First Foundation Inc. announced the appointment of Thomas C. Shafer as its new Chief Executive Officer, effective November 22, 2024. Mr. Shafer will also serve as CEO of First Foundation Bank and has joined the Boards of Directors of both entities. This appointment follows the retirement of Scott F. Kavanaugh, who served as CEO since 2009 and as a board member since 2007.
Mr. Shafer brings four decades of banking experience, including leadership roles at regional banks. He previously served as Co-President of Commercial Banking and Senior Executive Vice President of Huntington Bancshares Incorporated until his retirement in December 2022. Prior to that, he was CEO of TCF National Bank and vice chairman of TCF Financial Corporation.
In connection with his employment, Mr. Shafer was granted 500,000 restricted stock units (RSUs). These RSUs will vest over two to three years, subject to his continuous employment. The Board expressed confidence that Mr. Shafer's leadership will guide the company in achieving its strategic objectives during its ongoing transformation.
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