The California Infrastructure and Economic Development Bank will experience a change in leadership at the top with two new appointments.
California Governor Jerry Brown announced on July 12 that he had appointed Teveia Barnes, 60, executive director of the I-Bank and Ruben Rojas, 50, deputy executive director.
Barnes replaces Stanton Hazelroth, who retired in December after more than 11 years at the helm of the I-Bank.
The I-Bank became part of the governor’s Office of Business and Economic Development on July 3 as part of a governmental restructuring process spearheaded by Brown. It was created in 1994 to promote economic revitalization, enable future development and encourage a healthy climate for jobs in California.
Governed by a five-member board, the I-Bank has broad authority to serve as a conduit issuer of tax-exempt and taxable revenue bonds, and provide loans to local governments for a wide variety of public infrastructure projects.
The I-Bank issued five bonds totaling $265.4 million in 2012 down from a high of 27 totaling $1.8 billion in 2008, according to Thomson Reuters data. It has issued more than $11 billion in debt since 1999.
Barnes, a Tiburon Democrat, currently holds the position of senior deputy commissioner of the California Department of Business Oversight, Division of Financial Institutions, a position she has held since 2013. Her previous work experience includes serving as a commissioner at the California Department of Financial Institutions from 2012 to 2013, as a partner at Foley and Lardner LLP from 2005 to 2012 and president and executive director at Lawyers for One America from 1999 to 2012. She also served as the executive director and general counsel at the Bar Association of San Francisco for two years; and worked in multiple positions at the Bank of America National Trust and Savings Association from 1986 to 1999, including associate general counsel and senior vice president.
She earned a law degree from New York University School of Law.
Rojas, a West Covina Democrat, has been executive vice president of global operations and sustainability at Dansure Inc. since 2011.
His prior positions include working as a senior associate for planning design and development at AECOM; deputy director of the Los Angeles Community College District bond program; and director of revenue enhancement for the Los Angeles Unified School District.
He holds a law degree from Abraham Lincoln School of Law.
Barnes’ position requires Senate confirmation and the compensation is $147,252. Rojas’ position, which pays $132,396, does not require Senate confirmation.