The Bank Slate


First Republic moves to co-CEO management structure

First Republic Bank in San Francisco now has two CEOs.

The $161 billion-asset bank said in a press release Monday that Hafize Gaye Erkan had become co-CEO, sharing responsibilities with Jim Herbert. First Republic also said it had renewed the contract for Herbert, who is also the bank’s chairman, through the end of next year.

Erkan will remain the bank’s president and a director.

“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, First Republic’s lead outside director, said in the release.

“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,” Herbert added.

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