing an earlier timeline; the board urged continued investment in economic development.
Yolanda Fine, chair of the Montgomery County Economic Development Corporation board, told the Economic Development Committee that the board is conducting a national search for a new MCEDC leader and has formed a transition committee and a search committee co‑chaired by local business and university leaders.
Fine said the board has selected a search firm and will post the CEO job publicly; the board thanked outgoing interim leader Bill Tompkins for stabilizing the organization. MCEDC staff urged stronger engagement between the corporation, county government and local partners and recommended that the council view investments in MCEDC as investments in the county’s economic future.
Council staff reminded the committee that MCEDC is required to submit a draft of the county’s economic development strategic plan by July 1, 2025. Committee members and MCEDC representatives discussed a short postponement and agreed that the corporation will provide a schedule by May so the council and administration can coordinate on July submittal and follow‑up.
The group discussed FY25 budget context: MCEDC had requested $5,950,000, the county executive recommended $4,000,000, and the council appropriated $4,670,000. MCEDC staff said they had used some one‑time reserves during the fiscal year to maintain operations and that marketing and communications positions were reduced in the FY25 appropriation; they listed key initiatives they plan to continue if funded in FY26, including life‑sciences outreach, the InnovateED summit with University of Maryland, Shady Grove, and targeted marketing to out‑of‑region life‑sciences markets.
MCEDC staff and board representatives requested continued council engagement as the corporation completes its leadership transition and prepares the strategic plan; they said the organization will return to the committee with detailed program and budget requests as the FY26 process unfolds.
No formal committee action was taken during the presentation; committee members pressed staff for performance and return‑on‑investment data related to MCEDC outreach and marketing and asked for follow‑up on program metrics.
