ANNAPOLIS, Md. (AP) — The CEO of Maryland’s technology development arm is stepping down.

The Maryland Technology Development Corporation announced Wednesday that George Davis will step down, effective July 31.

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In February, a state audit was critical of TEDCO for creating a three-member advisory committee to provide investment advice for a state venture fund without creating adequate polices to prevent conflicts of interest. The audit found that the firms of two members of the committee received more than $21 million through the Maryland Venture Fund.

George Davis. Courtesy: TEDCO

State lawmakers passed legislation this year to increase oversight.

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Two other leaders also have resigned, including Andy Jones, the chief investment officer, and Parag Sheth, the chief marketing officer of the Maryland Venture Fund.

TEDCO provides businesses with investment capital to help them start and grow in Maryland.

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