Silvergate CEO Alan Lane has denied allegations of nepotism before U.S. senators, according to a report from The Wall Street Journal on Dec. 21.
Last month, on Nov.7, Silvergate Capital announced two changes to executive positions within the company. Unfortunately, it neglected to mention at that time that Lane’s son-in-law, Tyler Pearson, would be affected by the corporate shuffle.
Pearson formerly served as Chief Risk Officer at Silvergate but was reassigned to the deputy equivalent of that role during the shuffle. He now reports to Kate Fraher, who took on the role of Chief Risk Officer after previously serving as the company’s COO.
Lane denied that the change was due to any performance issues on Pearson’s part. Instead, he called the decision “a significant management restructuring unrelated to job performance,” adding that staff changes “extended well beyond Mr. Pearson.”
Silvergate is frequently accused of nepotism in the short-seller community, as the company emplo
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