Montgomery County Economic Development Corp. Finds New Head

The organization spearheading economic development efforts in Maryland’s largest county has a new leader.

Montgomery County Economic Development Corp. has selected Jared Smith, who previously led economic development for Henderson, Nevada, as its president and CEO, the nonprofit announced Tuesday. He is slated to start Dec. 8. 

Smith succeeds Bill Tompkins, who stepped down when his contract was up in August. Tompkins had served in the role since 2022. 

The search was led by management consulting firm Korn Ferry and was overseen by MCEDC’s board of directors. 

“The appointment of a new CEO at MCEDC marks the beginning of the next phase in advancing the County’s long-term economic development strategy,” Montgomery County Executive Marc Elrich said in a release. 

For the past three years, Smith served as the head of tourism and development for Henderson, Nevada. The city, which is just west of Las Vegas, is the state’s second largest, with a population just shy of 360,000.

Prior to that role, Smith was the chief operating officer at the Las Vegas Global Economic Alliance, where he generated $17.2B in economic impact over six years, according to the release.

“Jared’s extensive experience in economic development and his ability to bring partners together across sectors make him exactly the leader we need right now,” MCEDC Board Chair Elana Fine said in the release.

“His strategic insight and community-driven approach will help advance our mission to create opportunity for Montgomery County businesses and residents,” she added.

The new leadership comes at an inflection point for Montgomery County, which houses 1 million residents. The county, adjacent to the nation’s capital, is one of the 30 wealthiest in the country, but it also holds some of the most exposure to federal funding cuts and the nationwide life sciences downturn. 

Some 77,550 federal employees live in Montgomery County — the nation’s second-highest concentration outside of D.C., according to MCEDC. It is also home to the National Institutes of Health and the Food and Drug Administration, making it one of the nation’s top regions for private life sciences investment as well. 

Local leaders have also said Montgomery County needs to do a better job competing with Northern Virginia on economic development. And the economic development head will be tasked with spurring more growth in eastern parts of the county like Silver Spring that have struggled to keep up with other parts of the region in attracting businesses. 

“Montgomery County is an extraordinarily diverse place where innovation, infrastructure, and talent converge, with talent as its key driver of economic competitiveness,” Smith said. “I look forward to building on MCEDC’s strong foundation to attract investment and expand opportunity across the County.”

MCEDC is funded by Montgomery County and is designated as its official economic development corporation. That status, which the county council needs to reapprove in 2026 for the next five-year term, was just recommended for approval by a county council committee.