SANTA CLARA, Calif. -April 17, 2007 - SVB Financial
Group, the parent company of SVB Silicon Valley Bank, today
announced that its chief financial officer, Jack Jenkins-Stark,
will resign to return to the energy sector as the chief financial
officer of an emerging solar energy company. Michael Descheneaux,
the company's managing director of Accounting and Financial
Reporting, will replace Jenkins-Stark, effective April 30, 2007.
In a separate announcement today, SVB Financial Group announced
preliminary earnings per share expectations for the first quarter
of 2007, which exceed previous guidance.
Jenkins-Stark joined SVB Financial Group in April 2004, after
more than 25 years in senior financial positions in the energy
industry with such companies as PG&E, Silicon Energy Corp.
and Itron. He will leave the company to become CFO of
BrightSource Energy, an emerging manufacturer of utility-grade
solar power plants.
"Through his financial leadership and expertise, Jack has made a
significant and lasting contribution to our success," said
Kenneth Wilcox, president and CEO of SVB Financial Group. "In the
last three years, he drove implementation of a number of
financial strategies we see as central to our plans for future
growth. He also played a critical role in guiding us successfully
through several challenges, including significant accounting
changes and an earnings restatement. We wish him the best of luck
and have every expectation of working with him again, helping to
increase his company's chances of success as an SVB client."
Descheneaux has extensive accounting and finance, corporate
governance and international business experience, which he
developed as an auditor and consultant in the financial services,
telecommunications and energy sectors. He was most recently a
Managing Director with Navigant Consulting and head of Arthur
Andersen's Financial Services Practice for the Central and
Eastern Europe Region, advising large, public and multi-national
clients. He was lead audit partner with Andersen's
Telecommunications and High Tech Practice in that region, and
technical expert partner on U.S. GAAP and GAAS matters, as well
as implementation of global audit methodology. During his time at
Andersen, which included assignments in the firm's New York and
Houston offices, Descheneaux advised clients on a wide range of
accounting- and finance-related issues, including audits of
financial statements, SEC filings, restatements, purchase and due
diligence investigations, arbitration and litigation support,
internal controls, and off-shore investment structures.
Descheneaux has provided extensive advisory services to large
banking clients related to the acquisition of smaller banks, and
has served as an expert and consultant in a variety of
international arbitration disputes related to banking and
investing. Descheneaux holds a degree in Business Administration
from Texas A&M University, from which he graduated Cum Laude
with honors. He is a Certified Public Accountant, as well as a
member of the Texas State Board of Public Accountancy, the
American Institute of Certified Public Accountants, and the
Association of Certified Fraud Examiners. He began working with
SVB Financial Group as a consultant in October 2005 and became a
permanent employee in November 2006.
"We are fortunate to have someone of Mike's caliber to step into
this role,"said Kenneth Wilcox. "Mike has a demonstrated record
in the finance and accounting arena, as well as experience with
our financial processes, priorities and people that will allow
him to hit the ground running,"
About SVB Financial Group
For more than 20 years, SVB Financial Group, the parent company
of SVB Silicon Valley Bank, has been dedicated to helping
entrepreneurs succeed. SVB Financial Group is a financial holding
company that serves emerging growth and mature companies in the
technology, life science, private equity and premium wine
industries. Offering diversified financial services through SVB
Silicon Valley Bank, SVB Alliant, SVB Analytics, SVB Capital, SVB
Global and SVB Private Client Services, SVB Financial Group
provides clients with commercial, investment, international and
private banking services. The company also offers funds
management, broker-dealer transactions, asset management and a
full range of services for private equity companies, as well as
the added value of its knowledge and networks worldwide.
Headquartered in Santa Clara, Calif., SVB Financial Group
operates through 27 offices in the U.S. and three
internationally. More information on the company can be found at
www.svb.com.
SVB Silicon Valley Bank refers to Silicon
Valley Bank, the California bank subsidiary and the commercial
banking operation of SVB Financial Group. Banking services are
provided by Silicon Valley Bank, a member of the FDIC and the
Federal Reserve. SVB Private Client Services is a division of
Silicon Valley Bank. SVB Financial Group is also a member of the
Federal Reserve.
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SVB Financial Group Chief Financial Officer to Resign; Replacement Named
Company news | April 17, 2007