The board of directors of First Republic Bank, a private bank and wealth management company, extended the contract of Jim Herbert, the bank’s founder, chairman and CEO, through Dec. 31, 2022. Following that data, he will serve as executive chairman. Hafize Gaye Erkan, president of the bank, also entered into a contract with the bank’s board to serve as co-CEO. Erkan will share chief executive responsibilities with and report to Herbert. Additionally, Erkan will continue to serve as president and a director on the board of directors.

“In extending and enhancing their collaboration, the board believes Jim and Gaye’s partnership is a strong combination that will continue to build on First Republic’s differentiated business model and exceptional service, delivering strong organic growth and shareholder return,” Reynold Levy, lead outside director for the board of directors of First Republic Bank, said.

“Gaye has been a significant contributor to our performance as a company for seven years, and I look forward to the continuation of our successful partnership,” Herbert said. “Her considerable financial services expertise has had a valuable and successful impact on the further development of our client-centric business model.”

“First Republic’s historical success is predicated upon our culture of taking care of each client and colleague, one at a time,” Erkan said. “I’m honored to be appointed co-CEO and look forward to continuing to build on the company’s long-term success alongside Jim and our entire leadership team.”