Communication During Crisis: Tech CEO Manages Silicon Valley Bank Collapse
By Adam Zaki for CFO
Executives are on high alert — especially CFOs — after an unforgettable week in the banking world. In the aftermath of the failures of Silicon Valley Bank (SVB) and Signature Bank, and with more banks being put on notice, much of the attention has been on depositors, investors, shareholders.
However, the employees of companies impacted by the banking failures have been seldom mentioned. As employees see their companies’ names on the lists of impacted organizations, it’s the duty of the executive team to maintain high communication and morale in a timely manner.
Anders Lillevik, founder and CEO of Focal Point and former chief procurement officer at Fannie Mae, shared his thoughts with CFO on how executives can communicate properly in times of crisis. As the Silicon Valley Bank situation unfolded, Lillevik needed to have swift communication with employees of the procurement software company about the process of changing banks.
“I was on a plane back from meeting with clients and prospects when the news about Silicon Valley Bank’s financial problems came to light,” said Lillevik. “SVB was our day-to-day bank, and most of our working capital was on deposit there; it was clear that we would be impacted by any disruption of SVB operations.”
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