()– SVB Financial Groupthe company that owns the collapsed Silicon Valley Bank, announced that two of its top executives have left their positions.
Gregory Becker, the company’s former CEO, and Daniel Beck, SVB’s former CFO, left the company earlier this week, the financial services company said in a regulatory filing.
Beck tendered his resignation on Tuesday and Becker resigned as a board member and CEO on Wednesday. The company requested that Becker remain as a corporate consultant “on an as-needed basis”, without charging SVB for his services.
Silicon Valley Bank filed for Chapter 11 bankruptcy last month and appointed business advisory firm Alvarez & Marsal to help with its restructuring.
A&M’s Nicholas Grossi was appointed SVB’s interim CFO on Thursday.
The company did not name an interim CEO, but said Grossi would effectively run the company, tasked with turning it around. He also indicated that he would indefinitely postpone his annual meeting, which was scheduled for April 27.
Silicon Valley Bank, the regional bank that collapsed in March and sparked a global banking crisis, was not included in the bankruptcy filing.
At the time of its bankruptcy, SVB Financial stated that it had $3.3bn in unsecured debt and $3.7bn in equity that could disappear in the restructuring.
