Andrew Duff

Chairman and CEO

Andrew Duff became chairman and chief executive officer of Piper Jaffray Companies following completion of our spin-off from U.S. Bancorp on December 31, 2003. He also has served as chairman of our broker-dealer subsidiary since 2003, as chief executive officer of our broker-dealer subsidiary since 2000 and as president of our broker-dealer subsidiary since 1996. Duff joined the Piper Jaffray Institutional Fixed Income Sales department in 1980 and was promoted to manager of Institutional Sales and Trading in 1994. He then served as president of the Individual Investor Services and Capital Markets areas until 1996. From 1996 through 2003, Duff served as president of Piper Jaffray and vice chair of U.S. Bancorp for the Wealth Management Group from 1999 through 2003.

Duff holds a bachelor's degree in economics from Tufts University in Medford, Mass., and attended the Advanced Executive Program at the J.L. Kellogg Graduate School of Management at Northwestern University.

Duff currently serves on the boards of directors of the Walker Art Center, Community Loan Technologies, Minneapolis Downtown Council and the University of St. Thomas College of Business Strategic Board of Governors.

Addison Piper

Addison Piper retired from Piper Jaffray effective at the end of 2006, having served as vice chairman of Piper Jaffray Companies since the completion of our spin-off from U.S. Bancorp on December 31, 2003. He worked for Piper Jaffray from 1969 through 2006, serving as assistant equity syndicate manager, director of securities trading and director of sales and marketing, before serving as chief executive officer from 1983 to 2000 and as chairman from 1988 to 2003. From 1998 through August 11, 2006, Piper also had responsibility for our venture and private capital fund activities.

Piper holds a bachelor's degree in economics from Williams College and a Master of Business Administration degree from Stanford University.

Piper is a member of the board of directors of Renaissance Learning Corporation, Minnesota Public Radio, American Public Media Group and regent of St. Olaf College. Piper is the former chair of Abbott Northwestern Hospital and Minnesota Communications Group, former vice-chair of the Minneapolis Downtown Council and Board of Governors of the Securities Industry Association, former chair of the NYSE Regional Firms Advisory Group Committee, former director of Allina Health System, Minnesota Business Partnership, St. Martin’s Church Foundation, Greenspring Corporation, and former trustee of Woodhill Country Club, Guthrie Theater, Washburn Children Guidance Center and the Stanford University Business School Trust. Piper recently served as senior warden at St. Martins By-the-Lake Church.

Michael Francis

Michael Francis is executive vice president and chief marketing officer, for Target Corporation, an operator of Target-brand general merchandise discount stores and an online business, Target.com. 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.

Francis holds a bachelor's degree in international studies from the University of Michigan.

Francis currently serves on the boards of directors of the Advertising Council of America, University of Minnesota School of Journalism, Walker Art Center, Minneapolis Institute of Arts, United States Artists, Target Foundation and Cooper-Hewitt, National Design Museum and the Smithsonian Institution.

Virginia Gambale

Virginia Gambale is managing partner of Azimuth Partners LLC, which she founded in 2003. Azimuth Partners operates globally as an investor and advisor, developing growth strategies and business partnerships, and orchestrating exits for technology and business service companies. Prior to founding Azimuth Partners, Gambale was a partner at Deutsche Bank Capital and ABS Ventures from 1999 to 2003. She has held the position of chief information officer at both Merrill Lynch and at Bankers Trust Alex. Brown, where she also served on the management committee.

Gambale earned a bachelor's degree in mathematics and computer science with a minor in business from the New York Institute of Technology. She also studied at Julliard and Hartt Conservatories.

She serves as a director for JetBlue Airways and three private companies: Knoa, 29West, and Kurtosys Ltd., where she serves as chairman. She has served on over twenty public and private boards, including Motive, Workbrain, and Synchronoss Technologies.

B. Kristine Johnson

B. Kristine Johnson is president 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 this position since 2000. She served as a consultant to Affinity Capital Management in 1999. Prior to serving as a consultant to Affinity Capital Management in 1999, Johnson 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.

Johnson holds bachelor's degrees in math, economics and political science from St. Olaf College in Northfield, Minnesota.

Johnson currently serves on the boards of directors of St. Olaf College, University of Minnesota Foundation, University of Minnesota Physicians and the Finance Committee of the Minneapolis Club as well as the boards of several private entities.

Lisa Polsky

Lisa Polsky is the chief risk officer of CIT Group, Inc., which provides financing and leasing capital worldwide for small and middle market businesses. She previously served as partner and head of global investment solutions for Duff Capital Advisors. Prior to that, she served as president of Polsky Partners LLC, a New York-based consulting firm specializing in hedge fund allocation, risk management and valuation policy. Before founding Polsky Partners in 2002, Polsky served as managing director, head of client financing services and head of leveraged client channel with Merrill Lynch & Co., Inc. from 2000 to 2002, and as managing director, chief risk officer, head of risk policy, chief derivative strategist and head of product development at Morgan Stanley DW Inc. from 1996 to 2000.

Polsky's leadership on Wall Street includes her role as founder and former board member of Women on Wall Street. She also is a member of the board of directors of Investools, Inc., a provider of investor education. Polsky has previously served on a number of other boards, including the Philadelphia Stock Exchange, International Association of Financial Engineers and International Swaps and Derivatives Association.

Polsky received a bachelor's degree in international business and economics from New York University.

Frank Sims

Frank Sims retired from Cargill, Inc. at the end of 2007, having served as corporate vice president, transportation and product assurance and a member of the management corporate center since July 2000. Cargill is a marketer and distributor of agricultural and industrial products and services. Sims joined Cargill in 1972 and has served in a number of executive positions, including president of Cargill’s North American Grain Division from 1998 to 2000.

Sims holds a bachelor's degree in business administration from Paul Quinn College in Dallas, Texas.

Sims is a member of the board of directors of the United Theological Seminary and Scholarship America. He is the former Chairman of the Federal Reserve Bank of Minneapolis and a former director of Tennant Company.

Jean Taylor

Jean Taylor is the president and chief executive officer of Taylor Corporation, positions she has held since 2001 and 2007, respectively. Taylor Corporation is a privately held group of approximately 80 affiliated entrepreneurial companies engaged in marketing, fulfillment, personalization and printing services. These businesses operate throughout North America, Europe and Australia and together employ more than 15,000 employees. Taylor joined Taylor Corporation in 1994 as vice president and served as executive vice president from 1999 to 2001. Prior to joining Taylor Corporation in 1994, Taylor was employed for ten years at E.W. Blanch Co., a global intermediary, serving most recently as senior vice president.

Taylor holds a bachelor's degree in business administration from Augsburg College in Minneapolis, Minnesota and a Master of Business Administration in Management Support Systems from the University of Minnesota.

Taylor is a member of the boards of directors of the Glen A. Taylor Foundation, Minnesota Private College Council and Minnesota Early Learning Foundation and several other non-profit entities.

Michele Volpi

Michele Volpi is president, chief executive officer and a director of H.B. Fuller Company, a worldwide formulator, manufacturer and marketer of adhesives, sealants, paints and other specialty chemical products. Prior to his appointment as president and chief executive officer in December 2006, Volpi served as the company's group president, general manager of the Global Adhesives Division from December 2004 to December 2006 and as Global Strategic Business unit manager of assembly from June 2002 to December 2004. From 1999 to June 2002, Volpi held the position of general manager of marketing for General Electric Company.

In addition to serving on the H.B. Fuller board of directors, he is a member of the Minnesota Business Partnership and has served as a member of the board of trustees for the Minneapolis Arts Institute.

Volpi earned bachelor's and master's degrees in business administration from Bocconi University in Milan, Italy.