First Republic Bank Adds Two Board Directors

Boris Groysberg - Professor, Harvard Business School

Duncan Niederauer - Former CEO, New York Stock Exchange

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Dec 11, 2014, 09:00 ET

SAN FRANCISCO, Dec. 11, 2014 /PRNewswire/ -- First Republic Bank (NYSE: FRC), a leading private bank and wealth management company, today announced that two very respected business leaders, Boris Groysberg, a distinguished Professor at Harvard Business School, and Duncan Niederauer, former CEO of the New York Stock Exchange (NYSE), will join its Board of Directors effective January 1, 2015.

"Boris and Duncan will each contribute to First Republic's continued success with their substantial experience and skills in leadership, strategy, technology, culture and governance," said Jim Herbert, Chairman and CEO of First Republic Bank. "Boris' considerable expertise in talent management and corporate culture, and Duncan's extensive experience in capital markets, wealth management and financial services technology will greatly benefit First Republic."

Groysberg, 43, is an award-winning author, researcher and business consultant who is an expert in organizational behavior. He is the Richard P. Chapman Professor of Business Administration at Harvard Business School, where he has taught for the past 12 years. His work focuses on building high-quality corporate cultures enabling firms to achieve a competitive advantage by fully developing and engaging their people. He is author of Chasing Stars: The Myth of Talent and the Portability of Performance and is a frequent contributor to the Harvard Business Review. Prior to Harvard University, Groysberg worked for IBM. He earned a Doctor of Business Administration, Business Policy from Harvard Business School, and a Bachelor of Science in Accounting from New York University. Groysberg lives in the Boston area, one of First Republic's key markets.

Groysberg said, "First Republic is a unique organization that has an outstanding corporate culture based on integrity and employee empowerment. In working with First Republic and as a client, I have experienced why the bank stands apart from others."

Niederauer, 55, is a highly successful financial services executive who has built and managed global trading platforms. After serving as CEO of NYSE Euronext from 2007-2013, he successfully merged NYSE Euronext with Intercontinental Exchange (ICE) and served as President of ICE and CEO of the NYSE until his retirement in 2014. Prior to that, Niederauer worked for Goldman Sachs for 22 years, where he was a Partner and co-Head of the Equities Division Execution Services and Head of Electronic Trading and e-Commerce Strategy. He has an MBA from Emory University and a Bachelor of Arts from Colgate University. Niederauer lives in the New York metropolitan area, another of First Republic's key markets.

Niederauer said, "First Republic has an unwavering commitment to excellence. As a client of the bank, I understand why First Republic has been so successful and am pleased to be part of it."

About First Republic Bank

Founded in 1985, First Republic and its subsidiaries offer private banking, private business banking and private wealth management, including investment, trust and brokerage services. First Republic specializes in delivering exceptional, relationship-based service, with a solid commitment to responsiveness and action. Services are offered through preferred banking or wealth management offices primarily in San Francisco, Palo Alto, Los Angeles, Santa Barbara, Newport Beach, San Diego, Portland, Boston, Palm Beach, Greenwich and New York City. For more information, visit www.firstrepublic.com.