Hill was replaced
by Harry Madonna, his predecessor at the $5.7 billion-asset company, following
the death of Theodore Flocco.
Flocco’s passing
led to a power shift on the divided board, allowing a faction opposed to Hill to
oust him. Hill remains Republic First’s CEO and a director – for now.
"I look forward to continuing to work with the board and our employees and creating value for our constituents," Madonna, who was named interim chairman, said in a Friday press release.
The move comes at a
time when Republic First faces pressure from two investor groups to improve
performance. A group led by George Norcross and George Braca is seeking to remove Hill from his management roles.
The Norcross-Braca
group has offered to buy the company on the condition that Hill is no longer
involved with it. Driver Management, another shareholder, wants to replace
three board members, including Hill.
The latest face-off between Republic First and the investors has been playing out in recent weeks. The company said it would need to delay
its annual meeting while conducting a probe into related-party
transactions, a move that has drawn objections from the investors.
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