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- Thomas C. Shafer Appointed CEO of First Foundation Inc.
Thomas C. Shafer Appointed CEO of First Foundation Inc.
Slice of Finance Team
03 Dec
Key Highlights:
Thomas C. Shafer named Chief Executive Officer of First Foundation Inc. and First Foundation Bank.
Scott F. Kavanaugh retires after 17 years of dedicated leadership.
Shafer brings over four decades of banking experience, including executive roles at TCF Financial Corporation and Huntington Bancshares.
Granted 500,000 restricted stock units (RSUs) as part of his hiring agreement under the 2024 Equity Incentive Plan.
First Foundation Inc. combines comprehensive financial services with personalized client care.
Source: Direct
Notable Quotes:
“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.”
“We are excited to welcome Tom to First Foundation and look forward to his leadership in this new chapter.”
“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.”
Our Take:
The appointment of Thomas C. Shafer as CEO marks a strategic shift for First Foundation Inc. His extensive background in commercial banking and leadership roles at major financial institutions equips him to navigate the company through its next growth phase. With First Foundation’s unique blend of comprehensive financial services and community-focused values, Shafer’s leadership will likely enhance operational efficiency and strategic innovation. Scott F. Kavanaugh’s retirement signals the end of an era for the company, but his foundational contributions will serve as a strong legacy for the incoming leadership.