On May 12, 2017, in Santa Clara, CA, Silicon Valley Bank., the financial institution for the world’s most groundbreaking companies and their investors, announced that Daniel Beck, the former CFO of Bank of the West, will assume the role of CFO for SVB Financial Group, effective June 5, 2017. Additionally, Michael Descheneaux, SVB Financial Group’s Chief Financial Officer (Nasdaq: SIVB), has been promoted to the position of president of Silicon Valley Bank..
Investors and innovative companies require success, connections, and experience. Bank Valley Silicon has continued to provide services, expand globally, and build the business over the last decade, experiencing significant growth. It was named the Most Valuable Bank in Forbes in 2016 and is the 40th largest bank in the U.S. In terms of assets. SVB works with 58% of VC-backed companies that had an IPO in 2016 and more than half of the capital-backed companies in the U.S.
“We are thrilled to welcome Dan as our new CFO. We are focused on increasing the probability of success for our clients by delivering on our mission to help them succeed and leading our banking strategy. Mike’s passion for SVB and our clients, along with his forward-looking drive, will perfectly suit him for what comes next. Greg Becker, CEO of Silicon Valley Bank. and SVB Financial Group, said, ‘Everything we do at Silicon Valley Bank. is focused on our ability to drive the success of our clients and keep looking forward. We will continue to reach new financial milestones and grow in our business, benefiting from his strong financial and banking leadership experience.'”
Descheneaux has held the position of Chief Financial Officer (CFO) since 2007, where he has been in charge of managing all financial, monetary, and accounting operations for the organization. Furthermore, he supervised SVB Capital, which is the company’s investment division managing a portfolio worth $3 billion. In addition, he acted as a board member for the company’s collaborative banking venture in China and has played a crucial role in the company’s management as a member of the executive committee.
Mike Descheneaux, the future president of Silicon Valley Bank., expressed, “Our clients imagine and introduce revolutionary changes, progress, and creations that consistently astound us. It is our responsibility to consistently provide the services and knowledge our clients require, at their desired speed, and in hubs of innovation worldwide. The prospects for entrepreneurs, companies, and investors in the innovative economy are robust and continuously growing. I am appreciative of the chance to expand upon our remarkable foundation and assist Silicon Valley Bank. in fulfilling the needs of our clients.”
Beck joins SVB Financial Group from Bancwest Corp., Where he was previously the CFO and Treasurer. In his former positions, Beck was responsible for the leadership of the finance function, including managing communication and relationships with rating agencies and regulators, as well as overseeing large-scale transformation programs. He also played a lead role in the successful submission of the company’s first Comprehensive Capital Analysis and Review (CCAR) stress test. Prior to joining Bancwest, Beck held financial positions at Wells Fargo, Freddie Mac, Financial Corporation Mac, E*Trade Financial, and Deloitte & Touche. He earned a bachelor’s degree in biology from Virginia Polytechnic Institute and State University, as well as a bachelor’s degree in accounting from Virginia Commonwealth University.
Beck, who is the CFO of SVB Financial Group, will oversee the finance, treasury, and accounting roles for the company. Additionally, he will serve as a member of the executive committee.