First Foundation Inc. Announces Retirement of CEO Scott F. Kavanaugh and Appointment of Thomas C. Shafer as Successor
First Foundation (NYSE: FFWM) has announced the appointment of Thomas C. Shafer as its new Chief Executive Officer, following the retirement of Scott F. Kavanaugh who served as CEO since 2009. Shafer brings four decades of banking experience, most recently serving as Co-President of Commercial Banking at Huntington Bancshares. As part of his employment package, Shafer received 500,000 restricted stock units, with 250,000 units vesting on the second anniversary and the remainder on the third anniversary of the grant date.
First Foundation (NYSE: FFWM) ha annunciato la nomina di Thomas C. Shafer come nuovo Amministratore Delegato, a seguito del pensionamento di Scott F. Kavanaugh, che ha ricoperto il ruolo di CEO dal 2009. Shafer porta con sé quattro decenni di esperienza bancaria, avendo recentemente ricoperto il ruolo di Co-Presidente della Commercial Banking presso Huntington Bancshares. Come parte del suo pacchetto di assunzione, Shafer ha ricevuto 500.000 unità di stock restritte, di cui 250.000 unità matureranno al secondo anniversario e il resto al terzo anniversario dalla data di concessione.
First Foundation (NYSE: FFWM) ha anunciado el nombramiento de Thomas C. Shafer como su nuevo Director Ejecutivo, tras la jubilación de Scott F. Kavanaugh, quien se desempeñó como CEO desde 2009. Shafer aporta cuatro décadas de experiencia en el sector bancario, habiendo sido recientemente Co-Presidente de Banca Comercial en Huntington Bancshares. Como parte de su paquete de empleo, Shafer recibió 500,000 unidades de acciones restringidas, 250,000 unidades de las cuales se consolidarán en el segundo aniversario y el resto en el tercer aniversario de la fecha de concesión.
퍼스트 파운데이션 (NYSE: FFWM)은 Thomas C. Shafer를 새로운 CEO로 임명했다고 발표했습니다. 이는 2009년부터 CEO로 재직한 Scott F. Kavanaugh의 은퇴에 따른 것입니다. Shafer는 최근 Huntington Bancshares의 상업 은행 부문 공동 사장으로 근무하며, 40년 이상의 은행 경력을 보유하고 있습니다. 고용 계약의 일환으로 Shafer는 500,000개의 제한 주식을 받았으며, 이 중 250,000개는 두 번째 기념일에, 나머지는 부여 날짜의 세 번째 기념일에 행사됩니다.
First Foundation (NYSE: FFWM) a annoncé la nomination de Thomas C. Shafer en tant que nouveau Directeur Général, suite à la retraite de Scott F. Kavanaugh, qui a été PDG depuis 2009. Shafer apporte quatre décennies d'expérience bancaire, ayant été récemment Co-Président de la Banque Commerciale chez Huntington Bancshares. Dans le cadre de son package d'emploi, Shafer a reçu 500 000 unités d'actions restreintes, dont 250 000 unités seront acquises à la deuxième anniversaire et le reste à la troisième anniversaire de la date de concession.
First Foundation (NYSE: FFWM) hat die Ernennung von Thomas C. Shafer zu seinem neuen Geschäftsführer bekannt gegeben, nach der Pensionierung von Scott F. Kavanaugh, der seit 2009 als CEO tätig war. Shafer bringt vier Jahrzehnte Erfahrung im Bankwesen mit und war zuletzt Co-Präsident des Commercial Banking bei Huntington Bancshares. Im Rahmen seines Beschäftigungspakets erhielt Shafer 500.000 eingeschränkte Aktien, von denen 250.000 Einheiten am zweiten Jahrestag und der Rest am dritten Jahrestag des Gewährungsdatums fällig werden.
- Appointment of seasoned executive with 40 years of banking experience
- New CEO has experience managing larger institutions (TCF Financial with $49.5B in assets)
- Structured leadership transition with clear succession plan
- Departure of long-term CEO who served since 2009
- Significant equity compensation package (500,000 RSUs) causing potential dilution
Mr. Shafer will also serve as First Foundation Bank’s Chief Executive Officer and has joined the Boards of Directors of First Foundation Inc. and First Foundation Bank.
“I am honored to be First Foundation’s next Chief Executive Officer and I thank the Board of Directors and Scott for the confidence they have shown in me to lead this great organization,” says Mr. Shafer.
“We are excited to welcome Tom to First Foundation and look forward to his leadership in this new chapter,” says Max Briggs, First Foundation’s Chairman. “He is a successful career bank executive bringing four decades of experience, including leadership at regional banks. I am confident that he will be able to guide the company to achieve our strategic objectives. And on behalf of the Board of Directors and our stockholders, I would like to thank Scott for his loyal service and leadership to First Foundation. As one of our founders, Scott’s leadership and vision built the multi-state, financial services company that First Foundation is today. We wish him and his family all the best in his retirement.”
“It has been a privilege to serve First Foundation for the last 17 years, and I am proud of how far it has come and the impact it has had on our community,” says Mr. Kavanaugh. “I am thrilled that Tom has been named my successor and am confident First Foundation will thrive under his leadership.”
Mr. Shafer previously served as Co-President of Commercial Banking and Senior Executive Vice President of Huntington Bancshares Incorporated following its merger with TCF Financial Corporation in June 2021, until his retirement in December 2022. Prior to the merger, he served as Chief Executive Officer of TCF National Bank and vice chairman of the board of TCF Financial Corporation from October 2020 until the merger. At March 31, 2021, TCF Financial Corporation had total assets of approximately
In connection with his employment, the Company granted to Mr. Shafer an aggregate of 500,000 restricted stock units (“RSUs”), where each RSU represents the right to receive one share of the Company’s common stock upon the terms and conditions of the Company’s 2024 Equity Incentive Plan (“Plan”) and related RSU award agreement (the “Award Agreement”). The grant of RSUs was offered as a material inducement to Mr. Shafer’s hiring. Subject to the terms and conditions of the Plan and Award Agreement, 250,000 RSUs will vest on the second anniversary of the grant date, and the remainder will vest on the third anniversary of the grant date, subject to Mr. Shafer’s continuous employment or service to the Company through the applicable vesting date. The RSUs were granted under the Plan as an Exempt Award, as defined in the Plan, in reliance of the employment inducement exemption under the NYSE’s Listed Company Manual Rule 303A.08.
About First Foundation
First Foundation Inc. (NYSE: FFWM) and its subsidiaries offer personal banking, business banking, and private wealth management services, including investment, trust, insurance, and philanthropy services. This comprehensive platform of financial services is designed to help clients at any stage in their financial journey. The broad range of financial products and services offered by First Foundation are more consistent with those offered by larger financial institutions, while its high level of personalized service, accessibility, and responsiveness to clients is more aligned with community banks and boutique wealth management firms. This combination of an integrated platform of comprehensive financial products and personalized service differentiates First Foundation from many of its competitors and has contributed to the growth of its client base and business. Learn more at firstfoundationinc.com or connect with us on LinkedIn and X (formerly Twitter).
Forward-Looking Statements
This release includes forward-looking statements within the meaning of the “Safe-Harbor” provisions of the Private Securities Litigation Reform Act of 1995, including forward-looking statements regarding our expectations and beliefs about our future performance, achievements and financial condition. Forward-looking statements often include words such as "believe," "expect," "anticipate," "intend," "plan," "estimate," "project," "outlook," or words of similar meaning, or future or conditional verbs such as "will," "would," "should," "could," or "may." The forward-looking statements in this release are based on current information and on assumptions that we make about future events and circumstances that are subject to a number of risks and uncertainties that are often difficult to predict and beyond our control. As a result of those risks and uncertainties, our actual results in the future could differ, possibly materially, from those expressed in or implied by the forward-looking statements contained in this release and could cause us to make changes to our future plans. Those risks and uncertainties include, but are not limited to, changes in our capital management and balance sheet strategies and our ability to successfully implement such strategies; changes in our strategic plan, and our ability to successfully implement such plan; whether and when certain of our preferred stock converts into common stock and the capital treatment of such shares prior to conversion; the risk of incurring credit losses, which is an inherent risk of the banking business; the quality and quantity of our deposits; adverse developments in the financial services industry generally such as bank failures and any related impact on depositor behavior or investor sentiment; risks related to the sufficiency of liquidity; risk that we will not be able to maintain growth at historic rates or at all; the risk that we will not be able to access the securitization market or otherwise sell loans on favorable terms or at all; changes in general economic conditions, either nationally or locally in the areas in which we conduct or will conduct our business; risks associated with changes in interest rates, which could adversely affect our interest income, interest rate margins, and the value of our interest-earning assets, and therefore, our future operating results; the risk that the performance of our investment management business or of the equity and bond markets could lead clients to move their funds from or close their investment accounts with us, which would reduce our assets under management and adversely affect our operating results; negative impacts of news or analyst reports about us or the financial services industry; the impacts of inflation on us and our customers; results of examinations by regulatory authorities and the possibility that such regulatory authorities may, among other things, limit our business activities or our ability to pay dividends, or impose fines, penalties or sanctions; the risk that we may be unable or that our board of directors may determine that it is inadvisable to pay future dividends at historic levels or at all; risks associated with changes in income tax laws and regulations; and risks associated with seeking new client relationships and maintaining existing client relationships.
Additional information regarding these and other risks and uncertainties to which our business and future financial performance are subject is contained in our Annual Report on Form 10-K for the fiscal year ended December 31, 2023, and other documents we file with the SEC from time to time. We urge readers of this release to review those reports and other documents we file with the SEC from time to time. Also, our actual performance or financial results in the future may differ from those currently expected due to additional risks and uncertainties of which we are not currently aware or which we do not currently view as, but in the future may become, material to our business or operating results. Due to these and other possible uncertainties and risks, readers are cautioned not to place undue reliance on the forward-looking statements contained in this release, which speak only as of today's date. We also disclaim any obligation to update forward-looking statements contained in this release or in the above-referenced reports, whether as a result of new information, future events or otherwise, except as may be required by law or NYSE rules.
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Jamie Britton
Chief Financial Officer
+(949) 476-0300
Source: First Foundation Inc.
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