SVB Financial Group CEO Gregory Becker and financial chief Daniel Beck resigned this week, the collapsed lender said in a regulatory filing on Friday.
Becker resigned on April 19, while 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 has 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.
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 to acquire Silicon Valley Bank.
Published 21 April 2023, 21:46 IST