Greg Becker, the chief executive officer of Silicon Valley Bank (SVB), began his career at the startup-focused lender as a loan officer thirty years ago. Becker navigated the dot-com bubble and the 2008 financial crisis as a top executive at SVB, eventually becoming president and CEO in 2011.
However, on Friday, the bank collapsed, prompting California banking regulators to quickly shut it down, resulting in the largest bank failure since the 2008 financial crisis. Just one day earlier, Becker had personally reassured clients that their money was safe with the bank.
Becker addressed the employees through a video message, admitting the tumultuous and arduous 48 hours that led to the downfall of the bank. "It's with an incredibly heavy heart that I'm here to deliver this message. I can't imagine what was going through your head and wondering, you know, about your job, your future," he said in the video.
Intriguingly, according to regulatory filings, Becker sold 12,451 shares of parent company SVB Financial Group for $3.6 million on February 27 under a pre-arranged trading plan. This was the first time in over a year that Becker had sold shares in the company. He filed the plan to sell the shares on January 26, before the company disclosed extensive losses that led to its collapse.
He also resigned from the board of directors at the Federal Reserve Bank of San Francisco effective immediately, according to a spokesperson for the regional Fed bank.
Becker graduated from Indiana University with a bachelor's degree in business and began his career at a bank serving "traditional companies." When his manager left to work for SVB, Becker followed.
During the late 1990s tech rout, Becker recounted that his initial years at SVB were marked by both "the highest of highs and the lowest of lows" for the lender. "We took losses. It was a challenging time for us... I look back on it fondly. I learned a lot about the institution. I learned a lot about how to lend money," he said.
Prior to his role as president and CEO of SVB Financial Group, Becker played a key role in establishing SVB Capital, the investment arm of the company. In addition, Becker held the position of chairman of the Silicon Valley Leadership Group between 2014 and 2017 and served as a member of the US Commerce Department's Digital Economy Board of Advisors during 2016-2017.
Becker is known for being a "champion of the innovation economy," according to Silicon Valley Bank's website. In a BBC video from December, he advised job seekers to build a skill set around the innovation economy in fields like computer programming and project management. "When you think about your opportunity, if you are under-represented (and have) those skills, it truly is endless," he said.
In his free time, Becker enjoys cycling and has five grown children.
(With Agency inputs)