First Republic Bank Board of Directors Appoints Mike Roffler as Chief Executive Officer

–First Republic Bank , a leading private bank and wealth management company, announced that its Board of Directors has named Mike Roffler CEO of the Company effective March 13, 2022. Roffler will also continue to serve as President and Board Member.

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George G.C. Parker, Acting Chairman and Board Member, said: “We are exceedingly pleased to appoint Mike as First Republic’s CEO. Mike fully embodies our culture, has a deep knowledge of our business model, and is highly regarded by our stakeholders. 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.”

Jim Herbert, who founded First Republic in 1985 and has served as its CEO and Co-CEO since that time, will transition to the role of Executive Chairman, also effective March 13, 2022. In this new role, Herbert will remain leader of the Board and active in the development of the Bank’s overall strategy, preservation of its unique culture, and maintenance of key relationships with clients and shareholders.

Reynold Levy, Lead Independent Director, said: “Jim has built an extraordinary culture and business over the past three and a half decades, delivering client service unparalleled in U.S. banking, which in turn has driven outstanding shareholder returns over time. His leadership and mentorship will continue to guide First Republic through its next phase of cultural continuity, business model consistency, and safe, stable growth.”

First Republic’s approach to succession planning over the last decade has fostered a new generation of Company leadership designed to preserve while thoughtfully evolving its unique service-focused culture and client-centric business model. The appointment of Roffler to CEO reflects this approach and follows a comprehensive search led by recruiting firm Korn Ferry.

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Roffler said: “It is an honor to serve as First Republic’s CEO and a steward of the phenomenal culture and company Jim and the team have built. I am grateful to work with colleagues who deeply care for our clients, communities, and one another. I look forward to guiding our future success, through an unwavering focus on exceptional client service, alongside an outstanding leadership team, and with the support of our Board and Jim.”

Herbert said: “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 past 36 years. Mike is a terrific leader who has very meaningfully contributed to our strategy, culture and growth. 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.”

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

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