The Bank Slate


First Republic in San Francisco starts CEO search

First Republic Bank in San Francisco is looking for a new CEO after one of its leaders abruptly stepped down. 

The $173 billion-asset bank said in a press release Monday that Hafize Gaye Erkan resigned as co-CEO to pursue other opportunities. Erkan, who joined the bank in 2014 from Goldman Sachs, was named co-CEO in July. 

That move positioned her to eventually succeed James Herbert, the bank’s founder, chairman and co-CEO. Herbert announced last month that he would take a six-month medical leave of absence to deal with a coronary health issue. 

First Republic said Mike Roffler, its president, had been named interim co-CEO and that it had hired Korn Ferry to find a permanent replacement. 

“We are grateful for Gaye’s many significant contributions during her tenure as a key member of our outstanding executive team,” Herbert said in the release. “We wish her all the best, personally and professionally.”

Roffler was the bank’s chief financial offer before becoming president last week. First Republic said that Olga Tsokova, its chief accounting officer, will serve as acting CFO.

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