Thomas S. Schreier
PIPER SANDLER COMPANIESAbout Thomas S. Schreier
Independent director of Piper Sandler Companies since 2018; age 62; Lead Independent Director since May 2024. Former Vice Chairman of Nuveen Investments and Chairman of Nuveen Asset Management (2011–2016, including the 2014–2016 period after Nuveen’s acquisition by TIAA); CEO of FAF Advisors (2001–2010); earlier Senior Managing Director and Head of Equity Research at Piper Sandler (1999–2001). Expertise spans asset management leadership, human-capital businesses, investment banking, corporate governance, and financial/risk oversight.
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Nuveen Investments / Nuveen Asset Management (TIAA-owned from 2014) | Vice Chairman (Nuveen Investments); Chairman (Nuveen Asset Management) | 2011–2014; continued 2014–2016 post-acquisition | Senior leadership of large asset manager; governance and risk oversight in financial services |
| FAF Advisors | Chief Executive Officer | 2001–2010 | Led asset management business; human-capital operating model and financial discipline |
| Piper Sandler (then Piper Jaffray) | Senior Managing Director; Head of Equity Research | 1999–2001 | Built research platform; investment banking industry experience |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| — | — | — | No other current public company directorships disclosed for Mr. Schreier |
Board Governance
- Independence: Board determined Mr. Schreier is independent under NYSE rules; Mr. Sterling is the only non-employee director deemed not independent.
- Roles: Lead Independent Director since May 2024; chairs the Nominating & Governance Committee; member of the Compensation Committee.
- Lead Director responsibilities: Presides over executive sessions, sets Board agendas/schedules, serves as liaison with CEO, monitors Board information flow, can call meetings of independent directors, and is available to major shareholders.
- Attendance: In 2024, the Board held 7 meetings; every current director attended at least 75% of Board and committee meetings; aggregate attendance was 96%. All current directors at the time attended the 2024 annual meeting.
- Committee activity (2024): Audit (10 meetings), Compensation (6), Nominating & Governance (4). Schreier chaired Governance and served on Compensation during 2024.
- Evaluations: Governance Committee (chaired by Schreier) conducts annual CEO/Board/committee evaluations and director interviews on engagement, risk oversight, and accountability.
Fixed Compensation
| Component (Non-Employee Director Program) | Amount | Timing/Notes |
|---|---|---|
| Annual cash retainer | $100,000 | 2024 director program |
| Committee chair retainers | Audit $20,000; Compensation $10,000; Governance $10,000 | 2024 program; approved $10,000 increases to each chair retainer for 2025 |
| Lead Independent Director retainer | $30,000 | 2024 program; approved +$10,000 increase for 2025 |
| 2024 cash actually paid to Schreier | $118,629 | $100,000 annual retainer + $18,629 additional (reflects pro rata lead director transition beginning May 23, 2024 and chair service) |
| All other compensation (Schreier) | $7,627 | Charitable match up to $5,000 and limited spouse travel for off-site meeting (as applicable) |
Performance Compensation
| Component | Amount | Structure / Performance Link |
|---|---|---|
| Annual equity grant (all non-employee directors) | $100,000 (2024); rising to $150,000 (2025) | Granted as vested common shares on annual meeting date; not performance-vested. Program increased to $150,000 for 2025. |
| 2024 equity actually granted to Schreier | $100,036 | Aggregate grant date fair value under ASC 718 |
| Stock options (directors) | None outstanding | Non-employee directors held no outstanding stock options at 12/31/2024 |
Note: Director equity is delivered as vested shares; no PSUs or performance options are used for non-employee directors.
Other Directorships & Interlocks
| Category | Detail |
|---|---|
| Current public boards | None disclosed for Schreier |
| Committee interlocks | Compensation Committee composed entirely of independent, non-employee directors; no interlocking relationships under SEC rules. |
| Related-person transaction oversight | Governance Committee (chaired by Schreier) administers the related-person transaction policy; only arm’s-length ordinary-course transactions disclosed; none specific to Schreier. |
Expertise & Qualifications
- Extensive leadership in asset management (Nuveen/TIAA; FAF Advisors) and experience running human-capital-intensive financial businesses.
- Investment banking and research background from prior Piper Sandler leadership; strong finance, accounting, and risk oversight skills.
- Board governance experience including service as Lead Independent Director and Governance Committee Chair.
Equity Ownership
| Metric | Value | As-of / Notes |
|---|---|---|
| Beneficial ownership (common shares) | 7,053 | All held directly; none reported as phantom shares |
| Ownership as % of outstanding | <1% | No individual director holds ≥1% |
| Phantom/deferred shares | 0 | Directors may defer fees/stock into phantom shares; Schreier had none; his 2024 amounts not shown as deferred. |
| Ownership guidelines | 4x annual basic cash retainer for non-employee directors; all directors in compliance as of 12/31/2024 | Aligns incentives; applies regardless of taxes; retention of 50% of equity if not in compliance |
| Hedging/pledging | Prohibited for directors | No hedging, short sales, or pledging permitted for directors/employees |
Governance Assessment
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Strengths
- Independent Lead Director with robust responsibilities; central role in agenda-setting, executive sessions, and shareholder access—supportive of strong independent oversight.
- Chairs Governance Committee and serves on Compensation Committee, reinforcing oversight of director nominations, related-party policy, compensation risk, and advisor independence (Semler Brossy engaged; no interlocks).
- Solid attendance culture (≥75% per director; 96% aggregate) and structured evaluation process led by Governance Committee.
- Conservative director pay design (cash + vested stock, no options) with higher equity weighting and increased 2025 retainers reflecting market data; strong ownership guidelines and anti-hedging/pledging policy.
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Potential risks/RED FLAGS
- None identified specific to Schreier: no related-party transactions disclosed involving him; no pledged shares; non-employee directors hold no options.
- Company-level related-party posture limited to ordinary-course arm’s-length dealings; Governance Committee oversight mitigates conflicts.
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Investor confidence signals
- Say-on-pay support of ~98.3% at 2024 annual meeting indicates broad investor alignment with compensation governance frameworks overseen by the Board/committees.
- Clear clawback framework and “double-trigger” equity vesting for executives further supports a disciplined pay-for-performance culture.