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The Center for Innovative Technology (CIT) has announced the election of Michael Steed, Founder and Managing Partner of Paladin Capital Group, as Chairman, and Duffy Mazan, CTO of CourseMaven, as Vice-Chairman of the CIT Board of Directors and the Board of Directors of its parent authority, the Innovation and Entrepreneurship Investment Authority (IEIA).

CIT also announced that Sandy Williamson, Co-founder and Chairman of CapTech Ventures, Inc of Richmond, Va., would join the CIT and IEIA Board of Directors.

At its most recent meeting, the CIT Board, under Mr. Steed’s and Mr. Mazan’s leadership, laid out key principles that will be used to guide the organization:

  •     Greater transparency on CIT operations;
  •     Enhanced corporate governance from the Board;
  •     Increased outreach and engagement with all regions of Virginia and with higher education institutions; and
  •     Increased support for underserved populations.

Ed Albrigo, CIT President & CEO, said, “CIT is very grateful and thankful for Michael Steed’s and Duffy Mazan’s leadership and dedication to our mission and to growing Virginia’s new economy. We are also honored to welcome Sandy Williamson to our Board of Directors and will look to his background and expertise in entrepreneurship, investment and new company creation to serve as an integral part of our organization. The CIT stakeholders, leadership team and I look forward to Mike’s, Duffy’s and the entire Board’s strategic guidance on programs to advance innovation, research and investments all across Virginia to help create new economic opportunities and jobs.”

Read the CIT press release.