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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