Item 5.02.
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
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On December 1, 2017, Piper Jaffray Companies (the Company) appointed Chad R. Abraham, Global Co-Head of Investment Banking and Capital Markets, as its Chief Executive Officer, effective as of January 1, 2018 (the Effective Date). In addition, the Company also appointed Debbra L. Schoneman, Chief Financial Officer and Global Head of Equities, as its President, effective as of the Effective Date. As previously announced, Timothy L. Carter, Treasurer of the Company, will assume the role of Chief Financial Officer as of the Effective Date. Stuart C. Harvey, the Companys current President and Chief Operating Officer, has voluntarily decided to resign from his employment at the Company effective December 31, 2017.
Andrew S. Duff, current Chairman and Chief Executive Officer of the Company, will remain Chief Executive Officer until December 31, 2017, and then continue as Chairman of the Companys board of directors as of the Effective Date.
Mr. Abraham, 49, joined the Company in 1991 as an investment banking analyst. He spent 13 years on the West Coast as a banker in the Companys technology investment banking group. He was promoted to managing director and head of the technology group in 1999. He was then promoted to head of capital markets in 2005, and became the global co-head of investment banking and capital markets in 2010.
Ms. Schoneman, 49, joined the Company in 1990 in the accounting department and has held several senior management positions, including finance director of both equity and fixed income capital markets, as well as treasurer. She was appointed as the Companys Chief Financial Officer in 2008, and in June 2017 was given added responsibility for the Companys global equities business.
Both Mr. Abraham and Ms. Schoneman will be eligible to participate in the Companys standard annual and long-term executive compensation programs. There are no family relationships between either Mr. Abraham or Ms. Schoneman and any other executive officer or director of the Company that require disclosure under Item 401(d) of Regulation S-K. Neither Mr. Abraham nor Ms. Schoneman is a party to any transaction with any related person required to be disclosed pursuant to Item 404(a) of Regulation S-K.