First Foundation Inc., a financial services company with two wholly owned operating subsidiaries—First Foundation Advisors and First Foundation Bank—has announced the appointment of Thomas C. Shafer as its new Chief Executive Officer (CEO). This transition follows the retirement of Scott F. Kavanaugh, who has served as the company’s CEO since 2009 and has been a member of its Board of Directors since 2007.
In a statement reflecting on his career at First Foundation, Mr. Kavanaugh shared, “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. I am thrilled that Tom has been named my successor and am confident that First Foundation will thrive under his leadership.”
Mr. Shafer’s appointment marks a new chapter for the company, and he will also assume the role of CEO at First Foundation Bank, while joining the Boards of Directors of both First Foundation Inc. and First Foundation Bank. In response to his new role, Mr. Shafer expressed, “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.”
Max Briggs, Chairman of the Board at First Foundation, welcomed Mr. Shafer and praised his experience. “We are excited to welcome Tom to First Foundation and look forward to his leadership in this new chapter. He is a successful career bank executive bringing four decades of experience, including leadership at regional banks. I am confident that he will be able to guide the company to achieve our strategic objectives.” He also took the opportunity to express gratitude to Mr. Kavanaugh for his contributions, stating, “On behalf of the Board of Directors and our stockholders, I would like to thank Scott for his loyal service and leadership to First Foundation. As one of our founders, Scott’s leadership and vision built the multi-state financial services company that First Foundation is today. We wish him and his family all the best in his retirement.”
Mr. Shafer brings extensive experience to his new role, having most recently served as Co-President of Commercial Banking and Senior Executive Vice President of Huntington Bancshares Incorporated after its merger with TCF Financial Corporation in June 2021. He retired from that role in December 2022. Prior to the merger, he was the CEO of TCF National Bank and Vice Chairman of TCF Financial Corporation. Under his leadership, TCF Financial Corporation grew to have approximately $49.5 billion in assets by March 31, 2021.
Before his tenure at TCF, Mr. Shafer held various executive positions at TCF Financial Corporation and TCF National Bank, including as CEO of Chemical Bank from 2016 to 2019. His career spans more than three decades in the banking industry, and he holds a degree from Hillsdale College as well as a Graduate Banking degree from the University of Wisconsin.
In connection with his appointment, First Foundation granted Mr. Shafer 500,000 restricted stock units (RSUs) as part of his employment agreement. These RSUs will vest over a period of three years, subject to Mr. Shafer’s continued employment with the company. The grant is part of the company’s 2024 Equity Incentive Plan and was issued as an inducement to Mr. Shafer’s hiring.
The transition in leadership comes at a pivotal time for First Foundation, as it continues to grow and expand its operations. Mr. Shafer’s proven track record in the banking industry, combined with his leadership experience at regional financial institutions, makes him a strong choice to lead First Foundation into the future. His experience in overseeing commercial banking operations and guiding major financial institutions through periods of growth and consolidation will serve him well as he steps into this new role.
Mr. Kavanaugh’s retirement marks the end of an era for First Foundation, but with Mr. Shafer’s leadership, the company looks forward to achieving its long-term strategic goals while continuing to provide valuable services to its clients and communities.
