Herbert founded First Republic in 1985 and has served as its CEO and Co-CEO since then. "Mike fully embodies our culture," said George G. Parker, Acting Chairman and Board Member. His appointment follows a thorough search led by Korn Ferry and comes after a tenure of over 25 years in accounting and banking.

First Republic Bank, a leading private bank and wealth management firm, announced that Mike Roffler has been appointed CEO of the Company, effective March 13, 2022. Roffler will also continue to serve as President and a member of the Board of Directors.

"We are extremely pleased to appoint Mike as First Republic's CEO,"

said George G.C. Parker, Acting Chairman and Board Member.

"Mike fully embodies our culture, is well-versed in our business model, and is well-liked by our stakeholders. He is well-positioned to drive thoughtful evolution while maintaining the Bank's consistent, safe growth for many years to come as a collaborative and forward-thinking leader."

Jim Herbert, who founded First Republic in 1985 and has served as its CEO and Co-CEO since then, will step down as Executive Chairman on March 13, 2022. Herbert will continue to lead the Board and be involved in the development of the Bank's overall strategy, the preservation of its unique culture, and the maintenance of key relationships with clients and shareholders in his new role.

"Jim has built an extraordinary culture and business over the last three and a half decades, delivering client service unparalleled in U.S. banking, which has driven outstanding shareholder returns over time,"

said Reynold Levy, Lead Independent Director.

"His guidance and mentoring will continue to guide First Republic through the next phase of cultural continuity, business model consistency, and safe, stable growth."

Over the last decade, First Republic's succession planning approach has fostered a new generation of Company leadership dedicated to preserving while thoughtfully evolving its unique service-focused culture and client-centric business model. Roffler's appointment as CEO reflects this approach and comes after a thorough search led by recruiting firm Korn Ferry.

"It is an honor to serve as First Republic's CEO and steward of the phenomenal culture and company Jim and the team have built,"

Roffler said.

"I am thankful to work with coworkers who genuinely care about our clients, communities, and one another. I am excited to guide our future success by maintaining an unwavering focus on exceptional client service, working alongside an outstanding leadership team, and with the support of our Board and Jim."

"We set out to build a culture and company that focuses on taking exceptional care of our clients, and I am very proud of what we've accomplished over the last 36 years,"

Herbert said.

"Mike is an excellent leader who has made significant contributions to our strategy, culture, and growth. As a founder and shareholder, I have complete faith in Mike's leadership, our extremely talented management team, and all of our colleagues' passion and commitment to providing exceptional client service."

Roffler joined First Republic in 2009 and has over 25 years of experience in accounting and banking, including as a partner at KPMG. He was appointed CFO in 2014, President in 2021, and Board Member and Acting Co-CEO in 2022. He was one of the first executives hired as part of First Republic's succession planning process. Roffler is a member of the American Heart Association's Greater Bay Area Board of Directors, has a B.S. from Marquette University, and graduated from the Stanford Graduate School of Business Executive Program.

Source: first republic news