SVB Financial Group, the company that owned the failed Silicon Valley Bank until the US government took it over last month, has announced that two of its top executives have left their jobs.
Gregory Becker, the company’s former CEO, and Daniel Beck, SVB’s former chief financial officer, left the company last week, the financial services company said in a regulatory filing.
Beck resigned on Tuesday and Becker resigned as both a board member and CEO Wednesday. The company requested he remain as a corporate consultant “on an as needed basis” without charging SVB for his services.
SVB filed for Chapter 11 bankruptcy protection last month and appointed business advisory firm Alvarez & Marsal to help it see through its restructuring. A&M’s Nicholas Grossi was named SVB’s interim CFO on Thursday.
The company didn’t name an interim CEO but said Grossi would effectively run the company, tasked with turning the company around. It also said it would indefinitely postpone its annual meeting, which had been scheduled for April 27.
Silicon Valley Bank, the regional bank that failed in March and kickstarted the global banking crisis, was not included in the bankruptcy filing.
[It is now owned by First Citizens Bank, based in Raleigh, N.C.]
A the time of its bankruptcy, SVB Financial said it had $3.3 billion in unsecured debt and $3.7 billion in stock that could get wiped out in the restructuring.
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