First Republic Bank Names CFO Mike Roffler As Acting Co-CEO To Succeed Hafize Gaye Erkan

First Republic Bank (FRC), a private bank and wealth management company, announced Monday that Hafize Gaye Erkan has resigned as Co-CEO and from the Board in order to pursue other opportunities. The Board of Directors has named Mike Roffler as 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 January 1, 2022. He has been with First Republic for the past 12 years, including the last six as CFO. Jim Herbert, Founder and Co-CEO, 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. Korn Ferry, a leading management consulting and recruiting firm, has been engaged to lead the search for First Republic's next CEO.

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.

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