(Reporting by Mehnaz Yasmin in Bengaluru; Editing by Anil
D'Silva and Krishna Chandra Eluri)
(Recasts lede, adds details on Grossi)
April 21 (Reuters) - SVB Financial Group's CEO and chief
financial officer resigned this week while the collapsed
lender's restructuring committee appointed a turnaround expert
as interim CFO, according to a regulatory filing on Friday.
CEO Gregory Becker resigned on April 19, while finance chief
Daniel 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 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.
Grossi, 44, is a managing director with A&M's North American
commercial restructuring practice in Chicago. He has turned
around companies in a wide variety of industries, including
financial services, automotive, recycling, oil and gas,
manufacturing, transportation and healthcare.
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.
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