First Republic co-CEO Herbert to take medical leave

First Republic Bank in San Francisco announced that Chairman and co-CEO Jim Herbert will take a medical leave of absence tied to a coronary health issue.

The $172.6 billion-asset bank said in a press release Monday that Herbert’s leave will begin on Jan. 1 and should last about six months. He will also step down from the board, though the bank said he is expected to be reappointed when his leave ends.

Hafize Gaye Erkan will remain co-CEO, though she will take on more responsibilities. Erkan, who joined the bank in 2014, was named president in 2017 and co-CEO earlier this year. 

“I am extremely proud of the caring, sincere and client-focused culture of First Republic,” Herbert said in the release. “As a longstanding shareholder, I have full confidence in Gaye alongside our terrific management team, the continued consistency and stability of our business model and, very importantly, the exceptional colleagues who put our culture and our clients first each day.” 

Mike Roffler, the bank’s chief financial officer, will succeed Erkan as president on Jan. 1. He will remain CFO for an interim period. 

George G.C. Parker will serve as acting chairman. He is a professor emeritus at the Stanford Graduate School of Business.