SVB Financial Group CEO Gregory Becker, CFO Daniel Beck Resigns

(RTTNews) - SVB Financial Group revealed in a filing on Friday that CEO Gregory Becker and CFO Daniel Beck have resigned.

"On April 18, 2023, Daniel Beck resigned as Chief Financial Officer of SVB Financial Group and on April 19, 2023, Gregory Becker resigned as director and Chief Executive Officer of the Company. At the request of the Company, Mr. Becker entered into a consulting agreement to provide consulting services to the Company on an as needed basis at no cost to the Company," the company announced in the filing.

As previously disclosed on March 13, 2023, the company engaged Alvarez & Marsal, a business advisory firm, to serve as restructuring advisor as the Company explores strategic alternatives for the Company and its SVB Capital and SVB Securities businesses.

On April 20, 2023, the restructuring committee of the Company's board of directors appointed Nicholas Grossi of A&M as the Company's Interim Chief Financial Officer.