First Foundation Names Shafer CEO as Kavanaugh Retires

Dow Jones

22 Nov 2024

By Denny Jacob

First Foundation appointed Thomas Shafer as its chief executive.

The Dallas financial-services company Friday said the change in leadership follows Scott Kavanaugh's retirement. Kavanaugh has served as CEO since 2009 and as a member of the board since 2007.

Shafer also will serve as CEO of First Foundation Bank, and has joined the boards of the bank and the parent company. He previously served as co-president of commercial banking and senior executive vice president of Huntington Bancshares.

Shafer will receive an annual base salary of about $1.1 million and is eligible for an annual bonus of up to 1.5 times his annual base salary based on specific performance targets that will be established by the board. First Foundation granted Shafer an aggregate of 500,000 restricted stock units, a portion of which will vest in future years pending continued employment with the company.

Write to Denny Jacob at denny.jacob@wsj.com

(END) Dow Jones Newswires

November 22, 2024 07:21 ET (12:21 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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