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.
Item 8.01. Other Events.
The Company has determined to postpone its Annual Meeting of Stockholders (the
"2023 Annual Meeting"), previously announced to be held on Thursday, April 27,
2023 at 3:00 p.m., Pacific time. The Company will announce a new date and time
of the 2023 Annual Meeting when it is rescheduled.
Forward-Looking Statements
This Current Report on Form 8-K contains forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking
statements are subject to known and unknown risks and uncertainties, many of
which may be beyond the Company's control. Forward-looking statements are
statements that are not historical facts and generally can be identified by the
use of such words as "becoming," "may," "will," "should," "could," "would,"
"predict," "potential," "continue," "anticipate," "believe," "estimate," "seek,"
"expect," "plan," "intend," the negative of such words or comparable
terminology. Although the Company believes that the expectations reflected in
the Company's forward-looking statements are reasonable, the Company has based
these expectations on its current beliefs as well as its assumptions, and such
expectations may not prove to be correct.
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Because forward-looking statements relate to the future, they are subject to
inherent uncertainties, risks and changes in circumstances that are difficult to
predict and many of which are outside the Company's control. Forward-looking
statements related to the Company's actual results of operations and financial
performance could differ significantly from those expressed in or implied by the
Company's forward-looking statements. The forward-looking statements included in
this disclosure are made only as of the date of this disclosure. The Company
does not intend, and undertakes no obligation, to update these forward-looking
statements.
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