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SVB CEO, CFO resign, company appoints turnaround expert as interim finance head

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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 werein 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 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 theGrossi, 44, is a managing director with A&M's North American commercial restructuring practice in Chicago.

 

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SVB Financial Group: CEO Greg Becker and CFO Daniel Beck have resigned | CNN BusinessSVB Financial Group, the company that owned the failed Silicon Valley Bank until the US government took it over last month, announced that two of its top executives have left their jobs.
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