Piper Jaffray Appoints New CEO and President
December 05 2017 - 8:30AM
Business Wire
- Chad Abraham named chief executive
officer of Piper Jaffray
- Deb Schoneman appointed as
president
- Andrew Duff remains chairman of the
board
- Transition effective January 1,
2018
Piper Jaffray Companies (NYSE: PJC), a leading investment bank
and asset management firm, has announced that its board of
directors unanimously elected Chad Abraham as chief executive
officer and Deb Schoneman as president, effective January 1, 2018.
Abraham is currently the firm’s global co-head of investment
banking & capital markets and Schoneman is currently the chief
financial officer and global head of equities.
Current chairman and chief executive officer Andrew Duff will
remain chairman of the Piper Jaffray Companies board and retire as
CEO, a position he has held since 2000. During his tenure as CEO,
Piper Jaffray increased operating profits and shareholder return by
140% and 250% respectively, established coverage in energy and
financial services, and added offices across the U.S. and
globally.
“It has been a privilege to lead Piper Jaffray for 17 years and
to be part of the evolution of this firm,” said Duff. “Chad and Deb
have a track record that speaks for itself and they inherently
understand our business, culture and values. They have successfully
partnered together as leaders of this firm for more than a decade.
I look forward to ensuring a smooth transition and am incredibly
excited to watch them lead Piper Jaffray into our next era of
growth.”
“We thank Andrew for his exceptional contributions over the
course of his 37-year career at Piper Jaffray. Our firm has made
tremendous strides under his leadership,” said Abraham. “Today, our
business continues to gain share in the market and the quality of
our people and our platform is unmatched. I am honored to lead this
firm alongside Deb.”
Schoneman added, “Andrew’s leadership and vision have been
critical in guiding the company to our strong position in the
market today. He has built a thriving foundation that will enable
us to continue to win. With our talented team and differentiated
franchise, there is tremendous potential within reach. It could not
be a more exciting time for Piper Jaffray.”
Abraham joined Piper Jaffray in 1991 as an investment banking
analyst. He spent the next 13 years on the West Coast as a banker
in the company’s technology investment banking group. He was
promoted to managing director and head of technology investment
banking in 1999. In 2005, he was promoted to head of capital
markets and in 2010, he became the global co-head of investment
banking and capital markets. Under the leadership of Abraham and
co-head Scott LaRue, the firm’s investment banking division grew
revenues from approximately $150 million to more than $500 million.
They established coverage in energy and financial services,
expanded debt capital markets capabilities and added key offices
and personnel. Abraham serves on the board of trustees of the
Nature Conservancy’s Minnesota, South Dakota and North Dakota
chapter and the board of trustees of The Blake School. He graduated
from Northwestern University with a bachelor’s degree in economics
and political science.
Schoneman, who joined Piper Jaffray in 1990, has held various
senior management positions, including finance director of both
equity and fixed income capital markets, as well as treasurer.
Schoneman was named chief financial officer in 2008, overseeing the
firm’s financial health through the 2008 financial crisis and
leading it to its strong position today. In 2014, the
Minneapolis-St. Paul Business Journal honored Schoneman’s success
by naming her CFO of the Year. Credited for her financial rigor and
focus on efficiency, she was instrumental in helping triple the
stock price from its post-crisis low. Schoneman is on the board of
directors of Allina Health, serving as chair of the finance
committee and a member of its audit committee. She is also on the
board of BestPrep, a nonprofit organization focused on business,
career and financial literacy skills, having served as chair for
two years. Schoneman earned a bachelor’s degree in finance from
Minnesota State University Mankato and a Master of Business
Administration degree from the University of St. Thomas.
As previously announced, Tim Carter will assume the chief
financial officer position from Schoneman.
President and chief operating officer Stuart C. Harvey, Jr. has
voluntarily decided to resign from his employment at Piper Jaffray
effective December 31, 2017. Piper Jaffray and Harvey have mutually
determined that they have different approaches to strategy and
leadership. We thank Harvey for his hard work and dedication this
year. Harvey contributed significantly to making 2017 a year of
exceptionally strong performance for the company.
About Piper Jaffray
Piper Jaffray Companies (NYSE: PJC) is a leading investment bank
and asset management firm. Securities brokerage and investment
banking services are offered in the U.S. through Piper Jaffray
& Co., member SIPC and FINRA; in Europe through Piper Jaffray
Ltd., authorized and regulated by the U.K. Financial Conduct
Authority; and in Hong Kong through Piper Jaffray Hong Kong
Limited, authorized and regulated by the Securities and Futures
Commission. Asset management products and services are offered
through five separate investment advisory affiliates―U.S.
Securities and Exchange Commission (SEC) registered Advisory
Research, Inc., Piper Jaffray Investment Management LLC, PJC
Capital Partners LLC and Piper Jaffray & Co., and
Guernsey-based Parallel General Partners Limited, authorized and
regulated by the Guernsey Financial Services Commission.
© 2017 Piper Jaffray Companies. 800 Nicollet Mall, Suite 1000,
Minneapolis, Minnesota 55402-7036
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version on businesswire.com: http://www.businesswire.com/news/home/20171205005571/en/
Piper Jaffray CompaniesPamela Steensland,
612-303-8185pamela.k.steensland@pjc.com
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