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
-
Armed robbery suspect, Lakewood police agent injured after exchanging gunfire
-
Brits told to ‘wear a mask’ this Christmas over fears of spreading 100-day cough
-
Kim Jong-un’s powerful sister Kim Yo-jong rejects US calls for diplomacy
-
Family of mother killed by terrorists listen to her heart beat again
-
Meghan Markle’s first and last birthdays in Royal Family as she turns 42