Greg Baker, CEO of beleaguered Silicon Valley Bank.
The Silicon Valley bank that served the tech industry for three decades collapsed on March 10, 2023, leaving depositors scrambling for their money. Amid the financial chaos triggered by the bank’s collapse, the company’s former CEO has been spotted in Hawaii, reported New York Post. Greg Baker and his wife, Marilyn Bautista, have fled to a Maui townhouse worth $3.1 million, according to reports.
The couple reportedly enjoyed a chauffeur-driven limo ride to the San Francisco airport and first-class tickets to Hawaii on Monday. The former CEO was also seen wearing shorts and flip-flops during a walk in Lahaina.
Mr. Baker is currently facing investigation after selling $3,578,652.31 in common stock two weeks before federal regulators shut down SVB.
Notably, he joined Silicon Valley Bank three decades ago in 1993 as a loan officer. According to SVB websiteMr. Baker led the company’s expansion to include four primary businesses serving the innovation sector: Global Commercial Banking, Venture Capital and Debt Investments, Private Banking and Wealth Management, and Investment Banking.
Silicon Valley Bank, established in 1983, was the 16th largest bank in the US. Before its collapse, it provided services to nearly half of the venture-backed technology companies in the US.
On March 10, US regulators shut down Silicon Valley Bank (SVB) and took control of its deposits, in the biggest retail banking failure since the global financial crisis. after the bank closes $175 billion in customer deposits Now under the control of the Federal Deposit Insurance Corporation (FDIC). The FDIC has created a new bank, National Bank of Santa Clara, which will now own all of Silicon Valley Bank’s assets.
The move came after a dramatic 48 hours that saw the hi-tech lender’s share price plummet amid a run on deposits by concerned customers.