All eyes are on Silicon Valley Financial institution after its spectacular crash, the second-largest in U.S. banking historical past. The Federal Deposit Insurance coverage Company (FDIC) took management of the financial institution on Friday and moved to interchange its CEO, Greg Becker, who had served within the function since 2011.
The FDIC appointed Tim Mayopoulos as CEO of the newly renamed Silicon Valley Bridge Financial institution on Monday. He set to work shortly, urging shoppers to carry their a reimbursement to the financial institution throughout a Zoom name on Wednesday, in keeping with CNBC.
Preserve scrolling for extra particulars on the CEOs.
What occurred to former SVB CEO Greg Becker?
Greg Becker began at Silicon Valley Financial institution as a mortgage officer and was with the corporate for practically three a long time. He is credited with steering the financial institution by way of the 2008 monetary disaster and was appointed CEO in 2011, in keeping with Reuters.
Earlier than the financial institution’s collapse, he was considered as a “champion of the innovation financial system,” as he was referred to in a since-deleted profile on the Silicon Valley Financial institution web site.
Becker has been scrutinized for reportedly promoting $3.6 million in firm inventory simply two weeks earlier than the collapse, per Bloomberg. The sale was made underneath a buying and selling plan he filed in January.
Becker’s 2022 compensation was $9.9 million, per the Wall Road Journal. SVB’s compensation committee famous in a submitting that his 2022 bonus — and that of SVB CFO Daniel Beck — was decreased to carry the executives accountable “for steadiness sheet pressures stemming from declining deposits and total market surroundings.”
Earlier than his departure, Becker apologized to staff in a video message despatched Friday. A Fed spokesperson additionally introduced Friday that Becker was now not on the board of the San Francisco Federal Reserve, per Bloomberg.
Becker has bought SVB inventory price practically $30 million over the previous two years, per CNBC.
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Who’s SVB’s new CEO Tim Mayopoulos?
The FDIC appointed banking veteran Tim Mayopoulos to interchange Becker as SVB CEO.
Mayopoulos was Financial institution of America’s common counsel in the course of the 2008 monetary disaster after which served as president and CEO of the Federal Nationwide Mortgage Affiliation, or Fannie Mae, per the New York Occasions.
In response to Time, Mayopoulos is a graduate of Cornell College and the New York College College of Regulation. Within the Nineteen Nineties he was a part of the workforce that investigated Invoice and Hillary Clinton’s actual property dealings, and his resume additionally consists of time at Deutsche Financial institution and Credit score Suisse. Earlier than taking up the CEO function at SVB, Mayopoulos was president of Mix, a cloud-based software program firm for mortgages and client banking.
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Mayopoulos despatched a memo to shoppers on his first day as CEO.
“I sit up for attending to know the shoppers of Silicon Valley Financial institution,” he wrote Monday, per Insider. “I come to this function with humility. I additionally come to this function with expertise in these sorts of conditions.”
