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Posted 21 April, 2023

SVB FINANCIAL GROUP appointed new CEO

CEO Change detected for ticker OTC:SIVBQ in a 8-K filed on 21 April, 2023.


  On April 18, 2023, Daniel Beck resigned as Chief Financial Officer of SVB Financial Group (the "Company") and on April 19, 2023, Gregory Becker resigned as director and Chief Executive Officer of the Company.  

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Overview of SVB FINANCIAL GROUP
Financial Services • Banking
SVB Financial Group is a holding company, which engages in the provision of banking and financial services to clients primarily in the technology and life science/healthcare industries, as well as global private equity and venture capital clients. It operates through the following segments: Silicon Valley Bank, SVB Private, SVB Capital, and SVB Securities. The Silicon Valley Bank is a commercial bank, which offers products and services provided by the bank and its subsidiaries to commercial clients in key innovation markets. Silicon Valley Bank provides solutions to the financial needs of commercial clients through credit, treasury management, foreign exchange, trade finance, and other services. The SVB Private segment is the private bank and wealth management segment of the bank. It provides a range of personal financial solutions for consumers, and offers a customized suite of private banking services, including mortgages, home equity lines of credit, restricted and private stock loans, capital call lines of credit, other secured and unsecured lending products, and vineyard development loans, as well as planning-based financial strategies, wealth management, family offices, financial planning, tax planning, and trust services. The SVB Capital segment is the fund management business of SVB Financial Group, which focuses primarily on venture capital investments. SVB Capital manages funds (primarily venture capital funds) on behalf of third-party limited partners and, on a more limited basis, SVB Financial Group. Its family of funds consists of direct venture funds that invest in companies and funds of funds that invest in other venture capital funds, as well as debt funds that provide lending and other financing solutions. The SVB Securities segment is an investment bank focused on the innovation economy and operates as a wholly-owned subsidiary of SVB Financial Group. It provides investment banking services across all major sub-sectors of healthcare and technology. The company was founded in October 1983 and is headquartered in Menlo Park, CA.
Market Cap
$4.74M
View Company Details
Relevant filing section
Item 5.02. 
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. 


On April 18, 2023, Daniel Beck resigned as Chief Financial Officer of SVB Financial Group (the "Company") 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. 

As previously disclosed on March 13, 2023, the Company engaged Alvarez & Marsal ("A&M"), 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. 

Mr. Grossi, age 44, is a Managing Director with A&M's North American Commercial Restructuring practice in Chicago. He specializes in operational due diligence, operations management, cash flow forecasting and cash monitoring program development, business plan preparation and review, evaluation of organizational issues, stakeholder negotiations and recapitalization alternatives. Mr. Grossi has worked almost exclusively on large, complex engagements in a wide variety of industries, including financial services, automotive, recycling, oil and gas, manufacturing, transportation and healthcare. Mr. Grossi has most recently served in an interim management position for a large producer of lead and lead alloy serving a wide array of industries including battery, buildings and chemicals. Previously, Mr. Grossi advised a global offshore oil and gas driller through a Chapter 11 filing and restructuring. Prior to joining A&M, Mr. Grossi served as a Market Maker with Lakota Trading, an equity options trading firm on the floor of the Chicago Board of Options Exchange. Mr. Grossi earned a bachelor's degree in management from Purdue University and an MBA from DePaul University. He is recognized as a Certified Turnaround Professional by the Turnaround Management Association (TMA). 

Mr. Grossi and the Company did not enter into, and do not anticipate entering into, any compensatory arrangements in connection with his performance as the Company's Interim Chief Financial Officer that are in addition to any fees paid to A&M in connection with its services provided to the Company. Other than as described above, there are no arrangements or understandings between Mr. Grossi and any other person pursuant to which he was appointed to serve as Interim Chief Financial Officer. There are no family relationships between Mr. Grossi and any director or executive officer of the Company. Mr. Grossi does not have a direct or indirect material interest in any "related party" transaction required to be disclosed pursuant to Item 404(a) of Regulation S-K. 

Mr. Grossi will serve as the Company's principal financial officer and principal accounting officer. Prior to Silicon Valley Bank's closure by the California Department of Financial Protection and Innovation and the appointment of the Federal Deposit Insurance Corporation as receiver (the "Receivership"), all named executive officers, and the principal accounting officer, of the Company were officers of the Company but employed by Silicon Valley Bank and, with the exception of Messrs. Becker and Beck, all became employees of Silicon Valley Bridge Bank, N.A. in connection with the Receivership.