Silicon Valley Bank promoted Chief Financial Officer Michael Descheneaux to president. Daniel Beck, former CFO of Bank of the West, will become SVB Financial Group’s CFO, effective June 5, 2017.

“Everything we do at Silicon Valley Bank is focused on our ability to increase our clients’ probability of success,” said Greg Becker, CEO of SVB Financial Group and Silicon Valley Bank. “Mike’s passion for SVB, our clients and our employees, and his drive to keep looking forward and focus on what comes next, make him perfectly suited to lead our banking strategy and deliver on our mission to help our clients succeed. We are thrilled to welcome Dan as our new CFO. We will benefit from his strong banking and financial leadership experience as we continue to grow and reach new financial milestones in our business.”

As CFO, Descheneaux has been responsible for all finance, treasury and accounting functions for the company since 2007. In addition, he oversaw the company’s $3 billion investment arm, SVB Capital, served on the board of directors for the company’s joint venture bank in China, and has been instrumental in the company’s leadership as a member of the executive committee.

Beck joins SVB Financial Group from Bancwest, where he was CFO and treasurer, and a member of the executive management committee. Previously, he was CFO of Bank of the West and the bank’s controller.

In his former positions, Beck was responsible for leadership of the finance function, along with large scale transformation programs. He managed the relationships and communication with the parent company, regulators, rating agencies and management and he also played a lead role in the company’s successful submission of its first Comprehensive Capital Analysis and Review stress test. Prior to joining Bancwest, Beck held financial positions at Wells Fargo and Freddie Mac and worked at Deloitte & Touche and E*Trade Financial earlier in his career.