- Push-out Score suggests push-out forces
- After 14 years in the position
- Accolades, praise and thanks for Duff
- Chad Abraham taking over
- Duff will remain as chairman at Piper Jaffray
- Duff spoke at length and said 81 words
(exechange) — Minneapolis, Minnesota, December 5, 2017 — Andrew Duff, chief executive of Piper Jaffray, leaves the position. It is a change at short notice. As announced by Piper Jaffray Companies in a news release and in a regulatory filing published on Tuesday, December 5, 2017, Andrew S. Duff leaves his post as chief executive officer at the investment bank and asset management firm after 14 years in the position, effective December 31, 2017.
It is the end of an era.
Among the 3,000 largest publicly held companies incorporated in the U.S. based on market capitalization, the average tenure of the CEOs who departed over the past twelve months was 8.8 years, according to data compiled by exechange. Only 36 percent of the CEOs who departed over the past twelve months left the position after more than ten years.
Duff’s duties will be taken over by Chad Abraham, currently global co-head of investment banking & capital markets at Piper Jaffray Companies.
Duff’s move is part of a management shake-up also involving the position of president.
Piper Jaffray announced that its board of directors unanimously elected Deb Schoneman as president, effective January 1, 2018.
No reason given
In the announcement, Piper Jaffray did not explicitly explain the reason for Duff’s imminent move, leaving room for speculation.
Duff will remain as chairman at Piper Jaffray
“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,” Piper Jaffray said.
Share price rise since June 2016
The change follows a rise in the share price of Piper Jaffray Companies since June 2016.
In the position of CEO since 2003
Duff has served as chairman and chief executive officer of Piper Jaffray Companies since December 31, 2003.
Duff became chairman and chief executive officer following completion of the Company’s spin-off from U.S. Bancorp on December 31, 2003.
He has served as chairman of the Company’s broker-dealer subsidiary since 2003 and as chief executive officer of the Company’s broker-dealer subsidiary since 2000.
Push-out Score suggests push-out forces
It is not completely certain what forces eventually triggered Andrew Duff’s imminent move.
The Push-out Score™ determined by exechange suggests that push-out forces may have contributed to the management change.
Read the full story in the exechange report 50.2017 ($).