- Push-out Score determined
- After 37 years in the position
- Praise for Herbert
- Mike Roffler taking over
- Herbert will remain as Executive Chairman at First Republic Bank
- Herbert said 83 words
(exechange) — San Francisco, California, March 14, 2022 — Jim Herbert, chief executive of First Republic Bank, leaves his position. As announced by First Republic Bank in a news release on Monday, March 14, 2022, James H. (Jim) Herbert has left his post as chief executive officer at the private bank and wealth management company, after 37 years in the role, effective March 13, 2022.
It is the end of an era.
Jim Herbert’s duties as CEO will be taken over by Michael J. (Mike) Roffler, most recently President at First Republic Bank.
It is a generational change. Mike Roffler is about 27 years younger than Jim Herbert.
“Designed to preserve while thoughtfully evolving its unique service-focused culture and client-centric business model”
Jim Herbert’s departure from the CEO post is explained as follows. First Republic Bank said: “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.”
On December 13, 2021, First Republic had stated: “Founder, Chairman and Co-CEO Jim Herbert will take a medical leave of absence from his executive position in response to a recent medical recommendation regarding a coronary health issue. This leave is in accordance with First Republic Bank policies and will begin on January 1, 2022, for a period currently expected to be six months.”
On March 7, 2022, First Republic had announced that Jim Herbert “will end his previously disclosed temporary medical leave of absence effective April 4, 2022. At that time, he will resume his duties as Co-Chief Executive Officer pursuant to the terms of his existing employment agreement. Mr. Herbert will serve as Co-Chief Executive Officer of the Bank along with Michael J. Roffler, who was appointed Acting Co-Chief Executive Officer effective January 1, 2022.”
Herbert will remain as Executive Chairman at First Republic Bank
“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,” First Republic Bank said.
Share price increase since March 2017
The announcement follows an increase in First Republic Bank’s share price of 66% since March 2017.
In the position of CEO since 1985
Jim Herbert became CEO of the Company in 1985.
Herbert founded First Republic Bank in 1985, serving as its CEO and then Co-CEO before being appointed Executive Chairman in 2022.
Previously, he was the founding Chief Executive Officer, President and a director of San Francisco Bancorp from 1980 to 1985.
He served as the Federal Reserve’s Twelfth District member of the Federal Advisory Council from 2018 to 2020 and was also a member of the U.S. Department of the Treasury’s Community Development Advisory Board.
Herbert holds board/trustee positions with the San Francisco Ballet Association (formerly Chair); Lincoln Center for the Performing Arts (Executive Committee), New York; and The BASIC Fund. He is also Founder and Board Chair of Chelsea Factory, a New York arts and cultural center.
Herbert served as a trustee of Babson College from 2015 to 2021. B.S., 1966, Babson College; M.B.A., 1969, New York University; over 20-year participant, Chief Executives Organization’s Harvard Presidents’ Seminar.
Push-out Score determined
The Push-out Score™ determined by exechange gauges the pressure surrounding Jim Herbert’s move on a scale of 0 to 10.
exechange reached out to First Republic Bank and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 12.2022 ($).