Management & Board

Joseph A. Jolson co-founded JMP Group and is our chief executive officer, the chairman of our board of directors and a member of our executive committee. Mr. Jolson is also the chief executive officer of Harvest Capital Strategies, JMP Group's asset management subsidiary. From 1999 until 2015, he was portfolio manager of hedge fund strategy Harvest Opportunity Partners II, which invested in the financial services and business services industries. Previously, Mr. Jolson was a senior managing director and senior research analyst at Montgomery Securities, now Banc of America Securities, for 15 years. Prior to that, he was a consulting research analyst at Fidelity Management and Research in Boston in 1983 and 1984 and at Donaldson, Lufkin & Jenrette in New York from 1980 through 1982. Mr. Jolson was named to Institutional Investor magazine's All-America Research Team for 10 consecutive years, between 1986 and 1995, for his coverage of the savings and loan industry and was also selected as an All-Star Analyst by the Wall Street Journal in the financial services category in 1996 and 1997. In addition, he was ranked as a top-five thrift analyst every year from 1985 through 1994 by Greenwich Associates. Mr. Jolson received an MBA degree with distinction from The Wharton School at the University of Pennsylvania and a BA degree from Yale University.
 

Craig R. Johnson is a vice chairman of JMP Group and a member of our executive committee. Mr. Johnson also serves as chairman of Harvest Capital Strategies. He previously served as our president, from 2007 through 2010, and as president of JMP Securities, from 2002 until 2007. Mr. Johnson was a founding member of Saw Island Asset Advisors, LLC, an alternative investment firm specializing in hedge fund investments which was acquired by Harvest Capital Strategies in 2003. Prior to founding Saw Island, Mr. Johnson spent 20 years, from 1980 through 2000, at Montgomery Securities and its successor, Banc of America Securities, most recently as director of global institutional sales and a member of the firm's executive committee. Mr. Johnson is chairman of Sanctuary Wealth Services, a provider of business support services for independent investment advisors, and is a member of the executive board of GSW Sports LLC, owner of the National Basketball Association's Golden State Warriors. He holds a BA degree from Stanford University.
 

Mark L. Lehmann is chief executive officer of JMP Securities and is a member of our executive committee. Mr. Lehmann also serves as a member of our board of directors. From 2011 until 2020, Mr. Lehmann served as president of JMP Securities. Prior to joining our company in 2003, Mr. Lehmann served both as the global director of institutional sales and as the global director of equity research at Banc of America Securities after serving as an institutional salesperson at the firm and its predecessor, Montgomery Securities, for 11 years. Mr. Lehmann received a JD degree from the New York University School of Law and a BA degree from the University of Illinois. He is a certified public accountant.

Tom Wright is chief operating officer and director of equities at JMP Securities and is a member of our executive committee. Before joining our company in 2013, Mr. Wright served as global head of trading at Sanford C. Bernstein & Co. for eight years. During the ten prior years, he held a variety of leadership positions at Merrill Lynch & Co., most recently as head of European equity trading and salestrading and previously as head of U.S. equity trading and salestrading. Mr. Wright was also a vice president and Nasdaq salestrader at Goldman Sachs & Co. for eight years. He began his career at Merrill Lynch & Co. on the Nasdaq desk in 1983. Mr. Wright received an MBA from New York University Stern School of Business and a BS in economics and finance from Boston College.

Raymond S. Jackson is our chief financial officer. Mr. Jackson previously served as chief financial officer of two of our operating subsidiaries, JMP Securities and Harvest Capital Strategies, and is responsible for our accounting and financial operations. Prior to joining JMP Group, Mr. Jackson was corporate controller and an executive officer at Redwood Trust, Inc., a publicly traded mortgage REIT. He was previously a senior manager in PricewaterhouseCoopers' financial services and banking industry practice, served as a senior audit manager and audit manager at KPMG and worked at Deloitte & Touche. Mr. Jackson holds a BS degree with honors from Loughborough University in England and is a member of the Institute of Chartered Accountants in England and Wales.
 

David M. DiPietro serves as a member of the board of directors of JMP Group. He also serves on the board of directors' audit committee and its corporate governance committee. Mr. DiPietro is a portfolio director for Greenspring Associates, a provider of comprehensive venture capital solutions to a diverse group of global institutions and individuals. Mr. DiPietro was formerly president of Signal Hill Capital Group LLC, a boutique investment bank headquartered in Baltimore, Maryland, where he initiated and oversaw the firm's institutional equities business as well as its venture capital and private equity coverage initiatives. From 1999 through 2003, Mr. DiPietro was vice chairman of the board of directors of Deutsche Bank Securities and a member of the firm's global operating committees for equities and private wealth management, at first serving as head of North American equities and later as head of the private client division. From 1992 through 1999, he managed the equity capital markets division at Bankers Trust Company, which was acquired by Deutsche Bank in 1999, and at Alex. Brown Incorporated, which was acquired by Bankers Trust in 1997. Mr. DiPietro previously held an equity capital markets role at Merrill Lynch and a research position at the Federal Reserve Bank of Philadelphia.
 

Kenneth M. Karmin serves as a member of the board of directors of JMP Group. He is the company's presiding director in executive sessions. He also serves on the board of directors' compensation and corporate governance and nominating committees and serves as the chairperson of its audit committee. Mr. Karmin is a principal of High Street Holdings, a diversified investment company, and is chief executive officer of Ortho Mattress Inc. From 1993 to 1998, Mr. Karmin served as a managing director at Credit Agricole Futures, SNC in London. He was also managing director of the financial futures and options department in the London offices of Rodman & Renshaw, Inc. prior to the acquisition of the firm's U.K. branch by Credit Agricole. Mr. Karmin previously worked at Drexel Burnham Lambert Inc. in its institutional financial futures division.
 

H. Mark Lunenburg serves as a member of the board of directors of JMP Group. He also serves on the board of directors' compensation committee and its audit committee. Mr. Lunenburg is president and managing member of Talon Capital, an institutional money management firm founded in 2002 that focuses on absolute return strategies. Mr. Lunenburg previously managed funds for Ballentine Capital Management for more than a decade. In 1987, he joined the Bass Brothers' investment operations, concentrating on stock research and high-yield credit analysis, before which he held various investment research positions at Kemper Financial Services. Mr. Lunenburg is a Chartered Financial Analyst. He is currently serves on the board of directors of iDevices LLC, a technology company, and was formerly the chairman of the board of Connecticut Children's Medical Center.  He is an honorary governor of the Hill-Stead Museum in Farmington, Connecticut.
 

Carter D. Mack serves as a member of the board of directors of JMP Group. He co-founded JMP Group and served as our president from 2011 until 2020. From our inception through 2010, he served as director of investment banking at JMP Securities; and, from 2007 through 2010, he also served as co-president of JMP Securities. Prior to co-founding JMP Group, Mr. Mack was a managing director in the financial services group at Montgomery Securities, now Banc of America Securities, where he focused on corporate finance and mergers and acquisitions for finance companies, depository institutions and other financial intermediaries. Mr. Mack also worked with financial institutions in the investment banking group at Merrill Lynch for five years. He previously worked in corporate finance at Security Pacific Corp. and in strategic planning at Union Bank of California. Mr. Mack received an MBA degree from the UCLA Anderson School of Management and a BA degree from the University of California, Berkeley.

Jonathan M. Orszag serves as a member of the board of directors of JMP Group. He also serves on the board of directors' compensation committee and its corporate governance committee. Mr. Orszag is a senior managing director and member of the executive committee of Compass Lexecon, LLC, an economic consulting firm. Mr. Orszag has conducted economic and financial analysis on a wide range of complex issues in antitrust, regulatory, policy and litigation matters for corporations and public-sector entities in a variety of markets, such as the technology, telecommunications, financial services, media and sports industries. Prior to entering the private sector, Mr. Orszag served as the assistant to the U.S. Secretary of Commerce and director of the Office of Policy and Strategic Planning. In this capacity, he was chief policy adviser to the Secretary of Commerce and was responsible for coordinating the development and implementation of policy initiatives, from telecommunications issues to international trade issues. Previously, Mr. Orszag served as an economic policy advisor on President Clinton's National Economic Council.
 

Glenn H. Tongue serves as a member of the board of directors of JMP Group. He also serves on the board of directors' compensation committee, its corporate governance and nominating committee, and its audit committee. Mr. Tongue is the general partner of Deerhaven Capital Management and the sole portfolio manager of the Deerhaven Fund. From April 2004 until July 2012, he was a general partner and co-manager of T2 Partners Management and the co-manager of three private investment partnerships: the Tilson Growth Fund, the Tilson Offshore Fund and the T2 Qualified Fund. Prior to joining T2 Partners, Mr. Tongue spent seventeen years working on Wall Street, most recently as an investment banker at UBS, where he was a managing director. Previously, Mr. Tongue served as president of DLJdirect, a publicly traded online brokerage firm that was spun out of investment bank Donaldson, Lufkin & Jenrette in 1999. Mr. Tongue oversaw both DLJdirect's initial public offering and its eventual sale. Additionally, Mr. Tongue was a managing director for ten years in the investment banking group at Donaldson, Lufkin & Jenrette.