MINNEAPOLIS, Oct. 23 /PRNewswire-FirstCall/ -- U.S. Bancorp Piper Jaffray
(Piper Jaffray) today announced the names of six individuals expected to serve
as outside members on the board of directors of Piper Jaffray Companies. U.S.
Bancorp announced its plan earlier this year to spin off its wholly owned
subsidiary, U.S. Bancorp Piper Jaffray, to U.S. Bancorp shareholders in a tax-
free stock dividend distribution. The new, independent company will be named
Piper Jaffray Companies. The transaction is expected to be completed in
December 2003 and remains subject to various conditions, approvals and
The individuals named include Michael R. Francis, Executive Vice
President, Marketing for Target Corporation; Donald B. Hebb, Jr., Managing
General Partner of ABS Capital Partners; B. Kristine Johnson, President and
Managing Partner of Affinity Capital Management; Samuel L. Kaplan, partner
with the law firm of Kaplan, Strangis and Kaplan, P.A.; Frank L. Sims,
Corporate Vice President, Transportation and Product Assurance for Cargill,
Inc.; and Richard A. Zona, Chairman and Chief Executive Officer of Zona
"I am very pleased that these individuals have agreed to serve as our
outside directors," said Andrew Duff, Chief Executive Officer of Piper
Jaffray. "The financial expertise and broad backgrounds of this group of
experienced senior executives will provide diverse perspectives and invaluable
guidance for our new company. I want to welcome each of these individuals to
As previously announced, Andrew S. Duff will serve as Chairman of the
Board and Chief Executive Officer of Piper Jaffray Companies, with Addison L.
(Tad) Piper serving as Vice Chairman of the Board. The company provided the
following biographical information for each of the six individuals it expects
to nominate for election prior to the completion of the distribution.
Michael R. Francis is currently Executive Vice President, Marketing for
Target Corporation, an operator of large-store general merchandise formats,
including discount stores, moderate-priced promotional and traditional
department stores, and a direct mail and on-line business. Mr. Francis began
his career with Marshall Field's department stores in 1985 and has been with
Target Corporation since its acquisition of Marshall Field's in 1990. He
previously served Target Corporation as Senior Vice President, Marketing from
2001 to 2003 and as Senior Vice President, Marketing and Visual Presentation
of the department store division from 1995 to 2001. Prior to that, he held a
variety of positions within Target Corporation's advertising division. Mr.
Francis also is a member of the board of directors of Department 56, Inc.
Donald B. Hebb, Jr. is currently the Managing General Partner of ABS
Capital Partners, a private equity firm focused on investing in established
growth companies. Mr. Hebb co-founded ABS Capital Partners in 1990 and has
served as its Managing General Partner since 1991. From 1986 to 1991, Mr.
Hebb was President and Chief Executive Officer of Alex. Brown Incorporated, a
provider of investment banking and securities brokerage services, where he
began his career in 1970 in the investment banking division. Mr. Hebb also is
a member of the boards of directors of T. Rowe Price Group, Inc. and SBA
B. Kristine Johnson currently is President and Managing Partner of
Affinity Capital Management, a venture capital firm that invests primarily in
seed and early-stage health care companies in the United States. She has held
these positions since 2000. Ms. Johnson served as a consultant to Affinity
Capital Management in 1999. Prior to that, she was employed for 17 years at
Medtronic, Inc., a manufacturer of cardiac pacemakers, neurological and spinal
devices and other medical products, serving most recently as Senior Vice
President and Chief Administrative Officer from 1998 to 1999. Her experience
at Medtronic also includes service as President of the vascular business and
President of the tachyarrhythmia management business, among other roles. Ms.
Johnson also is a member of the board of directors of ADC Telecommunications,
Samuel L. Kaplan is currently a partner with the law firm of Kaplan,
Strangis and Kaplan, P.A. Mr. Kaplan is a founding member of the firm, which
was established in 1978, and has served as its President continuously since
that time. Mr. Kaplan also is a member of the board of directors of Vyyo Inc.
Frank L. Sims is currently Corporate Vice President, Transportation and
Product Assurance for Cargill, Inc., a marketer and distributor of
agricultural and industrial products and services. Mr. Sims joined Cargill in
1972 and served in various roles before attaining his current position in
2001. Most recently, he was President of Cargill's North American Grain
Division from 1998 to 2000. Mr. Sims also is a member of the boards of
directors of the Federal Reserve Bank of Minneapolis and of Tennant Company.
Richard A. Zona is currently Chairman and Chief Executive Officer of Zona
Financial LLC, a business that provides financial advisory services, including
strategic alternatives, capital planning, and mergers and acquisitions. He
has held these positions since 2000. Mr. Zona is the former Vice Chairman,
Wholesale Banking and Wealth Management of U.S. Bancorp, a position he held
from 1996 to 2000. From 1989 to 1996, Mr. Zona was Chief Financial Officer of
U.S. Bancorp's predecessor, First Bank System, Inc. Prior to that, Mr. Zona
spent 19 years with the accounting firm of Ernst & Young LLP. Mr. Zona also
serves on the boards of directors of New Century Financial Corporation,
Polaris Industries, Inc. and Shopko Stores, Inc.
For more information and to view a copy of the Form 10 registration
document, please go to www.sec.gov and search under company filings.
U.S. Bancorp Piper Jaffray, a subsidiary of the consolidated group of U.S.
Bancorp (NYSE: USB), is a focused securities firm comprised of two revenue-
generating segments: Capital Markets and Private Client Services. Clients of
both segments are supported by Investment Research. The firm provides a full
range of investment products and services to individuals, institutions and
businesses. The firm has over 126 offices in 25 states across the country.
U.S. Bancorp offers a comprehensive range of financial solutions through U.S.
Bank, U.S. Bancorp Asset Management, U.S. Bancorp Investments and U.S. Bancorp
Piper Jaffray. For more information on U.S. Bancorp Piper Jaffray, visit
This press release contains forward-looking statements. Statements that
are not historical or current facts, including statements about beliefs and
expectations, are forward-looking statements. These forward-looking
statements are subject to risks and uncertainties relating to the proposed
spin-off of the U.S. Bancorp Piper Jaffray business, including the impact of
the proposed spin-off on U.S. Bancorp's and the new company's results of
operations, the financial accounting consequences of the proposed transaction,
the impact of the spin-off on U.S. Bancorp's stock price and on its and the
new company's relationships with their respective customers and employees, the
tax consequences of the transaction to U.S. Bancorp, the new company and their
respective stockholders and changes in business climate or market conditions
or other factors which could make the proposed spin-off unadvisable. These
forward-looking statements involve other inherent risks and uncertainties, and
other important factors could cause actual results to differ materially from
those anticipated, including those contained in U.S. Bancorp's Form 10-K, in
Piper Jaffray's Form 10 registration statement and both companies' other
reports and filings on file with the U.S. Securities and Exchange Commission.
Forward-looking statements speak only as of the date they are made, and each
of U.S. Bancorp and U.S. Bancorp Piper Jaffray Inc. undertakes no obligation
to update them in light of new information or future events.
SOURCE U.S. Bancorp Piper Jaffray