Piper Jaffray announced Thursday that its senior management team will undergo a restructuring following the sale of the companys Private Client Services business to UBS AB.
Thomas Schnettler, a Piper Jaffray 20-year veteran, will move from head of corporate and institutional services to assume the role of vice chairman and chief financial officer as part of the restructuring.
Schnettler will replace Sandra Sponem, current chief financial officer, who will be leaving the firm when the sale is finalized in the third quarter of 2006 to pursue other opportunities.
Further restructuring will move Robert Peterson to the newly created head of equities position from his current post as head of private client services. Jon Salveson, head of investment banking, and Ben May, head of high-yield and structured products, will also join the senior management team. Addison “Tad” Piper announced his intention of retiring at the end of the year, and will step down from the management committee at the sale’s closure. However, Andrew Duff will remain as the company’s chairman and chief executive officer.
“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.”