The Authority consists of: the Chief Executive Officer of the Maryland Technology Development Corporation, or the Chief Executive Officer’s designee; the Executive Vice President of the Maryland Technology Development Corporation, or the Executive Vice President’s designee; the Secretary of Commerce, or the Secretary’s designee; the Managing Director of the Maryland Venture Fund, or the Managing Director’s designee; the Chancellor of the University System of Maryland, or the Chancellor’s designee; and two individuals from the private sector not affiliated with higher education appointed by the President of the Senate and the Speaker of the House to the Maryland Innovation Initiative under § 10–455 of this article.