Indianapolis Mayor Greg Ballard’s office today will announce one of the city’s most significant overhauls in the leadership of the Capital Improvement Board, including a new president who says she will focus on getting the board on stable, long-term financial footing.

Ann Lathrop, a former city controller and certified public accountant who is the current board treasurer, will replace Barnes&Thornburg’s Indianapolis managing partner, Bob Grand.

The nine-member volunteer board operates the city’s stadiums and the Indiana Convention Center.

In addition to Lathrop, whom Ballard appointed to the board last year, the mayor is reappointing Jay Potesta, business manager for the Sheet Metal Workers Local 20, who was originally appointed by then-Mayor Bart Peterson in 2000.

Ballard also is appointing four new members: Paul Okeson, who is stepping down this week from his position as Ballard’s chief of staff; Carolene Mays, a former state representative and publisher of the Indianapolis Recorder; Jim Dora Jr., chief executive officer of General Hotels Corp.; and David Shane, chief executive officer of investment company LDI Ltd.

The changes follow an especially difficult year. The CIB sought financial assistance from the state legislature and made more than $25 million in budget cuts. Those moves helped the CIB avert a projected $47 million deficit, but other challenges still confront the new board, including negotiations with the Indiana Pacers and the board’s future financial stability.

“The current board did an outstanding job of identifying the problems and helping us figure out how to navigate them,” said Okeson, who worked with Ballard and community leaders to make the appointments. “Moving forward, we want to make sure the changes align well with the challenges that lie ahead.”

Under a state law passed this summer, the terms of all nine board members expire in January, although the law does not prohibit members from being reappointed.

The Marion County Commissioners are expected to choose their appointment next month, and the City-County Council, which traditionally picks a council member from the majority party, is expected to make its choice for the board after Jan. 1.

The new law also lets commissioners from surrounding counties with a food and beverage tax that is part of the CIB’s revenue appoint a member. It’s unclear when that will happen.

Okeson will begin next month as vice president of business development for Keystone Construction Corp. Chris Cotterill, the city’s corporation counsel, will become Ballard’s new chief of staff.

Okeson said Lathrop’s financial expertise made her the logical choice to lead the board.

“So much of what has challenged the CIB has been financial in nature, and that’s really the bulk of Ann’s expertise,” Okeson said. “She has really carried the lion’s share of the burden in working through the challenges.”

Grand, who served two years as president, said he was not interested in being reappointed to the CIB. He said he’s busy with his law firm’s expansion and sees a need for new ideas on the board.

“I’ve done all I can do, and I think we’ve been fairly successful,” Grand said. “If you’re going to make some changes, let’s get new ideas and fresh approaches.”

As treasurer, Lathrop played an integral role in guiding the CIB through problems brought on by operating shortfalls, the financial crisis and reduced revenues.

Among those was dodging $25.4 million in debt-service reserve payments in September by persuading the city and state to back up its insurance policy on more than $200 million in bonds.

She also testified before state and local lawmakers about the board’s need for financial assistance and advised other CIB leaders on how to make close to $27 million in cuts to the board’s operating budget. Those cuts included measures such as reduced cleaning, fewer capital projects, layoffs, furloughs and scaled-back travel and advertising.

“It’s been kind of a wild ride,” Lathrop said. “I’m hoping for stability and management. Our goal would be to do some self-determining.”

In the next two years, that will mean carefully monitoring the board’s revenues. It also will involve deciding which of the recent cuts can be sustained over the long haul.

Other big tasks also lie before the new board.

This afternoon is the deadline for responses from operators interested in privately managing the facilities. The city has received several e-mail and hard-copy submissions. Okeson said the city is working on assembling a team of leaders from the government and private sector, including those with experience managing stadiums, to evaluate them. CIB members also will be involved in the review process.

Also on the table are ongoing discussions with the Indiana Pacers, who have said they are losing money and can no longer afford the $15 million needed to operate Conseco Fieldhouse. Okeson will take the lead on those discussions, and, Lathrop said, finding a resolution will be among the board’s priorities.

“It’s always a goal to keep a revenue-generating group within the city,” she said. “(But) you’ve got to balance it with the cost of being able to do that.”

The new members are expected to start Jan. 15, when the other appointments expire. They typically serve two-year terms but can be removed at any time. Lathrop’s presidency needs to be approved by the board, but that’s seen as a formality.

The new lineup

Ann Lathrop

Board position: Mayor Greg Ballard’s nominee for CIB president; her presidency will have to be confirmed by the board.

Occupation/experience: Certified public accountant and partner at Crowe Horwath LLP; former city controller under Mayor Stephen Goldsmith; member of Fort Benjamin Harrison Reuse Authority.

Appointed to board: February 2008 by Ballard.

Political party: Republican.

Paul Okeson

Occupation/experience: Outgoing chief of staff for Ballard; formerly chief of staff for Secretary of State Todd Rokita.

Appointed to board: November 2009 by Ballard.

Political party: Republican.

Carolene Mays

Occupation/experience: Publisher of the Indianapolis Recorder; former state representative in 94th District; candidate for 7th District congressional seat in 2008.

Appointed to board: November 2009 by Ballard.

Political party: Democratic.

David Shane

Occupation/experience: President and chief executive officer of LDI Ltd., an investment company; former senior policy adviser for education and employment for Gov. Mitch Daniels; member of the Indiana State Board of Education.

Appointed to board: November 2009 by Ballard.

Political party: Republican.

Jim Dora Jr.

Occupation/experience: President and chief executive officer of General Hotels Corp.; member of committee to choose city’s new public safety director.

Appointed to board: November 2009 by Ballard.

Political party: Republican.

Jay Potesta

Occupation/experience: Business manager for Sheet Metal Workers Local 20; national building trades coordinator for Congresswoman Julia Carson’s 1998 campaign.

Appointed to board: October 2000 by then-Mayor Bart Peterson.

Political party: Democratic.

Compiled by Star librarian Barbara Hoffman and Star reporter Francesca Jarosz