First Republic Bank Leadership Reshuffle: What's Next After Erkan's Departure?

First Republic Bank just shook up its C-suite. Co-CEO Hafize Gaye Erkan has stepped down, and CFO Mike Roffler is stepping into the acting co-CEO role effective immediately.

Here’s the timeline:

• Roffler’s move: Already President since Jan 2022, he’s been with First Republic for 12 years (6 as CFO). Now he’s got the acting co-CEO title.
• Erkan out: She’s leaving to pursue other opportunities—nothing about performance issues mentioned.
• Herbert’s situation: Founder and sitting Co-CEO is currently on medical leave.
• New CFO: Olga Tsokova, the Chief Accounting Officer, takes over as Acting CFO. She’s been at First Republic since 2015, with 10+ years at City National Bank and another decade-plus at EY’s audit practice.

The catch: The board hired Korn Ferry to search for the next CEO, suggesting this is interim leadership for now.

So basically? First Republic’s in transition mode with experienced internal players holding the fort while they scout the market for permanent leadership. Pretty standard wealth management bank playbook when the top seat has changes.