SVB Bank Crisis: CEO and CFO of SVB’s parent company quit, bank is under government control after sinking.

SVB Financial Group owned Silicon Valley Bank until last month. In March, after reports of a lockout in the bank, the US government took control of it. Now SVB Financial Group has announced that two of its top executives have stepped down. These two people are the company’s former CEO Gregory Baker and former Chief Financial Officer (CFO) Daniel Beck, both of whom resigned from their positions earlier this week. While Beck tendered his resignation on Tuesday, Baker tendered his resignation as both CEO and board member on Wednesday. The company has asked both individuals to continue as corporate advisors “as and when required” without charging SVB for their services.

Company appoints advisory firm Alvarez & Marsal for restructuring

SVB filed for Chapter 11 bankruptcy protection last month and hired business advisory firm Alvarez & Marsal to restructure itself. Nicolas Grossi, currently of A&M, was named interim CFO of SVB on Thursday.

The annual meeting to be held on April 27 will also be postponed

The company did not name an interim CEO, but said Grossi will effectively run the company, tasked with restructuring the company. The company also said it would indefinitely postpone its annual meeting, which was earlier scheduled for April 27. America’s Silicon Valley Bank went into lockout in March, triggering the global banking crisis. However the bank was not included in the bankruptcy filing. At the time of its bankruptcy, SVB Financial said it had $3.7 billion in unsecured debt and $3.3 billion in stock that could be liquidated in the restructuring process.