Skip to content
Menu
BU
  • Small Business
  • Finance
  • Business Marketing
  • Business Plan
  • Business News
BU
27/04/202311/07/2024

SVB CEO, CFO resigned, company appointed turnaround expert as interim finance head

April 21 (Reuters) – SVB Financial Group’s CEO and chief financial officer resigned this week while the collapsed lender’s restructuring committee appointed a turnaround expert as interim CFO, according to a regulatory filing on Friday.

CEO Gregory Becker resigned on April 19, while finance chief Daniel Beck left the company on April 18, SVB said. The two top executives were sued in March by shareholders who accused them of concealing how rising interest rates would leave its Silicon Valley Bank unit “particularly susceptible” to a bank run.

The beleaguered company hired Alvarez & Marsal (A&M) as a restructuring advisor. The restructuring committee appointed Nicholas Grossi of A&M as the company’s interim chief financial officer on April 20, according to the filing.

Grossi, 44, is a managing director with A&M’s North American commercial restructuring practice in Chicago. He has turned around companies in a wide variety of industries, including financial services, automotive, recycling, oil and gas, manufacturing, transportation and healthcare.

SVB is undergoing bankruptcy proceedings after California’s regulators shuttered Silicon Valley Bank in early March and appointed the Federal Deposit Insurance Corporation (FDIC) as receiver, making it the largest collapse since Washington Mutual went bust during the financial crisis of 2008.

The regulators then agreed to backstop a deal for regional lender First Citizens BancShares (FCNCA.O) to acquire Silicon Valley Bank.

Reporting by Mehnaz Yasmin in Bengaluru; Editing by Anil D’Silva

Our Standards: The Thomson Reuters Trust Principles.

Recent Posts

  • Succession Planning for Business Continuity
  • Preparing For A Smooth Relocation Experience
  • Atomic Capital: Independent Investment Banking for Complex Private Transactions
  • Are You Still Carrying Cash? 7 Reasons to Switch to a Digital Wallet Instead
  • Understanding PU Grouting: A Complete Guide to Polyurethane Injection Systems

Tags

"business news best small business business current events business marketing business news article business news daily business news magazine business news report business news stories business news today business news today usa business news usa business plan template free business today usa corporate finance examples of small businesses finance finance car finance department finance yahoo financial introduction to finance sky business news smallbusiness small business accounting software small business blogs australia small business credit cards small businesses small business examples small business for sale small business grants small business grants california small business grants for women small business information small business insurance small business magazines australia small business news small business online small business owners australia stock market project example top 10 small business ideas visual art terms what are the different jobs in finance? what is small business yahoo finance

About Us

  • Sitemap
  • Disclosure Policy
  • Contact Us
©2025 BU | Powered by WordPress and Superb Themes!

WhatsApp us