Saturday, April 13, 2024

Raymond James Names Shoukry to Succeed Reilly as CEO

Raymond James Monetary Chief Monetary Officer Paul Shoukry will succeed Paul Reilly as CEO in fiscal 2025, the corporate introduced Tuesday. Shoukry, who will function president within the interim, would be the fourth CEO within the firm’s historical past.

Reilly will stay on the board of administrators as government chair, and Shoukry will retain his present duties till he turns into CEO.

“Paul has been an distinctive chief and main contributor to Raymond James’ regular progress and monetary stability,” Reilly mentioned in an announcement. “Serving because the agency’s CFO, in addition to overseeing our Financial institution section, he has constantly demonstrated that whilst we develop, conserving our Personal Consumer Group, advisors and their shoppers on the heart of our enterprise plans, whereas all the time embracing our values, will proceed to be important to our future success.”

The management adjustments are a part of a “multi-year succession planning course of,” the corporate mentioned. As a part of that, efficient on Oct. 1, 2024, Jeff Dowdle will retire from his position as COO with Scott Curtis, president of the non-public shopper group, taking on that place. Tash Elwyn, the present CEO of Raymond James & Associates, the agency’s worker advisor channel, will tackle Curtis’s position. Jim Bunn, present president of worldwide equities and funding banking, will turn out to be president of the capital markets section. Dowdle will turn out to be vice chair in October. Tash’s position is predicted to be stuffed later this yr.

Reilly joined Raymond James in Could 2009, when he was named president and CEO-designate. He then grew to become CEO in Could 2010, succeeding Tom James, who led the agency for 40 years. He changed James as government chairman in 2017. Previous to becoming a member of Raymond James, Reilly was government chairman of Korn/Ferry Worldwide, a world supplier of expertise administration companies.

Shoukry was employed 14 years in the past via Raymond James’ assistant to the chair program. He has served as CFO since January 2020. Previous to becoming a member of the agency, he labored for Baldwin Bell Inexperienced, a technique consulting agency.

The agency was based in 1962 as Robert A. James Investments. It now has about 8,700 advisors throughout a number of affiliation fashions and $1.38 trillion in complete shopper belongings.

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