SVB Financial Group Chief Executive Officer Greg Becker is no longer a director of the Federal Reserve Bank of San Francisco, according to a Fed spokesman.
(Bloomberg) — SVB Financial Group Chief Executive Officer Greg Becker is no longer a director of the Federal Reserve Bank of San Francisco, according to a Fed spokesman.
The change was effective Friday, the same day SVB-owned Silicon Valley Bank failed and was taken over by state and federal regulators. He became a Class A director of the San Francisco Fed’s head office board in 2019 and his departure leaves a vacant seat on the nine-member board.
The Fed’s 12 regional banks each have three classes of directors, with the Class A tier made up of representatives of district banks.
The three Class A directors are elected by member banks and are not involved in the selection of the reserve bank’s leadership, who are appointed by the Class B and Class C directors.
The San Francisco Fed has four additional branches besides its head office in San Francisco, each with a separate branch board.
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