The CEO and CFO of Silicon Valley Bank's bankrupt former owner have resigned more than a month after its stunning collapse
SVB Financial, the bankrupt former owner of Silicon Valley Bank, said its chief executive officer and chief financial officer have resigned, more than a month after the lender collapsed into receivership.
CEO Gregory Becker and CFO Daniel Beck stepped down this week, the Santa Clara, California-based company said Friday in a filing. Becker will act as a consultant “on an as-needed basis at no cost to the company,” SVB said.
The firm is exploring strategic alternatives for its remaining businesses, SVB Capital and SVB Securities. Its Silicon Valley Bank was sold by regulators last month to First Citizens BancShares Inc.
Becker joined SVB in 1993 and rose through the ranks, attaining the CEO title in 2011. SVB didn’t announce a new chief. Beck, who was named CFO in 2017, will be succeeded by Nicholas Grossi on an interim basis, the filing shows.