First Republic's Erkan Named Greystone CEO

Hafize Gaye Erkan, whose surprise departure from First Republic Bank disrupted the lender’s succession plans earlier this year, will become chief executive officer of Greystone as the closely held commercial-property lender expands into wealth management and private banking.

Erkan, 43, will be one of a small number of female CEOs to lead a financial-services company. She joins the New York-based Greystone in September, reporting to founder Steve Rosenberg, the firm’s executive chairman, according to a statement Monday.

Erkan’s resignation in January from First Republic, where she was co-CEO alongside founder Jim Herbert, came days after Herbert went on medical leave, triggering a one-day stock decline of 4.4%. During Erkan’s eight years at the San Francisco-based lender, deposits and total assets more than tripled.

“It was time for a change and for a new challenge, where I can be at a platform where I can utilize all my skill set in banking, private equity, investment and fund management,” Erkan said in an interview with Bloomberg Television. “At Greystone, with the real estate business and further expansion plans, there will be a lot more opportunities for growth.”

A native of Turkey, Erkan moved to the U.S. to get a doctorate in financial engineering at Princeton University. She spent almost a decade at Goldman Sachs Group Inc., advising financial institutions on financing, stress testing and risk management.

In 2014, she joined First Republic, where her ascent to president and then co-CEO made her a familiar presence on earnings calls and at meetings with investors.