TEDCO Announces Resignation Of President, Executive Director

COLUMBIA, Md. (AP) -- The president and executive director of a state-funded public corporation which provides start-ups in Maryland with investments and mentoring has resigned.

Maryland Technology Development Corporation said in a statement Friday that Robert A. Rosenbaum, who served for more than five years, is leaving the organization to pursue other interests.

Newt Fowler, chairman of TEDCO's board of directors, says the organization will launch a nationwide search for a new top executive.

In the meantime, John Wasilisin, TEDCO's executive vice president and chief operating officer, will serve as both president and COO.

TEDCO was created in 1998 by the state legislature, and provides support and seed funding to develop startup companies in the Maryland tech sector.

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