Piper Jaffray Announces Restructuring of Senior Management Team
May 18 2006 - 8:00AM
PR Newswire (US)
MINNEAPOLIS, May 18 /PRNewswire-FirstCall/ -- Piper Jaffray
Companies (PJC) announced today that it will restructure its senior
management team following the sale of its Private Client Services
business to UBS AG, which is expected to close in the third quarter
of 2006. "This restructuring reflects our transition to a capital
markets-focused firm and our objective to more assertively grow our
business and invest in products and services that broaden our
client relationships," said Andrew Duff, chairman and chief
executive officer of Piper Jaffray Companies. "Ultimately, these
changes will position us to serve as the primary advisor to more
clients and help us achieve our goal of becoming the leading
middle- market investment bank." As part of the restructuring,
Thomas Schnettler, a 20-year veteran of Piper Jaffray, will move
from head of corporate and institutional services to assume the
role of vice chairman and chief financial officer, with broadened
responsibility for leading corporate development and private equity
activities and continued responsibility for the firm's U.K.
business. Schnettler will be replacing Sandra Sponem, current chief
financial officer, who will be leaving the firm at the close of the
sale to pursue other opportunities. Additionally, Robert Peterson
will move to head of equities, a newly created position, from his
current role as head of private client services. Peterson
previously served as head of the firm's research department. Jon
Salveson, head of investment banking, and Ben May, head of
high-yield and structured products, will join the senior management
team to ensure that all key business areas are directly engaged in
the firm's strategic decisionmaking. Salveson started at Piper
Jaffray in 1993 and has led investment banking for the past two
years. May, a 26-year veteran in the industry, joined the firm last
year from Wachovia, where he built a full- service high-yield
sales, trading and research department. Addison (Tad) Piper, vice
chairman, has announced he will retire from Piper Jaffray at
year-end, and will step down from the management committee at the
close of the sale of the Private Client Services business. Piper,
who began his career at Piper Jaffray in 1969, previously served as
chief executive officer from 1983 to 2000 and chairman from 1988 to
2003. Piper will continue to serve as a member of the board of
directors following his retirement. "I want to personally thank
Sandy and Tad for their strong leadership and true partnership,"
said Duff. "Their commitment to our clients, our communities, and
our employees has played an important role in our firm's success."
The restructured senior management team will comprise the following
individuals: * Andrew Duff, Chairman and Chief Executive Officer *
James Chosy, General Counsel * Frank Fairman, Head of Public
Finance Services * Todd Firebaugh, Chief Administrative Officer *
Ben May, Head of High-Yield and Structured Products * Robert
Peterson, Head of Equities * Jon Salveson, Head of Investment
Banking * Thomas Schnettler, Vice Chairman and Chief Financial
Officer Piper Jaffray Companies (NYSE:PJC) is a focused securities
firm dedicated to delivering superior financial advice, investment
products and transaction execution within selected sectors of the
financial services marketplace. The company currently operates
through two primary revenue-generating segments: Capital Markets
and Private Client Services. The sale of the company's Private
Client Services branch network, announced April 11, 2006, is
currently pending. The company's Capital Markets business generates
revenue through two groups, Corporate and Institutional Services
and Public Finance Services. Through its chief operating subsidiary
in the U.S., Piper Jaffray & Co., the firm has served
corporations, government and non-profit entities, institutional
investors and the financial advisory needs of private individuals
since 1895. Headquartered in Minneapolis, Piper Jaffray currently
has approximately 2,800 employees in 107 offices in 23 states
across the country and in London. For more information about Piper
Jaffray, visit us online at http://www.piperjaffray.com/.
DATASOURCE: Piper Jaffray Companies CONTACT: Susan Beatty, Media
Relations, Piper Jaffray, +1-612-303-5680 Web site:
http://www.piperjaffray.com/
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