The value of SVB Financial CEO Greg Becker's shareholdings collapsed along with the bank he led in recent weeks.
State of play: His shares in the tech-centric institution were worth nearly $60 million at the height of the market in late 2021.
- The line above incorporates changes to both the number of shares he owned and the price of the stock — the final value is as of Friday morning, shortly before the bank was seized by the FDIC. (For all intents and purposes, the value of SVB shares is now zero.)
The intrigue: Becker sold shares worth roughly $3.6 million in late February, which federal investigators may be taking a look at.
Why it matters: Aside from regulations aimed at making banks safe, a key way to dissuade reckless behavior is ensuring executives feel pain when they blow up their institution. If SVB executives lose a fortune in this mess, that’ll surely get the attention of other top bankers.
- Related: Becker lost his job. He was replaced as CEO when the bank was taken over by the FDIC.
Worth noting: Outside of equity awards — the bulk of his compensation —Becker was still paid pretty handsomely. He took home salary and cash incentive payments of about $6.7 million over the last two years.
Source: Read Full Article
-
Massive boa constrictor escapes and becomes wedged in mattress sparking panic
-
From outcast to powerbroker: Mohammed bin Salman’s surprising turn of fate
-
Seafood restaurant planned in former Thirsty Lion spot in Cherry Creek
-
Predator who kidnapped and sexually assaulted girl, 15, he tried to strangle in horror attack is jailed for 11 years | The Sun
-
UK’s Liz Truss quits after turmoil obliterated her authority