First Republic Bank promoted its current president to chief executive, ending a period of flux after its founder took medical leave and its
The $181 billion-asset bank said in a press release Sunday that it has named Mike Roffler as its CEO, effective immediately. He will continue to serve as president and as a member of First Republic’s board, according to the company. He was named president in 2021.
Roffler “has a deep knowledge of our business model and is highly regarded by our stakeholders,” George Parker, First Republic’s acting chairman, said in the release. “As a collaborative and forward-looking leader, he is well-positioned to drive thoughtful evolution while maintaining the bank’s consistent, safe growth for many years to come."
Roffler joined San Francisco-based First Republic in 2009 and has more than 25 years of banking and accounting experience. He formerly served as First Republic’s chief financial officer. Earlier in his career, he was a partner at KPMG.
“I look forward to guiding our future success through an unwavering focus on exceptional client service, alongside an outstanding leadership team,” Roffler said in the release.
Jim Herbert, who founded First Republic Bank in 1985 and has since served as its CEO and co-CEO, became executive chairman on Sunday.
He took the co-CEO position in 2021, which was widely viewed as a step toward retirement, sharing the
Erkan’s departure in January came just weeks after Herbert’s six-month medical leave was disclosed. Her exit fostered concerns about instability at the top of the company, given that First Republic lacked an obvious plan to replace the 77-year-old Herbert, the only CEO in its 36-year history.
First Republic said it promoted Roffler after the recruiting firm Korn Ferry conducted a comprehensive executive search for the bank.
“Mike is a terrific leader who has very meaningfully contributed to our strategy, culture and growth,” Herbert said in the release. “As founder and a shareholder, I have full confidence in Mike’s leadership, in our very talented management team, and in the passion and commitment of all of our colleagues to continue delivering exceptional client service."
