FRC - First Republic Bank extends contract of CEO

First Republic Bank's (FRC) board has extended the contract of its Founder, Chairman and CEO Jim Herbert through December 31, 2022.The Board has also entered into a contract with Hafize Gaye Erkan as Co-CEO, sharing Chief Executive responsibilities with and reporting to Mr. Herbert.“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,” said Jim Herbert.Additionally, Ms. Erkan will continue to serve as President and a director on the Board.

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First Republic Bank extends contract of CEO