SVB Financial Group said in a filing late Friday that Chief Executive Greg Becker and Chief Financial Officer Daniel Beck have resigned this week, with Becker becoming a consultant to SVB at the request of the company.

Becker’s consulting work will be on an “as needed basis at no cost to the company,” the company said.

SVB Financial, the parent company of Silicon Valley Bank, said its restructuring committee has appointed Nicholas Grossi, of Chicago-based Alvarez & Marsal, as interim CFO. SVB hired Alvarez & Marsal in March to serve as restructuring adviser following its collapse.

Banking regulators shut down Silicon Valley Bank in mid-March. A few days before the collapse, SVB Financial Group triggered a run by cutting its guidance range and disclosing large losses from securities sales and a stock offering meant to boost its balance sheet. It was the second-largest bank failure in U.S. history after the collapse of Washington Mutual in 2008.

See also: Silicon Valley Bank: Here’s what happened to cause it to collapse

According to the filing, Grossi is not being paid or expects to be paid for the work as interim CFO that are in addition to any fees paid to his company. Grossi will also serve as accounting executive.

In the same filing, SVB Financial said it has postponed its shareholder meeting, previously schedule for Thursday, without naming a new date.

Source link

Leave a comment

Your email address will not be published. Required fields are marked *