First Republic Bank Chairman to Take Medical Leave of Absence

Jim Herbert, founder, chairman and co-CEO of First Republic Bank, will take a medical leave of absence from his executive position in response to a recent medical recommendation regarding a coronary health issue. This leave is in accordance with First Republic Bank policies and will begin on Jan. 1 for a period currently expected to be six months. Herbert will also step down from the board of directors during this time and is expected to be reappointed to the board upon his return.

“Jim is now the third-longest serving CEO in the S&P 500,” Reynold Levy, lead independent director for First Republic Bank, said. “He has built a unique culture, consistent profitability and incredible value for our clients, colleagues and shareholders since founding First Republic over 36 years ago. The board fully supports Jim’s decision to step away from the stress of day-to-day operations to focus on his health.”

Hafize Gaye Erkan will continue to serve as co-CEO of First Republic Bank and will assume additional responsibilities. Erkan has been part of the executive management team since joining First Republic Bank in 2014. She was appointed president in 2017, board member in 2019 and co-CEO in 2021. Previously, she worked at Goldman Sachs as managing director and head of financial institutions group strats and has more than 20 years of finance and banking experience.

“I am extremely proud of the caring, sincere and client-focused culture of First Republic,” Herbert said. “As a longstanding shareholder, I have full confidence in Gaye alongside our terrific management team, the continued consistency and stability of our business model and, very importantly, the exceptional colleagues who put our culture and our clients first each day.”

First Republic Bank’s board of directors appointed Mike Roffler president, effective Jan. 1. Roffler joined the company in 2009 and has served as its CFO since 2015. Roffler has more than 25 years of accounting and banking experience, including time as a partner at KPMG. He will also continue to serve in the role of CFO for an interim period.

“We are delighted to promote Mike to the position of president,” George Parker, a board member for First Republic Bank, said. “Mike has been an instrumental cultural and strategic leader at First Republic for over a decade. He is well regarded by shareholders, clients and colleagues, and is a key member of our executive team.”

Beginning Jan. 1, Parker will serve as acting chairman of the board of First Republic Bank. Parker has served as a board member of the bank since 2003. He is a professor emeritus at Stanford Graduate School of Business, where he taught finance and banking for more than 30 years. Parker previously served on the boards for Continental Airlines and Threshold Pharmaceuticals, among other companies.

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