Last week, the Mid-Atlantic Venture Capital Association (MAVA) further distanced itself from scandal by hiring Julia Spicer as its new executive director. The move follows several months of uncertainty at the Timonium, Md.-based trade organization, prompted by the discovery of missing cash and the subsequent resignation of former executive director Mary Ann Gray.
Spicer was formerly vice president and head of corporate communications at Alexandria, Va.-based Columbia Capital.
“I’m still connected to the venture community, which is nice for me,” Spicer says. “The Mid-Atlantic is a very strong region in terms of investment opportunities, and I think it’s important to point out that the venture firms in the region are extremely collaborative.”
As for the situation with Gray, the former executive director has agreed to repay $175,000 in missing MAVA funds. A MAVA spokeswoman says that most of the money has already been paid back.
Founded in 1986, MAVA represents 375 venture capital professionals at 127 firms with more than $10 billion of capital under management.
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