Silicon Valley Bank’s chief risk officer is out, months after taking office
When the Silicon Valley Bank collapse first happened, a belated disclosure colored some of the chaos: The bank has spent most of the last year without a chief risk officer, and whoever left sold more than $4 million worth of bank stock before leaving.
The new CRO, Kim Olson, who joined in January 2023, had only been in the role for three months before the bank was shut down by regulators. Now sources tell TechCrunch that Olson and at least one other manager are also leaving SVB. Sources said SVB’s audit director is also leaving the company.
The departure comes just two weeks after a $72 billion tranche of SVB was bought by First Citizens Bank. The recent departures add to a string of executive departures, including former CEO Greg Becker and chief financial officer Daniel Beck, who left when the bank was taken over by regulators.
SVB and Olson did not respond to TechCrunch’s request for further comment on Olson’s departure. Employees of the newly merged institution do not yet know who the new chief risk officer will be. A potential successor is First Citizens CRO Lorie Rupp, who has held the position since 2017.
Talent moves will certainly continue as part of SVB’s transition to new ownership. It’s been just over a month since Silicon Valley Bank was shut down by regulators.
Today, HSBC USA announced that it has hired 40 SVB bankers to help build a new offering “dedicated to the innovation economy,” according to a statement sent to TechCrunch. The bank poached veteran talent from the SVB, including business development manager Sunita Patel, life sciences and healthcare manager Katherine Andersen, technology banking and healthcare manager David Sabow and head of Technology Credit Solutions Melissa Stepanis who will oversee technology.
If you have a juicy tip or a lead on happenings in the risk world, you can reach out to Natasha Mascarenhas on Twitter @nmasc_ or on Signal at +1 925 271 0912. Requests for anonymity will be respected.
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