Silicon Valley Bank (which is under federal government control), a subsidiary of the defunct SVB Financial Group (SIVB.O), has a new Chief Executive Officer, Tim Mayopoulos. Mayopoulos succeeds the bank’s former CEO, Greg Becker. His job is to keep calm and carry on. The Silicon Valley Bank failure was the second-largest in U.S. history.
After the bank collapsed, employees were offered 45 days of work at an enhanced pay rate. Silicon Valley Bank had about 8,500 employees at the end of last year.
Greek American Tim J. Mayopoulos brings decades of legal and financial leadership experience, notably his time as president and Chief Executive Officer of Fannie Mae, the government-controlled mortgage insurer. He led Fannie Mae at a time when it was still recovering from the 2008 financial crisis.
Mayopoulos sent a letter to clients on Monday saying the bank is “open and conducting business as usual.” “I come to this role with humility. I also come to this role with experience in these kinds of situations. I was part of the new leadership team that joined Fannie Mae in the wake of the financial crisis in 2008-09, and I served as the CEO of Fannie Mae from 2012-18,” he added.
Timothy J Mayopoulos “Tim” was born on March 7, 1959, to Harry B. Mayopoulos and his wife Eleanor Ida (Raifsnider) Mayopoulos. He received a bachelor’s degree in English from Cornell University in 1980 and a juris doctor from the New York University School of Law in 1984. Mayopoulos was married to Amy Lefkof, and they have two children.
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