Kate Clune, a Morgan Stanley alum, took the reins as the new CFO of Piper Sandler effective January 1, succeeding Timothy Carter, who served as the firm’s finance chief for six years and is set to retire this quarter, according to company announcements. Clune will report directly to CEO Chad Abraham.
The leadership transition coincides with the company’s report of a net loss of $13.67 million in the third quarter, contrasting with a net income of $10.7 million in the corresponding period of the previous year.
The Minneapolis-based investment banking firm previously disclosed the leadership transition in September, noting Carter’s planned retirement in the first quarter and his intention to support the transition through April. Ahead of formally assuming the CFO role, Clune, aged 43, was slated to join the company in November with an interim title of senior vice president of finance, as detailed in a September 12 SEC filing.
From June 2022, Clune served as treasurer and head of planning and strategy at Evercore, an independent investment banking advisory firm. Her tenure at Morgan Stanley spanned from 2005 to 2021, encompassing various roles, including her recent position as managing director and global head of liquidity coverage and planning in finance. Between 2017 and 2020, she served as CFO of U.S. Banks, according to SEC filings.
Clune’s compensation package includes an annualized base salary of $500,000 commencing on her effective date. Additionally, she will receive a restricted cash award of $720,000 and restricted stock awards of the company’s common stock valued at $800,000, vesting over four years from the grant date. Another $750,000 award will vest on a different schedule.
In 2022, Carter’s total compensation amounted to $2.35 million, a decrease from $3.1 million in 2021, as indicated in the company’s 2023 proxy filing with the SEC. Notably, his pay included a consistent base salary of $425,000 for both years.
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