Silicon Valley Financial institution’s Ousted CEO Cashed in Weeks Ago. Now There is a Fresh Sheriff In Town, and He’s No Stranger to a Disaster
All eyes are on Silicon Valley Financial institution after its spectacular wreck, the 2d-excellent in U.S. banking historical past. The Federal Deposit Insurance Company (FDIC) took retain a watch on of the bank on Friday and moved to interchange its CEO, Greg Becker, who had served within the role since 2011.
The FDIC appointed Tim Mayopoulos as CEO of the newly renamed Silicon Valley Bridge Financial institution on Monday. He bought to work mercurial, urging purchasers to bring their money again to the bank all the arrangement via a Zoom name on Wednesday, primarily primarily based on CNBC.
Withhold scrolling for further minute print on the CEOs.
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What occurred to feeble SVB CEO Greg Becker?
Greg Becker began at Silicon Valley Financial institution as a mortgage officer and modified into with the company for nearly three decades. He’s credited with steering the bank via the 2008 monetary disaster and modified into appointed CEO in 2011, primarily primarily based on Reuters.
Sooner than the bank’s collapse, he modified into viewed as a “champion of the innovation financial system,” as he modified into referred to in a since-deleted profile on the Silicon Valley Financial institution web put.
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Becker has been scrutinized for reportedly promoting $3.6 million in company stock appropriate two weeks sooner than the collapse, per Bloomberg. The sale modified into made below a trading understanding he filed in January.
Becker’s 2022 compensation modified into $9.9 million, per the Wall Street Journal. SVB’s compensation committee noteworthy in a filing that his 2022 bonus — and that of SVB CFO Daniel Beck — modified into reduced to retain the executives responsible “for balance sheet pressures stemming from declining deposits and overall market setting.”
Sooner than his departure, Becker apologized to workers in a video message sent Friday. A Fed spokesperson also launched Friday that Becker modified into no longer on the board of the San Francisco Federal Reserve, per Bloomberg.
Becker has provided SVB stock worth nearly $30 million all the arrangement via the last two years, per CNBC.
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Who is SVB’s recent CEO Tim Mayopoulos?
The FDIC appointed banking extinct Tim Mayopoulos to interchange Becker as SVB CEO.
Mayopoulos modified into Financial institution of The United States’s novel counsel all the arrangement via the 2008 monetary disaster after which served as president and CEO of the Federal Nationwide Mortgage Association, or Fannie Mae, per the Fresh York Instances.
In maintaining with Time, Mayopoulos is a graduate of Cornell University and the Fresh York University College of Laws. In the 1990s he modified into fragment of the team that investigated Bill and Hillary Clinton’s exact property dealings, and his resume also entails time at Deutsche Financial institution and Credit ranking Suisse. Sooner than taking on the CEO role at SVB, Mayopoulos modified into president of Blend, a cloud-primarily primarily based tool company for mortgages and client banking.
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Mayopoulos sent a memo to purchasers on his first day as CEO.
“I search for ahead to attending to clutch the purchasers of Silicon Valley Financial institution,” he wrote Monday, per Insider. “I reach to this role with humility. I also reach to this role with ride in these have faith of scenarios.”