First Republic Bank announced its Board of Directors has named Mike Roffler Acting Co-CEO of the company and appointed him to the company’s Board of Directors. As previously announced, Roffler also began service as President on Jan. 1, 2022.

Hafize Gaye Erkan has resigned as Co-CEO and from the Board to pursue other opportunities. “We are grateful for Gaye’s many significant contributions during her tenure as a key member of our outstanding executive team. We wish her all the best, personally and professionally,” said Jim Herbert, Founder and Co-CEO, who is on medical leave.

First Republic’s Board of Directors and senior management have a continuous succession planning process that has resulted in successful executive transitions over time. This process has fostered a new generation of Bank leadership with a focus on maintaining First Republic’s team-oriented, client-centric culture. Korn Ferry, a leading management consulting and recruiting firm, has been engaged to lead the search for First Republic’s next CEO.

“We are very pleased that Mike has agreed to serve as Acting Co-CEO during this interim period,” said George G.C. Parker, who became Acting Chairman of the Board on Jan. 1, 2022, and Reynold Levy, Lead Independent Director. “As a senior member of our executive team, Mike has played a key role in developing our successful strategy and contributing to our unique culture. He is well prepared and qualified to assume this important responsibility. We look forward to working with Mike and the rest of our excellent management team, to continue to take exceptional care of our clients and remain focused on the consistency and stability of our business model.”

Herbert added, “Mike is an accomplished and caring leader who deeply understands First Republic’s culture and business. During his 12 years with First Republic, including the last six as our CFO, he has earned the trust and confidence of our shareholders, clients and colleagues. I am fully confident Mike is the ideal person to lead the Company during this period.”

“It is a privilege to serve as Acting Co-CEO while Jim continues to focus on his health,” said Roffler. “The strength of our client-focused culture begins with the talented colleagues we have across First Republic. It is an honor to work with them and our excellent management team every day. I look forward to leading us through this important interim time period, to ensure consistency and stability for our stakeholders.”

“It has been an honor to serve as Co-CEO of First Republic alongside Jim and our entire leadership team as we’ve worked to build on the Company’s long-term focus on exceptional client service,” said Erkan. “I want to thank my colleagues for their hard work and dedication, and I wish them continued future success.”

In connection with Roffler’s appointment, Olga Tsokova, current Chief Accounting Officer, has been named Acting CFO. Tsokova joined First Republic in 2015. Previously, she served over 10 years at City National Bank, including as its Chief Accounting Officer, and over 10 years prior to that in the financial services audit practice at Ernst & Young.