First Foundation Inc. (Nasdaq: FFWM), a Dallas-based firm with most of its banking and wealth management operations in Irvine, today announced major executive changes.
Chief Financial Officer and interim President Kevin Thompson has stepped down and will be replaced by Amy Djou, First Foundation Bank’s chief accounting officer, while the company conducts a search for a permanent replacement.
Scott Kavanaugh, who has been chief executive since 2009, has also taken on the role of president of First Foundation Inc. and First Foundation Bank.
On Nov. 8, the company announced that David DePillo resigned as president effective immediately. Thompson took over the position on an interim basis. Thompson, who was CFO since 2020, was previously CFO at rival Opus Bank.
First Foundation was based in Irvine where it ranked No. 3 on the Business Journal’s annual list of the biggest banks with headquarters in Orange County. Kavanaugh was the only top-level executive who moved to Dallas when it shifted its headquarters to Texas in 2021.
Shares of First Foundation fell 2.7% to $14.05 and a $793 million market cap. The shares have fallen 51% since a 52-week high of $28.61 a year ago.
